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For a Massachusetts company policy update, a loan file reviewer is training staff on licensing and NMLS authority. Which answer should be used?

Correct Answer

D) Each licensed Massachusetts MLO must submit reports of condition to NMLS in the form and with the information NMLS requires.

Each licensed Massachusetts MLO must submit reports of condition to NMLS in the form and with the information NMLS requires.

Answer Options
A
Apply the Massachusetts rule only to company licenses and never to individual MLO activity.
B
Handle licensing and NMLS authority with an informal note rather than the required license, disclosure, filing, or record.
C
Use another jurisdiction's approval as a substitute for the Massachusetts requirement.
D
Each licensed Massachusetts MLO must submit reports of condition to NMLS in the form and with the information NMLS requires.

Why This Is the Correct Answer

Each licensed Massachusetts MLO must submit reports of condition to NMLS in the form and with the information NMLS requires.

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