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Before approving the new-license application, a Connecticut audit analyst checks licensing and NMLS authority. Which conclusion is best supported?

Correct Answer

B) Connecticut Department of Banking has examination, investigation, supervision, or compliance-review authority over state-regulated mortgage licensees.

Connecticut Department of Banking has examination, investigation, supervision, or compliance-review authority over state-regulated mortgage licensees.

Answer Options
A
Connecticut: Mortgage records may be discarded as soon as a loan is sold or servicing is transferred.
B
Connecticut Department of Banking has examination, investigation, supervision, or compliance-review authority over state-regulated mortgage licensees.
C
Connecticut: Surety bond, reporting, notice, and examination duties arise only after a consumer complaint has already been filed.
D
Connecticut: The state regulator cannot examine records if the company also files information through NMLS.

Why This Is the Correct Answer

Connecticut Department of Banking has examination, investigation, supervision, or compliance-review authority over state-regulated mortgage licensees.

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