A state compliance officer is updating North Carolina procedures for new-license application and flags licensing and NMLS authority. Which answer is accurate?
Correct Answer
B) 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: Treat the timing or filing requirement as optional if the transaction appears low risk.
Treat the timing or filing requirement as optional if the transaction appears low risk. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option C: Assume the North Carolina requirement does not apply to this annual compliance meeting.
Assume the North Carolina requirement does not apply to this annual compliance meeting. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option D: Treat licensing and NMLS authority as satisfied by borrower consent alone.
Treat licensing and NMLS authority as satisfied by borrower consent alone. 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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