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A person discusses loan terms with prospective NC borrowers for compensation. What is the best conclusion under North Carolina MLO law or NCCOB guidance?

Correct Answer

C) NC MLO activity centers on taking a residential mortgage loan application or offering or negotiating residential mortgage loan terms for compensation or gain.

NC MLO activity centers on taking a residential mortgage loan application or offering or negotiating residential mortgage loan terms for compensation or gain. North Carolina defines MLO activity around taking a residential mortgage loan application or offering/negotiating residential mortgage loan terms for compensation or gain.

Answer Options
A
Use a verbal explanation instead of the required license status, disclosure, record, or filing.
B
Use a regulator exam preparation exception instead of satisfying the rule before activity continues.
C
NC MLO activity centers on taking a residential mortgage loan application or offering or negotiating residential mortgage loan terms for compensation or gain.
D
Close or renew first, then decide whether the regulator exam preparation needs a compliance correction.

Why This Is the Correct Answer

NC MLO activity centers on taking a residential mortgage loan application or offering or negotiating residential mortgage loan terms for compensation or gain. North Carolina defines MLO activity around taking a residential mortgage loan application or offering/negotiating residential mortgage loan terms for compensation or gain.

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