In a North Carolina renewal checklist, a compliance manager sees a compliance issue involving continuing education and renewal. What should the file reflect?
Correct Answer
A) NC MLO PE is 24 hours total: 3 federal law, 3 ethics, 2 nontraditional mortgage lending, 4 NC law, and 12 electives.
NC MLO PE is 24 hours total: 3 federal law, 3 ethics, 2 nontraditional mortgage lending, 4 NC law, and 12 electives. North Carolina MLO PE is 24 hours total: 3 federal law, 3 ethics, 2 nontraditional mortgage lending, 4 NC law/regulation, and 12 electives.
Why This Is the Correct Answer
NC MLO PE is 24 hours total: 3 federal law, 3 ethics, 2 nontraditional mortgage lending, 4 NC law, and 12 electives. North Carolina MLO PE is 24 hours total: 3 federal law, 3 ethics, 2 nontraditional mortgage lending, 4 NC law/regulation, and 12 electives.
Why the Other Options Are Wrong
Option B: Skip documentation because the renewal checklist appears routine.
Skip documentation because the renewal checklist appears routine. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option C: Rely on prior mortgage experience instead of the stated licensing or compliance requirement.
Rely on prior mortgage experience instead of the stated licensing or compliance requirement. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option D: Continue the activity and document the issue only if a complaint is later filed.
Continue the activity and document the issue only if a complaint is later filed. is not correct because the governing rule requires the compliant answer shown in the explanation.
Memory Technique
NC -> nc-education-testing-and-renewal
Exam Tip
NC has a 24-hour PE total with 4 hours of NC law.
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
More UST Questions
In a pricing desk question, an audit analyst sees facts tied to Prohibited Misrepresentation. What should the file reflect?
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A state regulator has issued an order suspending an MLO's authority effective immediately. The MLO has filed an appeal, but no stay has been granted. What should the MLO do?
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An MLO's license status in NMLS changes to suspended, with no stay or reinstatement shown. What is the immediate operational effect?
Which fact most directly supports disciplinary action against an MLO rather than merely a request for additional application information?
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