West Virginia Mortgage Law Practice Test

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Prepare for the West Virginia Mortgage Law Exam with our comprehensive test. Study using various questions and insights to strengthen your understanding of mortgage regulations and laws in West Virginia. Gear up and ensure you pass your exam!

Practice this question and more.

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 submitted in the new state.

15-day
30-day
60-day
90-day

The correct answer is: 15-day

Mortgage loan originators must be licensed during the 15-day period, not the 30-day, 60-day, or 90-day period, preceding the date on which application materials are submitted in the new state. This requirement ensures that the originator is currently licensed and in good standing in their home state before conducting business in the new state. It also allows enough time for the new state to process the application and conduct a background check on the originator before granting a transitional license. Options B, C, and D are incorrect because they exceed the set time period and would not satisfy the licensing requirement for the transitional license.