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In a Missouri loan-originator transfer, a sponsorship reviewer sees a compliance issue involving licensing and NMLS authority. What should the file reflect?

Correct Answer

A) Missouri law requires a license to broker, fund, service, or purchase residential mortgage loans unless an individual or company qualifies for an exemption.

Missouri law requires a license to broker, fund, service, or purchase residential mortgage loans unless an individual or company qualifies for an exemption.

Answer Options
A
Missouri law requires a license to broker, fund, service, or purchase residential mortgage loans unless an individual or company qualifies for an exemption.
B
Use a verbal explanation instead of the required license status, disclosure, record, or filing.
C
Use a advertising approval exception instead of satisfying the rule before activity continues.
D
Close or renew first, then decide whether the advertising approval needs a compliance correction.

Why This Is the Correct Answer

Missouri law requires a license to broker, fund, service, or purchase residential mortgage loans unless an individual or company qualifies for an exemption.

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