West Virginia Mortgage Law Practice Test

What is a Mortgage Call Report?

1. A document detailing a borrower's credit history

2. A report required for licensees that contains information relating to residential mortgage loan activity and financial condition

3. A summary of mortgage loans provided by financial institutions

4. A report showing the interest rates of various mortgage products

The correct answer is: A report required for licensees that contains information relating to residential mortgage loan activity and financial condition

A Mortgage Call Report is a critical document that licensees in the mortgage industry must complete to provide regulators with valuable information about their operations. This report includes comprehensive data relating to residential mortgage loan activity, such as the number of loans originated, the types of loans, and the financial condition of the entity preparing the report. This requirement allows regulatory bodies to monitor the health and practices of mortgage lenders and ensure compliance with applicable laws and regulations. By tracking this information, the authorities can better understand trends within the mortgage industry and assess the risks involved more effectively. This is particularly important for maintaining the integrity of the financial system and protecting borrowers. While the other options present useful information, they do not capture the full scope of the Mortgage Call Report's purpose and requirements. For instance, detailing a borrower's credit history focuses on individual borrowers, not the activities of the mortgage lender itself.