A compliance manager is updating the Virginia MLO checklist for records, reports, and required notices. Which statement belongs in the checklist?
Correct Answer
A) Virginia licensees must keep required records, reports, notices, and filings current.
Virginia MLO bonds must be continuously maintained, conditioned on written agreements, accurate accounting for funds, and compliance with Chapter 17 and applicable law, and injured persons may proceed on the bond subject to the penal sum.
Why This Is the Correct Answer
Virginia MLO bonds must be continuously maintained, conditioned on written agreements, accurate accounting for funds, and compliance with Chapter 17 and applicable law, and injured persons may proceed on the bond subject to the penal sum.
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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