A training manager handling a Florida NMLS filing review needs the compliant answer for sponsorship and employment status. What should the reviewer choose?
Correct Answer
A) Florida mortgage broker activity involves conducting loan originator activities through licensed loan originators or acting as a contract loan processor; a mortgage broker business is separate from an individual loan originator license.
Florida mortgage broker activity involves conducting loan originator activities through licensed loan originators or acting as a contract loan processor; a mortgage broker business is separate from an individual loan originator license.
Why This Is the Correct Answer
Florida mortgage broker activity involves conducting loan originator activities through licensed loan originators or acting as a contract loan processor; a mortgage broker business is separate from an individual loan originator license.
Why the Other Options Are Wrong
Option B: Use another jurisdiction's approval as a substitute for the Florida requirement.
Use another jurisdiction's approval as a substitute for the Florida 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.
Option D: Assume another state's approval automatically satisfies the Florida requirement.
Assume another state's approval automatically satisfies the Florida requirement. is not correct because the governing rule requires the compliant answer shown in the explanation.
Memory Technique
FL -> fl-lo-definitions-exemptions-employment-processing
Exam Tip
For Florida definition items, separate public origination activity, clerical work, in-house processing, contract processing, broker/lender employment, exemptions, and principal loan originator responsibility.
Common Mistakes to Avoid
- -Using generic federal mortgage facts when Florida OFR or Chapter 494 rules are being tested
- -Confusing loan originator, mortgage broker business, mortgage lender, servicer, branch, and processor authority
- -Treating Florida education, renewal, records, advertisements, trust funds, or OFR enforcement rules as optional
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