Before approving the new-license application, a Virginia operations lead checks licensing and NMLS authority. Which conclusion is best supported?
Correct Answer
C) Virginia branch, office, or remote-work activity must follow state approval and control rules.
Virginia defines an office as a location where a licensee makes or brokers Virginia mortgage loans, advertises that activity, or maintains Virginia mortgage loan records, but a remote location is not an office if statutory remote-work requirements are met.
Why This Is the Correct Answer
Virginia branch, office, or remote-work activity must follow state approval and control rules. This is correct because Virginia defines an office as a location where a licensee makes or brokers Virginia mortgage loans, advertises that activity, or maintains Virginia mortgage loan records, but a remote location is not an office if statutory remote-work requirements are met.
Why the Other Options Are Wrong
Option A: Use a verbal explanation instead of the required license status, disclosure, record, or filing.
Use a verbal explanation instead of the required license status, disclosure, record, or filing. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option B: Use a consumer complaint response exception instead of satisfying the rule before activity continues.
Use a consumer complaint response exception instead of satisfying the rule before activity continues. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option D: Close or renew first, then decide whether the consumer complaint response needs a compliance correction.
Close or renew first, then decide whether the consumer complaint response needs a compliance correction. is not correct because the governing rule requires the compliant answer shown in the explanation.
Memory Technique
VA -> va-company-licensing-offices-remote-location-nmls
Exam Tip
Virginia company questions test SCC/BFI and NMLS routing, Consumer Access, Chapter 16 license requirements, mortgage loan and office definitions, company fees, $25000 company bond, $200000 lender funds, additional-office approval, and remote-location controls.
Common Mistakes to Avoid
- -Using generic federal mortgage facts when Virginia Code, Virginia Administrative Code, SCC/BFI, or NMLS state-specific rules are being tested
- -Confusing Virginia individual MLO licensing or sponsorship with mortgage lender, broker, branch, remote-location, or company requirements
- -Treating Virginia bond, record, advertising, disclosure, lock-in, escrow, reporting, or enforcement requirements as optional
More UST Questions
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