Which of the following is a responsibility of a mortgage loan originator related to appraisal orders?

Prepare for the Utah PLM Test with flashcards, multiple choice questions, and detailed explanations. Maximize your chances of passing with a thorough review of lending and mortgage concepts.

In the context of mortgage loan origination, the responsibility to ensure that the appraiser is paid promptly is crucial to maintaining compliance and ethical standards in lending practices. When appraisers are not paid in a timely manner, it can lead to delays in the loan process, which can subsequently affect the overall transaction. Moreover, failing to ensure prompt payment can expose the mortgage loan originator and the lending institution to disciplinary actions from regulatory bodies, as this reflects poorly on the lender's operations and their treatment of appraisers who provide essential valuation services.

The other responsibilities listed are not accurate in this context. For example, conducting appraisals personally is typically outside the scope of a mortgage loan originator’s role, as it requires specific licensing and independence to ensure objectivity. Ensuring appraisals are free of charge is not a standard practice, as appraisals are generally a cost incurred by the borrower or lender. While verifying the appraiser's qualifications is important, it is not the most directly related responsibility regarding appraisal orders compared to ensuring prompt payment. Therefore, focusing on the payment aspect underscores the mortgage loan originator's role in facilitating a smooth and compliant transaction process.

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