A state regulatory authority wants to examine the records of an MLO who works from home and claims all records are stored electronically on a cloud server located in another country. What is the authority's position regarding access to these records?
Correct Answer
B) They can require the MLO to provide access regardless of storage location
State regulatory authorities have the power to examine all records required to be maintained by licensed MLOs, regardless of where those records are physically stored. The MLO is responsible for providing access to all required records during an examination.
Why This Is the Correct Answer
State regulatory authorities have the power to examine all records required to be maintained by licensed MLOs, regardless of where those records are physically stored. The MLO is responsible for providing access to all required records during an examination.
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