During an Indiana regulator exam preparation, a quality-control reviewer must resolve a question about continuing education and renewal. Which statement should control?
Correct Answer
D) Indiana DFI says a license is required for an MLO to engage in mortgage loan origination business activities in Indiana as defined by Indiana statute.
Indiana DFI says a license is required for an MLO to engage in mortgage loan origination business activities in Indiana as defined by Indiana statute.
Why This Is the Correct Answer
Indiana DFI says a license is required for an MLO to engage in mortgage loan origination business activities in Indiana as defined by Indiana statute.
Why the Other Options Are Wrong
Option A: Assume the Indiana requirement does not apply to this company policy update.
Assume the Indiana requirement does not apply to this company policy update. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option B: Treat continuing education and renewal as satisfied by borrower consent alone.
Treat continuing education and renewal as satisfied by borrower consent alone. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option C: Delay the Indiana requirement until after the loan closes or the renewal period ends.
Delay the Indiana requirement until after the loan closes or the renewal period ends. is not correct because the governing rule requires the compliant answer shown in the explanation.
Memory Technique
IN -> in-licensing-education-testing-renewal
Exam Tip
Indiana licensing questions test NMLS routing, education, testing, application items, sponsorship, renewal timing, and continuing education.
Common Mistakes to Avoid
- -Using generic federal mortgage facts when Indiana state-specific rules are being tested
- -Confusing Indiana individual MLO licensing with company, branch, sponsor, bond, or record requirements
- -Treating Indiana state-law conduct, advertising, reporting, servicing, or enforcement requirements as optional
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