A Virginia file is paused during a disciplinary-risk review because of licensing and NMLS authority. Which statement clears the compliance question?
Correct Answer
B) Virginia Chapter 16 mortgage loans are personal, family, or household loans secured by one-to-four-family residential property in Virginia.
Virginia Chapter 16 mortgage loans are personal, family, or household loans secured by one-to-four-family residential property in Virginia and exclude loans secured by more than four-family residential property or property used for commercial or agricultural purposes.
Why This Is the Correct Answer
Virginia Chapter 16 mortgage loans are personal, family, or household loans secured by one-to-four-family residential property in Virginia and exclude loans secured by more than four-family residential property or property used for commercial or agricultural purposes.
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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