A compliance manager is updating the West Virginia MLO checklist for continuing education and renewal. Which statement belongs in the checklist?
Correct Answer
C) NMLS lists West Virginia state-licensed MLO PE as 24 total hours with 4 West Virginia-specific hours and annual CE as 9 total hours with 2 West Virginia-specific CE hours.
NMLS lists West Virginia state-licensed MLO PE as 24 total hours with 4 West Virginia-specific hours and annual CE as 9 total hours with 2 West Virginia-specific CE hours.
Why This Is the Correct Answer
NMLS lists West Virginia state-licensed MLO PE as 24 total hours with 4 West Virginia-specific hours and annual CE as 9 total hours with 2 West Virginia-specific CE hours.
Why the Other Options Are Wrong
Option A: Assume the West Virginia requirement does not apply to this loan-originator transfer.
Assume the West Virginia requirement does not apply to this loan-originator transfer. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option B: Treat continuing education and renewal as satisfied by borrower consent alone.
Treat continuing education and renewal as satisfied by borrower consent alone. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option D: Delay the West Virginia requirement until after the loan closes or the renewal period ends.
Delay the West Virginia requirement until after the loan closes or the renewal period ends. is not correct because the governing rule requires the compliant answer shown in the explanation.
Memory Technique
WV -> wv-licensing-education-testing-renewal
Exam Tip
West Virginia licensing questions test NMLS routing, education, testing, application items, sponsorship, renewal timing, and continuing education.
Common Mistakes to Avoid
- -Using generic federal mortgage facts when West Virginia state-specific rules are being tested
- -Confusing West Virginia individual MLO licensing with company, branch, sponsor, bond, or record requirements
- -Treating West Virginia state-law conduct, advertising, reporting, servicing, or enforcement requirements as optional
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