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A mortgage company asks a branch supervisor to validate a Mississippi record-retention audit involving licensing and NMLS authority. Which statement is reliable?

Correct Answer

B) The Mississippi S.A.F.E. Mortgage Act defines mortgage loan originator activity around an individual who takes a residential mortgage loan application or offers or negotiates residential mortgage loan terms for compensation or gain.

The Mississippi S.A.F.E. Mortgage Act defines mortgage loan originator activity around an individual who takes a residential mortgage loan application or offers or negotiates residential mortgage loan terms for compensation or gain.

Answer Options
A
Treat licensing and NMLS authority as satisfied by borrower consent alone.
B
The Mississippi S.A.F.E. Mortgage Act defines mortgage loan originator activity around an individual who takes a residential mortgage loan application or offers or negotiates residential mortgage loan terms for compensation or gain.
C
Delay the Mississippi requirement until after the loan closes or the renewal period ends.
D
Treat consumer consent as a cure for a prohibited or missing compliance step.

Why This Is the Correct Answer

The Mississippi S.A.F.E. Mortgage Act defines mortgage loan originator activity around an individual who takes a residential mortgage loan application or offers or negotiates residential mortgage loan terms for compensation or gain.

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