During review of an MLO file in Massachusetts, an operations lead flags application and licensing qualifications. Which statement is accurate?
Correct Answer
A) Massachusetts license issuance turns on revocation/felony history, financial responsibility, PE, testing, and surety-bond compliance.
Massachusetts license issuance standards include no revoked MLO license, no disqualifying felony within 7 years and no fraud, dishonesty, breach-of-trust, or money-laundering felony at any time, financial responsibility and fitness, PE completion, test passage, and surety bond compliance.
Why This Is the Correct Answer
Massachusetts license issuance standards include no revoked MLO license, no disqualifying felony within 7 years and no fraud, dishonesty, breach-of-trust, or money-laundering felony at any time, financial responsibility and fitness, PE completion, test passage, and surety bond compliance.
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