A compliance manager is updating Arizona procedures for loan-originator transfer and flags sponsorship and employment status. Which answer is accurate?
Correct Answer
D) Arizona loan originator application fees are nonrefundable, and AZDIFI lists a $350 new application fee plus $100 if the employer lacks a loan originator surety bond and a prorated license fee.
Arizona loan originator application fees are nonrefundable, and AZDIFI lists a $350 new application fee plus $100 if the employer lacks a loan originator surety bond and a prorated license fee. Arizona loan originator application fees are nonrefundable, and AZDIFI lists a $350 new application fee plus $100 if the employer does not have a loan originator surety bond and a prorated license fee by submission date.
Why This Is the Correct Answer
Arizona loan originator application fees are nonrefundable, and AZDIFI lists a $350 new application fee plus $100 if the employer lacks a loan originator surety bond and a prorated license fee. Arizona loan originator application fees are nonrefundable, and AZDIFI lists a $350 new application fee plus $100 if the employer does not have a loan originator surety bond and a prorated license fee by submission date.
Why the Other Options Are Wrong
Option A: Handle sponsorship and employment status with an informal note rather than the required license, disclosure, filing, or record.
Handle sponsorship and employment status with an informal note rather than the required license, disclosure, filing, or record. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option B: Use another jurisdiction's approval as a substitute for the Arizona requirement.
Use another jurisdiction's approval as a substitute for the Arizona requirement. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option C: Treat the requirement as waived because the borrower or employer agrees.
Treat the requirement as waived because the borrower or employer agrees. is not correct because the governing rule requires the compliant answer shown in the explanation.
Memory Technique
AZ -> az-bond-recovery-fund-and-fees
Exam Tip
Arizona application fees are nonrefundable and can include the $100 bond-related charge.
Common Mistakes to Avoid
- -Using a national baseline answer when Arizona has a state-specific rule
- -Confusing NMLS registration, Arizona licensure, and employer authority
- -Treating an exemption, temporary license, or bond rule as broader than written
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