How long must MLOs keep copies of all advertisements, and what details must be documented?
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At least 2 years; include ad type, media name, dates used, and transcripts for TV/radio if needed.
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What was the primary legal issue in the Wyatt v. Union Mortgage Co. case?
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Whether the mortgage brokerage breached fiduciary duties through misleading advertising, misrepresenting loan terms, and charging improper late fees.
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Why did the court decide the statute of limitations had not expired in Wyatt v. Union Mortgage Co.?
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The court applied the last overt act doctrine, tolling the statute until the final loan payment ended the fraudulent scheme.
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Answer DELETE "NEXT CARD" on the bottm right from the last flashcard
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Transcript
How long must MLOs keep copies of all advertisements, and what details must be documented?
Flip flashcard to reveal answer
The correct answer is...
At least 2 years; include ad type, media name, dates used, and transcripts for TV/radio if needed.
Back to Question
Next card
What was the primary legal issue in the Wyatt v. Union Mortgage Co. case?
Flip flashcard to reveal answer
Previous card
The correct answer is...
Whether the mortgage brokerage breached fiduciary duties through misleading advertising, misrepresenting loan terms, and charging improper late fees.
Next card
Back to Question
Why did the court decide the statute of limitations had not expired in Wyatt v. Union Mortgage Co.?
Flip flashcard to reveal answer
Previous card
The correct answer is...
The court applied the last overt act doctrine, tolling the statute until the final loan payment ended the fraudulent scheme.
Back to Question
Question
Flip flashcard to reveal answer
Previous card
The correct answer is...
Answer
Next card
Back to Question
question
Flip flashcard to reveal answer
Previous card
The correct answer is...
Answer
Next card
Back to Question
question
Flip flashcard to reveal answer
Previous card
The correct answer is...
Answer DELETE "NEXT CARD" on the bottm right from the last flashcard
Back to Question