Virginia Mortgage Loan Originator

Which agency is the primary regulator of mortgage loan originators in Virginia?

• AVirginia Department of Professional and Occupational Regulation
• BVirginia Bureau of Financial Institutions under the State Corporation Commission
• CVirginia Real Estate Board
• DVirginia Department of Housing and Community Development

How many hours of NMLS-approved pre-license education are required to apply for a Virginia MLO license?

• A15 hours
• B20 hours
• C24 hours
• D30 hours

What is the minimum surety bond amount required for a Virginia mortgage loan originator license?

• A$10,000
• B$25,000
• C$50,000
• D$100,000

Virginia primarily uses which type of foreclosure process?

• AStrict judicial foreclosure
• BNon-judicial foreclosure through deed of trust
• CAdministrative foreclosure through a state agency
• DHybrid foreclosure requiring both court and trustee action

Under Virginia law, what is the primary statute governing mortgage lending and loan originator conduct?

• AVirginia Consumer Credit Code
• BVirginia Mortgage Lender and Broker Act
• CVirginia Fair Housing Act
• DVirginia Real Estate License Law

How many hours of continuing education must a Virginia MLO complete annually to renew their license?

• A4 hours
• B8 hours
• C12 hours
• D16 hours

What enforcement action can the Virginia Bureau of Financial Institutions take against a licensed MLO who violates state mortgage laws?

• AOnly issue a written warning
• BRevoke, suspend, or refuse to renew the license and impose civil penalties
• COnly refer the matter to federal regulators
• DOnly impose criminal penalties through the court system

Under Virginia's non-judicial foreclosure process, what is the minimum notice period a trustee must provide before a foreclosure sale?

• A7 days
• B14 days
• C21 days
• D30 days

What disclosure must a Virginia MLO provide to a borrower regarding their compensation?

• ANo disclosure is required under Virginia law
• BDisclosure is only required if the borrower asks
• CThe MLO must disclose all compensation received from the lender or borrower as required b…
• DOnly the total loan amount needs to be disclosed

Which of the following is a prohibited practice for a Virginia MLO under the Virginia Mortgage Lender and Broker Act?

• ACharging origination fees agreed upon in the loan estimate
• BSteering borrowers to loans that are not in their best interest for increased compensation
• COffering both fixed-rate and adjustable-rate mortgage products
• DCollecting application fees as disclosed in writing

What happens to a Virginia MLO license if the licensee fails to renew by the deadline?

• AThe license automatically extends for 30 days
• BThe license expires and the MLO must cease originating loans
• CThe license is suspended but the MLO can continue working
• DThe licensee receives an automatic 90-day grace period

Under Virginia law, are deficiency judgments permitted after a non-judicial foreclosure sale?

• ADeficiency judgments are never allowed in Virginia
• BDeficiency judgments are allowed but the lender must file a separate court action
• CDeficiency judgments are automatically granted after every foreclosure
• DDeficiency judgments are only available for commercial properties

What type of criminal background check does Virginia require for MLO license applicants?

• AOnly a state-level criminal records check
• BFBI criminal background check through fingerprinting submitted via NMLS
• CA self-reported criminal history declaration only
• DNo criminal background check is required

Which of the following best describes Virginia's usury laws as they apply to residential mortgage loans?

• AVirginia imposes a strict 6% maximum interest rate on all mortgage loans
• BVirginia's usury laws are largely preempted by federal law for first-lien residential mor…
• CVirginia has no usury laws whatsoever
• DVirginia allows unlimited interest rates on all consumer loans

Under Virginia law, how are trust accounts used in mortgage transactions regulated?

• ATrust accounts are not required for Virginia mortgage transactions
• BMortgage lenders must maintain trust accounts for borrower funds and keep them separate f…
• CTrust account funds can be commingled with the lender's operating funds
• DOnly banks, not mortgage companies, are required to maintain trust accounts

What is the role of the trustee in a Virginia deed of trust foreclosure?

• AThe trustee represents the borrower's interests exclusively
• BThe trustee is a neutral third party who holds legal title and conducts the foreclosure s…
• CThe trustee is the judge who oversees the foreclosure proceedings
• DThe trustee is the borrower's attorney appointed by the court

Under Virginia's fair lending requirements, which of the following practices is prohibited?

• AOffering different interest rates based on the borrower's credit score
• BDenying a loan application based on the property's location in a predominantly minority n…
• CRequiring a minimum credit score for loan approval
• DCharging different rates for different loan products

What is the Virginia MLO license renewal period?

• AEvery 6 months
• BAnnually, from January 1 to December 31
• CEvery 2 years
• DEvery 3 years