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A Massachusetts policy analyst reviews a training worksheet about Massachusetts prohibits contract solicitation under which MLO before submission. What should the file reflect?

Correct Answer

D) Massachusetts prohibits a contract or solicitation under which the MLO or covered person may earn a fee or commission through best efforts to obtain a loan even though no loan is actually obtained for the borrower.

Massachusetts prohibits a contract or solicitation under which the MLO or covered person may earn a fee or commission through best efforts to obtain a loan even though no loan is actually obtained for the borrower.

Answer Options
A
Proceed before the required Massachusetts license, sponsorship, disclosure, record, or approval is in place.
B
Use an informal manager exception without updating the license, file, or required record.
C
Use a verbal explanation instead of the required license status, disclosure, record, or filing.
D
Massachusetts prohibits a contract or solicitation under which the MLO or covered person may earn a fee or commission through best efforts to obtain a loan even though no loan is actually obtained for the borrower.

Why This Is the Correct Answer

Massachusetts prohibits a contract or solicitation under which the MLO or covered person may earn a fee or commission through best efforts to obtain a loan even though no loan is actually obtained for the borrower.

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