During a Georgia state-law refresher, a training manager must resolve a question about licensing and NMLS authority. Which statement should control?
Correct Answer
A) 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 B: Close or renew first, then decide whether the loan-originator transfer needs a compliance correction.
Close or renew first, then decide whether the loan-originator transfer needs a compliance correction. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option C: Proceed before the required Georgia license, sponsorship, disclosure, record, or approval is in place.
Proceed before the required Georgia license, sponsorship, disclosure, record, or approval is in place. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option D: Use an informal manager exception without updating the license, file, or required record.
Use an informal manager exception without updating the license, file, or required record. 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
More UST Questions
In a pricing desk question, an audit analyst sees facts tied to Prohibited Misrepresentation. What should the file reflect?
An applicant previously had an MLO license revoked by a state regulator. Under the SAFE Act minimum standards for a new state-licensed MLO license, which statement is correct?
Which statement correctly distinguishes a license suspension from a license revocation?
A state regulator has issued an order suspending an MLO's authority effective immediately. The MLO has filed an appeal, but no stay has been granted. What should the MLO do?
An MLO license application asks whether the applicant has been the subject of a regulatory order. The applicant has a recent consent order that falls within the question. What is the proper response?
Why does NMLS maintain licensing and enforcement information that participating regulators can access?
A regulator issues a final license suspension without giving the MLO notice of the alleged violation or any opportunity to respond, even though applicable law requires both. What issue is presented?
A regulator finds that an MLO charged consumers prohibited fees. Which set of actions is consistent with the enforcement tools contemplated by Regulation H?
An MLO's license status in NMLS changes to suspended, with no stay or reinstatement shown. What is the immediate operational effect?
Which fact most directly supports disciplinary action against an MLO rather than merely a request for additional application information?
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