The SML has supervisory authority to conduct examinations of licensed mortgage companies. How often can the SML examine a licensee?
Correct Answer
B) At any time the SML deems necessary, including routine and for-cause examinations
The SML has broad examination authority and can examine licensed mortgage companies at any time it deems necessary. This includes both routine periodic examinations and for-cause examinations triggered by complaints or suspected violations.
Why This Is the Correct Answer
The SML has broad examination authority and can examine licensed mortgage companies at any time it deems necessary. This includes both routine periodic examinations and for-cause examinations triggered by complaints or suspected violations.
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