A branch supervisor is updating North Carolina procedures for disciplinary-risk review and flags licensing and NMLS authority. Which answer is accurate?
Correct Answer
D) NCCOB guidance says tablefunded loans must be assigned to the lender within one business day of funding or a mortgage lender license is required.
NCCOB guidance says tablefunded loans must be assigned to the lender within one business day of funding or a mortgage lender license is required. NCCOB FAQ says tablefunded loans must be assigned within one business day of funding or the company is acting as a lender and must hold a lender license.
Why This Is the Correct Answer
NCCOB guidance says tablefunded loans must be assigned to the lender within one business day of funding or a mortgage lender license is required. NCCOB FAQ says tablefunded loans must be assigned within one business day of funding or the company is acting as a lender and must hold a lender license.
Why the Other Options Are Wrong
Option A: Skip the North Carolina requirement because the company already follows general SAFE Act procedures.
Skip the North Carolina requirement because the company already follows general SAFE Act procedures. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option B: Treat licensing and NMLS authority as optional because the company has a general North Carolina compliance policy.
Treat licensing and NMLS authority as optional because the company has a general North Carolina compliance policy. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option C: Postpone the North Carolina licensing and NMLS authority issue until the next annual review.
Postpone the North Carolina licensing and NMLS authority issue until the next annual review. 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
One business day is the key tablefunding timing point.
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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