A compliance reviewer in Virginia handles a company policy update and checks scope, definitions, and exemptions. Which statement is supported?
Correct Answer
D) Virginia mortgage lender and broker advertisements must clearly disclose licensed name, NMLS ID and NMLS Consumer Access address, rate-change risk when rates are advertised, source of existing-loan information.
Virginia mortgage lender and broker advertisements must clearly disclose licensed name, NMLS ID and NMLS Consumer Access address, rate-change risk when rates are advertised, source of existing-loan information when not obtained from the consumer, and must not be deceptive or imply nonexistent government, depository, noteholder, or lienholder affiliation.
Why This Is the Correct Answer
Virginia mortgage lender and broker advertisements must clearly disclose licensed name, NMLS ID and NMLS Consumer Access address, rate-change risk when rates are advertised, source of existing-loan information. This is correct because Virginia mortgage lender and broker advertisements must clearly disclose licensed name, NMLS ID and NMLS Consumer Access address, rate-change risk when rates are advertised, source of existing-loan information when not obtained from the consumer, and must not be deceptive or imply nonexistent government, depository, noteholder, or lienholder affiliation.
Why the Other Options Are Wrong
Option A: Skip the state-specific step because a company policy update has a national checklist.
Skip the state-specific step because a company policy update has a national checklist. is not correct because the state rule supports: Virginia mortgage lender and broker advertisements must clearly disclose licensed name, NMLS ID and NMLS Consumer Access address, rate-change risk when rates are advertised, source of existing-loan information.
Option B: Treat the answer as business judgment rather than compliance.
Treat the answer as business judgment rather than compliance. is not correct because the state rule supports: Virginia mortgage lender and broker advertisements must clearly disclose licensed name, NMLS ID and NMLS Consumer Access address, rate-change risk when rates are advertised, source of existing-loan information.
Option C: Allow the activity if the borrower has signed disclosures.
Allow the activity if the borrower has signed disclosures. is not correct because the state rule supports: Virginia mortgage lender and broker advertisements must clearly disclose licensed name, NMLS ID and NMLS Consumer Access address, rate-change risk when rates are advertised, source of existing-loan information.
Memory Technique
Virginia: scope, definitions, and exemptions -> use the exact state rule in the explanation.
Exam Tip
Match the Virginia fact pattern to the specific scope, definitions, and exemptions rule; do not answer from a generic state or federal assumption.
Common Mistakes to Avoid
- -Treating a Virginia scope, definitions, and exemptions rule as a generic national mortgage rule
- -Choosing a familiar licensing answer that is not supported by the official authority
- -Ignoring the exact condition stated in the explanation
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