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In an Iowa annual compliance meeting, a state compliance officer sees a compliance issue involving licensing and NMLS authority. What should the file reflect?

Correct Answer

A) Iowa Division of Banking has examination, investigation, supervision, or compliance-review authority over state-regulated mortgage licensees.

Iowa Division of Banking has examination, investigation, supervision, or compliance-review authority over state-regulated mortgage licensees.

Answer Options
A
Iowa Division of Banking has examination, investigation, supervision, or compliance-review authority over state-regulated mortgage licensees.
B
Iowa: Mortgage records may be discarded as soon as a loan is sold or servicing is transferred.
C
Iowa: Surety bond, reporting, notice, and examination duties arise only after a consumer complaint has already been filed.
D
Iowa: The state regulator cannot examine records if the company also files information through NMLS.

Why This Is the Correct Answer

Iowa Division of Banking has examination, investigation, supervision, or compliance-review authority over state-regulated mortgage licensees.

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