A compliance manager is updating the Kentucky MLO checklist for continuing education and renewal. Which statement belongs in the checklist?
Correct Answer
A) NMLS lists Kentucky state-licensed MLO PE as 20 total hours with no separate Kentucky-specific PE hour and annual CE as 8 total hours with 1 Kentucky-specific CE hour.
NMLS lists Kentucky state-licensed MLO PE as 20 total hours with no separate Kentucky-specific PE hour and annual CE as 8 total hours with 1 Kentucky-specific CE hour.
Why This Is the Correct Answer
NMLS lists Kentucky state-licensed MLO PE as 20 total hours with no separate Kentucky-specific PE hour and annual CE as 8 total hours with 1 Kentucky-specific CE hour.
Why the Other Options Are Wrong
Option B: Assume the Kentucky requirement does not apply to this new-license application.
Assume the Kentucky requirement does not apply to this new-license application. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option C: 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 D: Delay the Kentucky requirement until after the loan closes or the renewal period ends.
Delay the Kentucky 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
KY -> ky-licensing-education-testing-renewal
Exam Tip
Kentucky 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 Kentucky state-specific rules are being tested
- -Confusing Kentucky individual MLO licensing with company, branch, sponsor, bond, or record requirements
- -Treating Kentucky state-law conduct, advertising, reporting, servicing, or enforcement requirements as optional
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