In a supervisory review in Utah, a review analyst checks a transfer file against records and reporting. What should the file reflect?
Correct Answer
C) Utah requires quarterly reports of condition through NMLS within 75 days and retention for at least four years.
A Utah licensed entity must create quarterly reports of condition identifying lending activity, provide each report to NMLS within 75 days after the reporting quarter, and retain each submitted report for at least four years.
Why This Is the Correct Answer
A Utah licensed entity must create quarterly reports of condition identifying lending activity, provide each report to NMLS within 75 days after the reporting quarter, and retain each submitted report for at least four years.
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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A licensing checklist in Missouri includes a question about scope, definitions, and exemptions. Which entry should the branch supervisor keep?
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