a Washington compliance file raises an application and licensing qualifications question involving If a borrower cannot obtain a loan and has paid in full for an appraisal, title report, or. Which statement is supported by the state rule?
Correct Answer
B) Washington licensing depends on the required application, background, credit, and financial-responsibility findings.
If a borrower cannot obtain a loan and has paid in full for an appraisal, title report, or credit report, Washington requires copies to be given to the borrower and originals transmitted to another broker or lender as directed, subject to statutory conditions.
Why This Is the Correct Answer
The correct response is "Washington licensing depends on the required application, background, credit, and financial-responsibility findings." because If a borrower cannot obtain a loan and has paid in full for an appraisal, title report, or credit report, Washington requires copies to be given to the borrower and originals transmitted to another broker or lender as directed, subject to statutory conditions.
Why the Other Options Are Wrong
Option A: Rely on prior mortgage experience instead of the stated state or NMLS requirement.
Rely on prior mortgage experience instead of the stated state or NMLS requirement. is not correct because it does not apply the rule tested by this file scenario.
Option C: Treat the file as complete without the required licensing documentation.
Treat the file as complete without the required licensing documentation. is not correct because it does not apply the rule tested by this file scenario.
Option D: Delay the correction until after approval, closing, or a later complaint.
Delay the correction until after approval, closing, or a later complaint. is not correct because it does not apply the rule tested by this file scenario.
Memory Technique
Washington application and licensing qualifications: identify the rule being tested, then choose the action that documents or applies that rule before the file moves forward.
Exam Tip
Match the file facts to Washington application and licensing qualifications; do not choose an exception or shortcut that skips the required rule.
Common Mistakes to Avoid
- -Choosing an internal exception instead of the governing rule
- -Treating preliminary or informal facts as a substitute for required documentation
- -Answering from a familiar but unrelated mortgage topic
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