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Which statement best reflects Alabama mortgage recordkeeping duties for state-regulated licensees?

Correct Answer

B) Alabama licensees must keep mortgage books, records, files, or NMLS records available as required by state law or regulator guidance.

Alabama licensees must keep mortgage books, records, files, or NMLS records available as required by state law or regulator guidance.

Answer Options
A
Alabama: Mortgage records may be discarded as soon as a loan is sold or servicing is transferred.
B
Alabama licensees must keep mortgage books, records, files, or NMLS records available as required by state law or regulator guidance.
C
Alabama: Surety bond, reporting, notice, and examination duties arise only after a consumer complaint has already been filed.
D
Alabama: The state regulator cannot examine records if the company also files information through NMLS.

Why This Is the Correct Answer

Alabama licensees must keep mortgage books, records, files, or NMLS records available as required by state law or regulator guidance.

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