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A mortgage lender is revising its Wisconsin desk guide for records, reports, and required notices. Which rule should remain in the guide?

Correct Answer

C) Wisconsin DFI mortgage banking statutes and rules page identifies Wis. Stat. ch. 428 as the first-lien real estate loan statute source.

Wisconsin DFI mortgage banking statutes and rules page identifies Wis. Stat. ch. 428 as the first-lien real estate loan statute source.

Answer Options
A
Let production staff decide whether records, reports, and required notices matters for the file.
B
Skip documentation because the MLO sponsorship update appears routine.
C
Wisconsin DFI mortgage banking statutes and rules page identifies Wis. Stat. ch. 428 as the first-lien real estate loan statute source.
D
Rely on prior mortgage experience instead of the stated licensing or compliance requirement.

Why This Is the Correct Answer

Wisconsin DFI mortgage banking statutes and rules page identifies Wis. Stat. ch. 428 as the first-lien real estate loan statute source.

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