§ 6.1-431.10. (Repealed effective October 1, 2010) Testing of mortgage loanoriginator applicants.
A. In order to meet the written test requirement referred to in § 6.1-431.8,an individual shall pass, in accordance with reasonable standards establishedunder this subsection, a qualified written test developed by the Registry andadministered by a test provider approved by the Registry.
B. A written test shall not be treated as a qualified written test forpurposes of subsection A unless the test adequately measures the applicant'sknowledge and comprehension in appropriate subject areas, including (i)ethics, (ii) federal law and regulation pertaining to mortgage loanorigination, (iii) state law pertaining to mortgage loan origination, and(iv) federal and state law and regulation, including instruction about fraud,consumer protection, the nontraditional mortgage product marketplace, andfair lending issues.
C. Nothing in this section shall prohibit a test provider approved by theRegistry from providing a test at a location of (i) the employer of theapplicant, (ii) any subsidiary or affiliate of the employer, or (iii) anyentity with which the applicant maintains an exclusive arrangement to act asa mortgage loan originator.
D. An individual shall not be considered to have passed a qualified writtentest unless he has correctly answered at least 75 percent of the testquestions. An individual may retake a test three consecutive times with eachconsecutive taking occurring at least 30 days after the preceding test. Afterfailing three consecutive tests, an individual shall wait at least six monthsbefore taking the test again. A licensed mortgage loan originator who failsto maintain a valid license for a period of five years or longer shall retakethe test, not taking into account any time during which such individual is aregistered mortgage loan originator.
E. An applicant who has successfully completed the Registry-approvedpre-licensing education and testing, not including any limited or separatestate test in addition to that mandated by the federal Secure and FairEnforcement for Mortgage Licensing Act of 2008, (P.L. 110-289), and theRegistry, shall be deemed to have completed Virginia's pre-licensingeducation and testing requirements.
§ 6.1-431.10. (Repealed effective October 1, 2010) Testing of mortgage loanoriginator applicants.
A. In order to meet the written test requirement referred to in § 6.1-431.8,an individual shall pass, in accordance with reasonable standards establishedunder this subsection, a qualified written test developed by the Registry andadministered by a test provider approved by the Registry.
B. A written test shall not be treated as a qualified written test forpurposes of subsection A unless the test adequately measures the applicant'sknowledge and comprehension in appropriate subject areas, including (i)ethics, (ii) federal law and regulation pertaining to mortgage loanorigination, (iii) state law pertaining to mortgage loan origination, and(iv) federal and state law and regulation, including instruction about fraud,consumer protection, the nontraditional mortgage product marketplace, andfair lending issues.
C. Nothing in this section shall prohibit a test provider approved by theRegistry from providing a test at a location of (i) the employer of theapplicant, (ii) any subsidiary or affiliate of the employer, or (iii) anyentity with which the applicant maintains an exclusive arrangement to act asa mortgage loan originator.
D. An individual shall not be considered to have passed a qualified writtentest unless he has correctly answered at least 75 percent of the testquestions. An individual may retake a test three consecutive times with eachconsecutive taking occurring at least 30 days after the preceding test. Afterfailing three consecutive tests, an individual shall wait at least six monthsbefore taking the test again. A licensed mortgage loan originator who failsto maintain a valid license for a period of five years or longer shall retakethe test, not taking into account any time during which such individual is aregistered mortgage loan originator.
E. An applicant who has successfully completed the Registry-approvedpre-licensing education and testing, not including any limited or separatestate test in addition to that mandated by the federal Secure and FairEnforcement for Mortgage Licensing Act of 2008, (P.L. 110-289), and theRegistry, shall be deemed to have completed Virginia's pre-licensingeducation and testing requirements.
§ 6.1-431.10. (Repealed effective October 1, 2010) Testing of mortgage loanoriginator applicants.
A. In order to meet the written test requirement referred to in § 6.1-431.8,an individual shall pass, in accordance with reasonable standards establishedunder this subsection, a qualified written test developed by the Registry andadministered by a test provider approved by the Registry.
B. A written test shall not be treated as a qualified written test forpurposes of subsection A unless the test adequately measures the applicant'sknowledge and comprehension in appropriate subject areas, including (i)ethics, (ii) federal law and regulation pertaining to mortgage loanorigination, (iii) state law pertaining to mortgage loan origination, and(iv) federal and state law and regulation, including instruction about fraud,consumer protection, the nontraditional mortgage product marketplace, andfair lending issues.
C. Nothing in this section shall prohibit a test provider approved by theRegistry from providing a test at a location of (i) the employer of theapplicant, (ii) any subsidiary or affiliate of the employer, or (iii) anyentity with which the applicant maintains an exclusive arrangement to act asa mortgage loan originator.
D. An individual shall not be considered to have passed a qualified writtentest unless he has correctly answered at least 75 percent of the testquestions. An individual may retake a test three consecutive times with eachconsecutive taking occurring at least 30 days after the preceding test. Afterfailing three consecutive tests, an individual shall wait at least six monthsbefore taking the test again. A licensed mortgage loan originator who failsto maintain a valid license for a period of five years or longer shall retakethe test, not taking into account any time during which such individual is aregistered mortgage loan originator.
E. An applicant who has successfully completed the Registry-approvedpre-licensing education and testing, not including any limited or separatestate test in addition to that mandated by the federal Secure and FairEnforcement for Mortgage Licensing Act of 2008, (P.L. 110-289), and theRegistry, shall be deemed to have completed Virginia's pre-licensingeducation and testing requirements.
