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An Idaho training manager is reviewing a supervisory file review tied to licensing and NMLS authority. Which rule should be applied?

Correct Answer

B) The Idaho Residential Mortgage Practices Act and Idaho Department of Finance guidance support regulator supervision of Idaho mortgage licensees.

The Idaho Residential Mortgage Practices Act and Idaho Department of Finance guidance support regulator supervision of Idaho mortgage licensees.

Answer Options
A
Idaho: Mortgage records may be discarded as soon as a loan is sold or servicing is transferred.
B
The Idaho Residential Mortgage Practices Act and Idaho Department of Finance guidance support regulator supervision of Idaho mortgage licensees.
C
Idaho: Surety bond, reporting, notice, and examination duties arise only after a consumer complaint has already been filed.
D
Idaho: The state regulator cannot examine records if the company also files information through NMLS.

Why This Is the Correct Answer

The Idaho Residential Mortgage Practices Act and Idaho Department of Finance guidance support regulator supervision of Idaho mortgage licensees.

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