A training manager is updating Illinois procedures for supervisory file review and flags licensing and NMLS authority. Which answer is accurate?
Correct Answer
C) Illinois licensees must provide borrowers a complete copy of any appraisal, including an automated valuation model appraisal, obtained.
Illinois licensees must provide borrowers a complete copy of any appraisal, including an automated valuation model appraisal, obtained for underwriting a residential mortgage loan within 3 business days after the licensee receives it and in no event less than 24 hours before closing.
Why This Is the Correct Answer
Illinois licensees must provide borrowers a complete copy of any appraisal, including an automated valuation model appraisal, obtained for underwriting a residential mortgage loan within 3 business days after the licensee receives it and in no event less than 24 hours before closing.
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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