A state exam practice item asks about Virginia records, reports, and required notices. Which choice states the rule correctly?
Correct Answer
A) Virginia licensees must keep required records, reports, notices, and filings current.
Virginia MLO bond amounts are scaled by prior-year residential mortgage loan volume: $25000 for $0 to $5000000, $50000 for $5000001 to $20000000, $75000 for $20000001 to $50000000, $100000 for $50000001 to $100000000, and $150000 for over $100000000.
Why This Is the Correct Answer
Virginia licensees must keep required records, reports, notices, and filings current. This is correct because Virginia MLO bond amounts are scaled by prior-year residential mortgage loan volume: $25000 for $0 to $5000000, $50000 for $5000001 to $20000000, $75000 for $20000001 to $50000000, $100000 for $50000001 to $100000000, and $150000 for over $100000000.
Why the Other Options Are Wrong
Option B: Treat records, reports, and required notices as satisfied by borrower consent alone.
Treat records, reports, and required notices as satisfied by borrower consent alone. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option C: Delay the Virginia requirement until after the loan closes or the renewal period ends.
Delay the Virginia requirement until after the loan closes or the renewal period ends. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option D: Treat consumer consent as a cure for a prohibited or missing compliance step.
Treat consumer consent as a cure for a prohibited or missing compliance step. is not correct because the governing rule requires the compliant answer shown in the explanation.
Memory Technique
VA -> va-bonds-records-call-reports-exams-notices
Exam Tip
Virginia bond and record questions test MLO bond coverage, inactive status when bond coverage is missing, bond-volume tiers, 60-day deficient application abandonment, quarterly call reports, 5-day sponsorship notices, 10-day address notices, 3-year company record retention, transaction journals, 30-day Bureau responses, and secure disposal.
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
In a pricing desk question, an audit analyst sees facts tied to Prohibited Misrepresentation. What should the file reflect?
An applicant previously had an MLO license revoked by a state regulator. Under the SAFE Act minimum standards for a new state-licensed MLO license, which statement is correct?
Which statement correctly distinguishes a license suspension from a license revocation?
A state regulator has issued an order suspending an MLO's authority effective immediately. The MLO has filed an appeal, but no stay has been granted. What should the MLO do?
An MLO license application asks whether the applicant has been the subject of a regulatory order. The applicant has a recent consent order that falls within the question. What is the proper response?
Why does NMLS maintain licensing and enforcement information that participating regulators can access?
A regulator issues a final license suspension without giving the MLO notice of the alleged violation or any opportunity to respond, even though applicable law requires both. What issue is presented?
A regulator finds that an MLO charged consumers prohibited fees. Which set of actions is consistent with the enforcement tools contemplated by Regulation H?
An MLO's license status in NMLS changes to suspended, with no stay or reinstatement shown. What is the immediate operational effect?
Which fact most directly supports disciplinary action against an MLO rather than merely a request for additional application information?
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