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A mortgage lender is revising its New Jersey desk guide for sponsorship and employment status. Which rule should remain in the guide?

Correct Answer

D) A New Jersey qualified individual licensee for a residential mortgage lender, correspondent residential mortgage lender, or residential mortgage broker may act as an MLO without obtaining a separate New Jersey MLO license.

A New Jersey qualified individual licensee for a residential mortgage lender, correspondent residential mortgage lender, or residential mortgage broker may act as an MLO without obtaining a separate New Jersey MLO license.

Answer Options
A
Treat sponsorship and employment status as satisfied by borrower consent alone.
B
Delay the New Jersey requirement until after the loan closes or the renewal period ends.
C
Treat consumer consent as a cure for a prohibited or missing compliance step.
D
A New Jersey qualified individual licensee for a residential mortgage lender, correspondent residential mortgage lender, or residential mortgage broker may act as an MLO without obtaining a separate New Jersey MLO license.

Why This Is the Correct Answer

A New Jersey qualified individual licensee for a residential mortgage lender, correspondent residential mortgage lender, or residential mortgage broker may act as an MLO without obtaining a separate New Jersey MLO license.

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