West Virginia Mortgage Law Practice Test

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.

1. Company; Standard

2. Primary; Secondary

3. Standard; Company

4. Company; Individual

The correct answer is: Company; Standard

The correct response pertains to the licensing process for mortgage lenders and brokers versus mortgage loan originators in West Virginia. When a mortgage lender or broker applies for a license, they are specifically required to fill out a company form. This is necessary because the application must reflect the business structure and operation of the lender or broker entity. On the other hand, a mortgage loan originator operates on an individual basis and must file an individual form when applying for their license. This distinction is vital since the individual form needs to gather pertinent information related to the personal qualifications of the loan originator, such as competence and background checks. While the other options do include terms related to the licensing process, they do not correctly match up with the specific forms required for each type of applicant. Therefore, the chosen answer accurately captures the precise requirements for both types of applicants under West Virginia mortgage law.