Federal Mortgage LawsQuestion 84 of 400
Under Reg Z 1026.36, which of the following is generally required of individual loan originators?
a.They must always work for the lowest-cost lender
b.They must guarantee loan approval
c.They must meet qualification standards including character, fitness, and criminal background checks
d.They must personally fund the loans they originate
Explanation
Reg Z 1026.36 requires that individual loan originators meet qualification requirements, including standards of character and general fitness and criminal background checks comparable to those required under the SAFE Act, and be properly identified with NMLS unique identifiers. It does not require originators to fund loans, guarantee approval, or work for the cheapest lender.
Law Reference: Loan Originator Compensation Rule (Reg Z 1026.36)Practice all 400 questions free — no signup required.
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