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A lender preparing a Missouri state-law refresher asks a compliance manager about licensing and NMLS authority. Which response should be followed?

Correct Answer

D) Before issuing a Missouri residential mortgage license, the Division of Finance investigates each applicant for character, general fitness, experience, and financial responsibility.

Before issuing a Missouri residential mortgage license, the Division of Finance investigates each applicant for character, general fitness, experience, and financial responsibility.

Answer Options
A
Treat licensing and NMLS authority as satisfied by borrower consent alone.
B
Delay the Missouri requirement until after the loan closes or the renewal period ends.
C
Treat consumer consent as a cure for a prohibited or missing compliance step.
D
Before issuing a Missouri residential mortgage license, the Division of Finance investigates each applicant for character, general fitness, experience, and financial responsibility.

Why This Is the Correct Answer

Before issuing a Missouri residential mortgage license, the Division of Finance investigates each applicant for character, general fitness, experience, and financial responsibility.

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