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In a Massachusetts supervisory file review, a quality-control reviewer sees a compliance issue involving licensing and NMLS authority. What should the file reflect?

Correct Answer

B) 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
Rely on prior mortgage experience instead of the stated licensing or compliance requirement.
B
Each licensed Massachusetts MLO must submit reports of condition to NMLS in the form and with the information NMLS requires.
C
Continue the activity and document the issue only if a complaint is later filed.
D
Let the MLO originate while waiting for the Massachusetts status, sponsorship, or renewal issue to be corrected.

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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