A Virginia mortgage lender has not been examined since 2021 and asks how often it should expect one. What minimum examination cycle applies to a mortgage lender?
Correct Answer
B) At least once in each three-year period for a mortgage lender
The Commission may investigate and examine as often as it deems necessary, and examinations of mortgage lenders must be conducted at least once in each three-year period. Other choices: a complaint is not the only trigger; the minimum is three years rather than annual; and a minimum cycle is prescribed for lenders. Source: Va. Code § 6.2-1611
Why This Is the Correct Answer
The Commission may investigate and examine as often as it deems necessary, and examinations of mortgage lenders must be conducted at least once in each three-year period. Other choices: a complaint is not the only trigger; the minimum is three years rather than annual; and a minimum cycle is prescribed for lenders. Source: Va. Code § 6.2-1611
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