A lender preparing a Georgia state-law refresher asks a compliance manager about licensing and NMLS authority. Which response should be followed?
Correct Answer
C) Georgia DBF uses NMLS to license and manage mortgage brokers and mortgage lenders, and consumers can verify Georgia authority through NMLS Consumer Access.
Georgia DBF uses NMLS to license and manage mortgage brokers and mortgage lenders, and consumers can verify Georgia authority through NMLS Consumer Access.
Why This Is the Correct Answer
Georgia DBF uses NMLS to license and manage mortgage brokers and mortgage lenders, and consumers can verify Georgia authority through NMLS Consumer Access.
Why the Other Options Are Wrong
Option A: Use another jurisdiction's approval as a substitute for the Georgia requirement.
Use another jurisdiction's approval as a substitute for the Georgia requirement. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option B: 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 Georgia requirement.
Assume another state's approval automatically satisfies the Georgia requirement. is not correct because the governing rule requires the compliant answer shown in the explanation.
Memory Technique
GA -> ga-grma-broker-lender-company-branch-nmls-mcr
Exam Tip
GRMA company questions test broker versus lender scope, bank and credit union exemptions, NMLS filing, branch approval, application fees, MCR reporting, NMLS Consumer Access, unique identifiers, and state-specific NMLS notices.
Common Mistakes to Avoid
- -Using generic federal mortgage facts when Georgia DBF, GRMA, Georgia Fair Lending Act, or Rule 80-11 rules are being tested
- -Confusing company broker/lender licensing with individual MLO sponsorship and employment limits
- -Treating Georgia CE, temporary authority disclosure, books and records, branch approval, or high-cost protections as optional
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