A training manager is updating New Jersey procedures for supervisory file review and flags licensing and NMLS authority. Which answer is accurate?
Correct Answer
A) New Jersey correspondent mortgage lenders meet the RMLA funding and servicing-limit definition.
The RMLA defines a correspondent mortgage lender as a residential mortgage lender that does not hold mortgage loans in portfolio or service them for more than 90 days in the regular course of business and has shown funding ability.
Why This Is the Correct Answer
The RMLA defines a correspondent mortgage lender as a residential mortgage lender that does not hold mortgage loans in portfolio or service them for more than 90 days in the regular course of business and has shown funding ability.
More UST Questions
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