A lender preparing a Virginia record-retention audit asks an audit analyst about licensing and NMLS authority. Which response should be followed?
Correct Answer
A) Virginia licensees must keep required records, reports, notices, and filings current.
Virginia requires licensees to respond to Bureau requests within the period specified or, if no period is specified, within 30 days, and records with consumer personal financial information must be disposed of securely after applicable retention periods.
Why This Is the Correct Answer
Virginia requires licensees to respond to Bureau requests within the period specified or, if no period is specified, within 30 days, and records with consumer personal financial information must be disposed of securely after applicable retention periods.
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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A licensing checklist in Missouri includes a question about scope, definitions, and exemptions. Which entry should the branch supervisor keep?
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