A Colorado applicant is preparing fingerprints before an MLO filing. What must happen before submission?
Correct Answer
A) Colorado requires an applicant to submit fingerprints to the Colorado Bureau of Investigation for state and national criminal-history checks before submitting the MLO license application to the Division.
Colorado requires an applicant to submit fingerprints to the Colorado Bureau of Investigation for state and national criminal-history checks before submitting the MLO license application to the Division.
Why This Is the Correct Answer
Colorado requires an applicant to submit fingerprints to the Colorado Bureau of Investigation for state and national criminal-history checks before submitting the MLO license application to the Division.
Why the Other Options Are Wrong
Option B: Assume the Colorado requirement does not apply to this company policy update.
Assume the Colorado requirement does not apply to this company policy update. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option C: Treat continuing education and renewal as satisfied by borrower consent alone.
Treat continuing education and renewal as satisfied by borrower consent alone. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option D: Delay the Colorado requirement until after the loan closes or the renewal period ends.
Delay the Colorado requirement until after the loan closes or the renewal period ends. is not correct because the governing rule requires the compliant answer shown in the explanation.
Memory Technique
CO -> co-application-education-testing-and-renewal
Exam Tip
For Colorado education questions, remember 20 PE hours with 2 Colorado law hours and 8 CE hours with no regular Colorado-specific annual CE hour.
Common Mistakes to Avoid
- -Using a national baseline answer when Colorado has a state-specific rule
- -Confusing NMLS workflow, Colorado E-license workflow, DRE guidance, and CCR requirements
- -Treating temporary authority, inactive status, or exemptions as blanket permission
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