A mortgage company asks a loan file reviewer to validate a North Carolina NMLS filing review involving licensing and NMLS authority. Which statement is reliable?
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: Skip documentation because the supervisory file review appears routine.
Skip documentation because the supervisory file review 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-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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