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In an Iowa NMLS filing review, a renewal specialist sees a compliance issue involving licensing and NMLS authority. What should the file reflect?

Correct Answer

C) Iowa mortgage licensing violations may result in administrative orders, civil money penalties, restitution, cease-and-desist orders, or similar remedies as allowed by state law.

Iowa mortgage licensing violations may result in administrative orders, civil money penalties, restitution, cease-and-desist orders, or similar remedies as allowed by state law.

Answer Options
A
Use only the federal baseline and ignore the separate Iowa state requirement.
B
Apply the rule only after the Iowa regulator has already opened an examination.
C
Iowa mortgage licensing violations may result in administrative orders, civil money penalties, restitution, cease-and-desist orders, or similar remedies as allowed by state law.
D
Skip the Iowa requirement because the company already follows general SAFE Act procedures.

Why This Is the Correct Answer

Iowa mortgage licensing violations may result in administrative orders, civil money penalties, restitution, cease-and-desist orders, or similar remedies as allowed by state law.

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