During review of an MLO file in Virginia, an operations lead flags fees and compensation. Which statement is accurate?
Correct Answer
A) Virginia bona fide nonprofit status requires the required request, fee, nonprofit status, charitable purpose, and favorable loan terms.
Virginia bona fide nonprofit designation requires a request, a $200 nonrefundable fee, 501(c)(3) status, affordable-housing or homeownership services, public or charitable rather than commercial conduct, compensation and fee structures aligned with client interests, and favorable loan terms.
Why This Is the Correct Answer
Virginia bona fide nonprofit designation requires a request, a $200 nonrefundable fee, 501(c)(3) status, affordable-housing or homeownership services, public or charitable rather than commercial conduct, compensation and fee structures aligned with client interests, and favorable loan terms.
More UST Questions
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