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A mortgage company asks an audit analyst to validate a Minnesota MLO sponsorship update involving licensing and NMLS authority. Which statement is reliable?

Correct Answer

A) Minnesota Chapter 58 prohibits conducting residential mortgage loan business under a name other than the licensed or certificate-of-exemption name.

Minnesota Chapter 58 prohibits conducting residential mortgage loan business under a name other than the licensed or certificate-of-exemption name.

Answer Options
A
Minnesota Chapter 58 prohibits conducting residential mortgage loan business under a name other than the licensed or certificate-of-exemption name.
B
Proceed before the required Minnesota license, sponsorship, disclosure, record, or approval is in place.
C
Use an informal manager exception without updating the license, file, or required record.
D
Use a verbal explanation instead of the required license status, disclosure, record, or filing.

Why This Is the Correct Answer

Minnesota Chapter 58 prohibits conducting residential mortgage loan business under a name other than the licensed or certificate-of-exemption name.

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