EstatePass
USTeasy11% of exam

Which statement is most accurate about loss mitigation specialist exclusion under North Carolina MLO law or NCCOB guidance?

Correct Answer

C) An individual acting solely as a loss mitigation specialist is excluded from the NC MLO definition unless the applicable CFPB rule changes that treatment.

An individual acting solely as a loss mitigation specialist is excluded from the NC MLO definition unless the applicable CFPB rule changes that treatment. An individual acting solely as a loss mitigation specialist is excluded from the North Carolina MLO definition unless the applicable CFPB rule changes that treatment.

Answer Options
A
Assume the North Carolina requirement does not apply to this MLO sponsorship update.
B
Treat sponsorship and employment status as satisfied by borrower consent alone.
C
An individual acting solely as a loss mitigation specialist is excluded from the NC MLO definition unless the applicable CFPB rule changes that treatment.
D
Delay the North Carolina requirement until after the loan closes or the renewal period ends.

Why This Is the Correct Answer

An individual acting solely as a loss mitigation specialist is excluded from the NC MLO definition unless the applicable CFPB rule changes that treatment. An individual acting solely as a loss mitigation specialist is excluded from the North Carolina MLO definition unless the applicable CFPB rule changes that treatment.

Was this explanation helpful?

More UST Questions

People Also Study

Related Study Resources

Practice More MLO Questions

Access all practice questions with progress tracking and adaptive difficulty to pass your SAFE MLO exam.

Start Practicing