EstatePass
USTmedium11% of exam

A mortgage company asks a loan file reviewer to validate a Kentucky consumer complaint response involving licensing and NMLS authority. Which statement is reliable?

Correct Answer

B) Kentucky DFI Mortgage Examination Branch examines licensed mortgage loan companies and mortgage loan brokers.

Kentucky DFI Mortgage Examination Branch examines licensed mortgage loan companies and mortgage loan brokers.

Answer Options
A
Kentucky: Mortgage records may be discarded as soon as a loan is sold or servicing is transferred.
B
Kentucky DFI Mortgage Examination Branch examines licensed mortgage loan companies and mortgage loan brokers.
C
Kentucky: Surety bond, reporting, notice, and examination duties arise only after a consumer complaint has already been filed.
D
Kentucky: The state regulator cannot examine records if the company also files information through NMLS.

Why This Is the Correct Answer

Kentucky DFI Mortgage Examination Branch examines licensed mortgage loan companies and mortgage loan brokers.

Was this explanation helpful?

More UST Questions

People Also Study

Related Study Resources

Practice More MLO Questions

Access all practice questions with progress tracking and adaptive difficulty to pass your SAFE MLO exam.

Start Practicing