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During a Maine consumer complaint response, a loan file reviewer must resolve a question about licensing and NMLS authority. Which statement should control?

Correct Answer

B) Maine Bureau identifies 9-A M.R.S. Article 13 as the Maine Secure and Fair Enforcement for Mortgage Licensing Act of 2009 for MLO licensing.

Maine Bureau identifies 9-A M.R.S. Article 13 as the Maine Secure and Fair Enforcement for Mortgage Licensing Act of 2009 for MLO licensing.

Answer Options
A
Close or renew first, then decide whether the loan-originator transfer needs a compliance correction.
B
Maine Bureau identifies 9-A M.R.S. Article 13 as the Maine Secure and Fair Enforcement for Mortgage Licensing Act of 2009 for MLO licensing.
C
Proceed before the required Maine license, sponsorship, disclosure, record, or approval is in place.
D
Use an informal manager exception without updating the license, file, or required record.

Why This Is the Correct Answer

Maine Bureau identifies 9-A M.R.S. Article 13 as the Maine Secure and Fair Enforcement for Mortgage Licensing Act of 2009 for MLO licensing.

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