The issue in a mortgage operations review in South Carolina is application and licensing qualifications. Which statement should the licensing coordinator select?
Correct Answer
B) South Carolina prohibits failing to account for or deliver borrower funds, documents, or other things of value.
South Carolina prohibits failing to account for or deliver funds, documents, or other things of value received in connection with a mortgage loan, including borrower money for an appraisal or credit report that the lender or loan originator is not entitled to retain.
Why This Is the Correct Answer
South Carolina prohibits failing to account for or deliver funds, documents, or other things of value received in connection with a mortgage loan, including borrower money for an appraisal or credit report that the lender or loan originator is not entitled to retain.
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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