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An Indiana file is paused during a training scenario because of sponsorship and employment status. Which statement clears the compliance question?

Correct Answer

B) Indiana DFI says if the MLO sponsor is licensed by the Indiana Secretary of State rather than DFI, the MLO should seek licensure with the Indiana Secretary of State.

Indiana DFI says if the MLO sponsor is licensed by the Indiana Secretary of State rather than DFI, the MLO should seek licensure with the Indiana Secretary of State.

Answer Options
A
Treat sponsorship and employment status as satisfied by borrower consent alone.
B
Indiana DFI says if the MLO sponsor is licensed by the Indiana Secretary of State rather than DFI, the MLO should seek licensure with the Indiana Secretary of State.
C
Delay the Indiana requirement until after the loan closes or the renewal period ends.
D
Treat consumer consent as a cure for a prohibited or missing compliance step.

Why This Is the Correct Answer

Indiana DFI says if the MLO sponsor is licensed by the Indiana Secretary of State rather than DFI, the MLO should seek licensure with the Indiana Secretary of State.

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