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A licensing coordinator is updating New Jersey procedures for regulator exam preparation and flags continuing education and renewal. Which answer is accurate?

Correct Answer

B) A New Jersey MLO must be employed by one, and not more than one, licensed New Jersey Residential Mortgage Lender, Correspondent Residential Mortgage Lender, or Residential Mortgage Broker.

A New Jersey MLO must be employed by one, and not more than one, licensed New Jersey Residential Mortgage Lender, Correspondent Residential Mortgage Lender, or Residential Mortgage Broker.

Answer Options
A
Use an MLO sponsorship update exception instead of satisfying the rule before activity continues.
B
A New Jersey MLO must be employed by one, and not more than one, licensed New Jersey Residential Mortgage Lender, Correspondent Residential Mortgage Lender, or Residential Mortgage Broker.
C
Close or renew first, then decide whether the MLO sponsorship update needs a compliance correction.
D
Proceed before the required New Jersey license, sponsorship, disclosure, record, or approval is in place.

Why This Is the Correct Answer

A New Jersey MLO must be employed by one, and not more than one, licensed New Jersey Residential Mortgage Lender, Correspondent Residential Mortgage Lender, or Residential Mortgage Broker.

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