A lender preparing a North Carolina disciplinary-risk review asks a renewal specialist about licensing and NMLS authority. Which response should be followed?
Correct Answer
A) NC mortgage lenders and mortgage brokers must include a link to NMLS Consumer Access on their websites.
NC mortgage lenders and mortgage brokers must include a link to NMLS Consumer Access on their websites. North Carolina mortgage lenders and mortgage brokers must include a link to NMLS Consumer Access on their websites.
Why This Is the Correct Answer
NC mortgage lenders and mortgage brokers must include a link to NMLS Consumer Access on their websites. North Carolina mortgage lenders and mortgage brokers must include a link to NMLS Consumer Access on their websites.
Why the Other Options Are Wrong
Option B: Use a verbal explanation instead of the required license status, disclosure, record, or filing.
Use a verbal explanation instead of the required license status, disclosure, record, or filing. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option C: Use a annual compliance meeting exception instead of satisfying the rule before activity continues.
Use a annual compliance meeting exception instead of satisfying the rule before activity continues. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option D: Close or renew first, then decide whether the annual compliance meeting needs a compliance correction.
Close or renew first, then decide whether the annual compliance meeting needs a compliance correction. is not correct because the governing rule requires the compliant answer shown in the explanation.
Memory Technique
NC -> nc-identifier-remote-branch-and-records
Exam Tip
Consumer Access is a website compliance point for NC lenders and brokers.
Common Mistakes to Avoid
- -Using a national baseline answer when North Carolina has a state-specific rule
- -Confusing company licensing, MLO licensing, and sponsorship
- -Treating an exemption or temporary authority rule as a blanket waiver
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