In a Maryland consumer complaint response, a compliance manager sees a compliance issue involving licensing and NMLS authority. What should the file reflect?
Correct Answer
B) Maryland requires the stated MLO licensing or NMLS authority before covered origination activity.
Maryland MLO licensing exemptions include an individual negotiating with or on behalf of an immediate family member, negotiating a loan secured by the individual's own residence, and a licensed attorney negotiating as an ancillary matter unless compensated by a mortgage lender, broker, MLO, or their agent.
Why This Is the Correct Answer
Maryland MLO licensing exemptions include an individual negotiating with or on behalf of an immediate family member, negotiating a loan secured by the individual's own residence, and a licensed attorney negotiating as an ancillary matter unless compensated by a mortgage lender, broker, MLO, or their agent.
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