REVIEW OF WEST VIRGINIA MORTGAGE LAW COMPLETE QUESTIONS WITH CORRECT ANSWERS VERIFIED BY EXPERTS 2024
4 views 0 purchase
Course
WEST VIRGINIA MORTGAGE LAW COMPLETE
Institution
WEST VIRGINIA MORTGAGE LAW COMPLETE
REVIEW OF WEST VIRGINIA MORTGAGE LAW COMPLETE QUESTIONS WITH CORRECT ANSWERS VERIFIED BY EXPERTS 2024 REVIEW OF WEST VIRGINIA MORTGAGE LAW COMPLETE QUESTIONS WITH CORRECT ANSWERS VERIFIED BY EXPERTS 2024 REVIEW OF WEST VIRGINIA MORTGAGE LAW COMPLETE QUESTIONS WITH CORRECT ANSWERS VERIFIED BY EXPERT...
REVIEW OF WEST VIRGINIA MORTGAGE LAW COMPLETE QUESTIONS WITH CORRECT ANSWERS VERIFIED BY EXPER TS 2024 All of the following are required to be licensed under WV law, except: - CORRECT ANSWER>>>> Mortgage processors All of the following may be considered clerical and support duties performed by loan processors or underwriters, except: - CORRECT ANSWER>>>> Com munication with a consumer for the purpose of negotiating loan terms and then processing or underwriting a loan In order to qualify for license renewal, mortgage loan originators must complete _____ of continuing education annually. What is the name of t he state regulatory agency that oversees the lending activities of mortgage loan originators, mortgage brokers, and mortgage lenders? The total amount of points and fees collected on a loan cannot exceed: In West Virginia, all of the following fees are p ermissible in conjunction with a loan origination except: Which of the following federal laws prompted the West Virginia Legislature to make amendments to WV Code? Which of these is not a prohibited practice under West Virginia law? When applying for a license, a mortgage lender or broker applicant must file a(n) ________ Form, and a mortgage loan originator applicant must file a(n) ________ Form. - CORRECT ANSWER>>>> 12 hours Department of Banking 5% of the loan amount Credit report fee Truth -in-Lend ing Act Failure to account for money belonging to a party to the transaction Primary; Secondary The ___________ of West Virginia has authority over consumer lenders and supervised financial organizations and may pursue investigations and take enforcement action. - CORRECT ANSWER>>>> Attorney General A mortgage loan originator is an individual who doe s which of the following in exchange for compensation or gain? - CORRECT ANSWER>>>> Takes residential mortgage loan applications Which of the following would NOT be included in West Virginia's definition of immediate family? - CORRECT ANSWER>>>> Cousin All of the following individuals are exempt from the licensing requirements of the West Virginia SAFE Mortgage Licensing Act, EXCEPT: - CORRECT ANSWER>>>> Independent contractor loan processors When applying for a license, a mortgage lender or broker applican t must file a(n) ________ Form, and a mortgage loan originator applicant must file a(n) ________ Form. - CORRECT ANSWER>>>> Company; Individual In order to demonstrate financial responsibility, mortgage loan originator license applicants must: - CORRECT AN SWER>>>> Provide consent for an independent credit report In order to conduct business in a new state under a transitional license, a mortgage loan originator must be licensed during the _____ period preceding the date on which application materials are su bmitted in the new state. - CORRECT ANSWER>>>> 30-day The surety bond amount required for mortgage lenders and brokers is based on the: - CORRECT ANSWER>>>> Dollar amount of loan originations in the prior calendar year The Commissioner will deny a mortgage loan originator license application if the applicant: - CORRECT ANSWER>>>> Is unable to demonstrate financial responsibility If renewal requirements are not met by December 31: - CORRECT ANSWER>>>> The license will expire In relation to advertising, a lic ensee may: - CORRECT ANSWER>>>> Use social media to advertise services The business cards prepared by Frank violate the West Virginia SAFE Mortgage Licensing Act because: - CORRECT ANSWER>>>> The cards are not printed using the minimum font size required by law Loan processors are prohibited from using business cards to advertiseThe use of business cards for advertising is strictly prohibited in West Virginia Based on the job duties Frank mentions to Janice, including discussing loan terms with borrowers and helping them complete loan applications, she will need a license as a: - CORRECT ANSWER>>>> Mortgage loan originator In explaining mortgage loan originator licensing requirements to Janice, Frank failed to mention the required: - CORRECT ANSWER>>>> Licensing exam A mortgage broker or lender must document in writing the reasons for using an appraiser: - CORRECT ANSWER>>>> Located more than 75 miles from the su bject property Which of the following best describes West Virginia's stance on electronic signatures? - CORRECT ANSWER>>>> Electronic signatures may be used if parties to a contract agree to it A mortgage broker must maintain records for at least 36 month s after: - CORRECT ANSWER>>>> The loan is denied or made What is a Mortgage Call Report? - CORRECT ANSWER>>>> A report required for licensees that contains information relating to residential mortgage loan activity and financial condition Ryan may only cha rge origination fees or points if at least __ months have passed since origination of the previous loan. - CORRECT ANSWER>>>> 24 In his transaction with the Morgans, Ryan collects a prohibited: - CORRECT ANSWER>>>> Application fee Ryan may only recommend a refinance for the Morgans if: - CORRECT ANSWER>>>> The new loan will result in a tangible net benefit for the borrower Which of the following federal laws prompted the West Virginia Legislature to make amendments to WV Code? - CORRECT ANSWER>>>> SAFE Act What is the minimum required surety bond for a mortgage lender applicant? - CORRECT ANSWER>>>> $100,000 Loan originator licenses must be renewed:
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller profwhite. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $22.99. You're not tied to anything after your purchase.
