A compliance manager documents a Georgia training scenario and needs one rule for licensing and NMLS authority. Which statement belongs in the file?
Correct Answer
A) Georgia fee and compensation restrictions apply before collecting or paying the charge.
Georgia Rule 80-11-1 requires mortgage lenders or brokers to disclose, before accepting a fee, refundability, refund terms, the services covered by an application fee, and that the lender or broker cannot guarantee loan approval or program acceptance.
Why This Is the Correct Answer
Georgia Rule 80-11-1 requires mortgage lenders or brokers to disclose, before accepting a fee, refundability, refund terms, the services covered by an application fee, and that the lender or broker cannot guarantee loan approval or program acceptance.
More UST Questions
In a Missouri mortgage file, the loan file reviewer is asked to document licensing and NMLS authority before continuing. Which rule controls?
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