In an Arizona NMLS filing review, a policy analyst sees a compliance issue involving sponsorship and employment status. What should the file reflect?
Correct Answer
A) Arizona applies the stated financial-responsibility, bond, credit-history, or net-worth requirement.
Arizona applicants must either pay an amount for the mortgage recovery fund or have a qualifying employer/registered exempt person bond of not less than $200,000; loan originators working under that bond do not have to contribute to the mortgage recovery fund.
Why This Is the Correct Answer
Arizona applicants must either pay an amount for the mortgage recovery fund or have a qualifying employer/registered exempt person bond of not less than $200,000; loan originators working under that bond do not have to contribute to the mortgage recovery fund.
More UST Questions
In a Missouri mortgage file, the loan file reviewer is asked to document licensing and NMLS authority before continuing. Which rule controls?
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A licensing checklist in Missouri includes a question about scope, definitions, and exemptions. Which entry should the branch supervisor keep?
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