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In a New Jersey mortgage operations checklist, an operations lead sees a compliance issue involving sponsorship and employment status. What should the file reflect?

Correct Answer

D) An employee loan processor or underwriter performing clerical or support duties under supervision is not required to hold a New Jersey MLO license solely for that clerical or support role.

An employee loan processor or underwriter performing clerical or support duties under supervision is not required to hold a New Jersey MLO license solely for that clerical or support role.

Answer Options
A
Proceed before the required New Jersey license, sponsorship, disclosure, record, or approval is in place.
B
Use an informal manager exception without updating the license, file, or required record.
C
Use a verbal explanation instead of the required license status, disclosure, record, or filing.
D
An employee loan processor or underwriter performing clerical or support duties under supervision is not required to hold a New Jersey MLO license solely for that clerical or support role.

Why This Is the Correct Answer

An employee loan processor or underwriter performing clerical or support duties under supervision is not required to hold a New Jersey MLO license solely for that clerical or support role.

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