A lender preparing a Virginia regulator exam preparation asks an operations lead about licensing and NMLS authority. Which response should be followed?
Correct Answer
B) Virginia mortgage advertising must meet the state advertising and consumer-protection rule.
Virginia mortgage lender and broker advertisements must clearly disclose licensed name, NMLS ID and NMLS Consumer Access address, rate-change risk when rates are advertised, source of existing-loan information when not obtained from the consumer, and must not be deceptive or imply nonexistent government, depository, noteholder, or lienholder affiliation.
Why This Is the Correct Answer
Virginia mortgage lender and broker advertisements must clearly disclose licensed name, NMLS ID and NMLS Consumer Access address, rate-change risk when rates are advertised, source of existing-loan information when not obtained from the consumer, and must not be deceptive or imply nonexistent government, depository, noteholder, or lienholder affiliation.
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