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For an Iowa loan-originator transfer, a training manager is training staff on licensing and NMLS authority. Which answer should be used?

Correct Answer

B) Iowa consumers can use the state regulator complaint process or NMLS Consumer Access when checking mortgage licensing or reporting mortgage issues.

Iowa consumers can use the state regulator complaint process or NMLS Consumer Access when checking mortgage licensing or reporting mortgage issues.

Answer Options
A
Treat licensing and NMLS authority as satisfied by borrower consent alone.
B
Iowa consumers can use the state regulator complaint process or NMLS Consumer Access when checking mortgage licensing or reporting mortgage issues.
C
Delay the Iowa requirement until after the loan closes or the renewal period ends.
D
Treat consumer consent as a cure for a prohibited or missing compliance step.

Why This Is the Correct Answer

Iowa consumers can use the state regulator complaint process or NMLS Consumer Access when checking mortgage licensing or reporting mortgage issues.

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