West Virginia Mortgage Law Practice Test

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Prepare for the West Virginia Mortgage Law Test. Study with flashcards and multiple choice questions, each question has hints and explanations. Get ready for your exam!

Practice this question and more.

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:

Agency; Individual
Company; Business
Company; Individual
Individual; Agency

The correct answer is: Agency; Individual

The application process for obtaining a mortgage lender or broker license in West Virginia requires specific forms depending on the entity type. A company filing for a mortgage lender or broker license must submit a form that reflects its corporate structure and compliance with regulatory requirements, which is typically referred to as an Agency Form. This form provides information about the business entity, including its management and financial standing. In contrast, a mortgage loan originator operates as an individual who directly interacts with consumers for loan origination. Therefore, they must fill out an Individual Form that contains personal details, including their background, experience, and qualifications, relevant to their role in the lending process. These distinctions are essential for adhering to state regulations and ensuring that all applicants meet the necessary standards for their respective roles in the mortgage industry.