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During an Iowa supervisory file review, a licensing coordinator must resolve a question about licensing and NMLS authority. Which statement should control?

Correct Answer

B) The NMLS Iowa Mortgage Banker License checklist states that a mortgage banker license is required before engaging in covered Iowa mortgage banker activity.

The NMLS Iowa Mortgage Banker License checklist states that a mortgage banker license is required before engaging in covered Iowa mortgage banker activity.

Answer Options
A
Rely on prior mortgage experience instead of the stated licensing or compliance requirement.
B
The NMLS Iowa Mortgage Banker License checklist states that a mortgage banker license is required before engaging in covered Iowa mortgage banker activity.
C
Continue the activity and document the issue only if a complaint is later filed.
D
Let the MLO originate while waiting for the Iowa status, sponsorship, or renewal issue to be corrected.

Why This Is the Correct Answer

The NMLS Iowa Mortgage Banker License checklist states that a mortgage banker license is required before engaging in covered Iowa mortgage banker activity.

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