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An Iowa file is paused during a loan-originator transfer because of licensing and NMLS authority. Which statement clears the compliance question?

Correct Answer

A) 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
The NMLS Iowa Mortgage Banker License checklist states that a mortgage banker license is required before engaging in covered Iowa mortgage banker activity.
B
Handle licensing and NMLS authority with an informal note rather than the required license, disclosure, filing, or record.
C
Use another jurisdiction's approval as a substitute for the Iowa requirement.
D
Treat the requirement as waived because the borrower or employer agrees.

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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