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Question 1 of 2
1. Question
A newly licensed mortgage loan originator begins working for a small independent mortgage company and assumes that federal mortgage regulations primarily apply only to banks because banks are routinely audited by federal regulators.
Which statement best reflects mortgage compliance requirements?
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Question 2 of 2
2. Question
A mortgage lender develops internal compliance procedures for residential mortgage lending operations but focuses only on federal laws while ignoring state-specific mortgage regulations.
Why is this approach problematic?
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