In an Illinois regulator exam preparation, a state compliance officer sees a compliance issue involving licensing and NMLS authority. What should the file reflect?
Correct Answer
D) Illinois financial-responsibility, bond, or net-worth requirements apply as stated.
Illinois residential mortgage licensee net worth is generally at least $150000; a licensee limited to brokering residential mortgage loans generally must maintain at least $50000 net worth. Net worth is evidenced by CPA-prepared balance sheet or authorized compilation financial statements.
Why This Is the Correct Answer
Illinois residential mortgage licensee net worth is generally at least $150000; a licensee limited to brokering residential mortgage loans generally must maintain at least $50000 net worth. Net worth is evidenced by CPA-prepared balance sheet or authorized compilation financial statements.
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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