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A lender preparing a New Jersey state-law refresher asks an audit analyst about continuing education and renewal. Which response should be followed?

Correct Answer

D) New Jersey MLO applicants must authorize a credit report through NMLS and must satisfy character and fitness requirements before DOBI approves licensure.

New Jersey MLO applicants must authorize a credit report through NMLS and must satisfy character and fitness requirements before DOBI approves licensure.

Answer Options
A
Treat continuing education and renewal 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
New Jersey MLO applicants must authorize a credit report through NMLS and must satisfy character and fitness requirements before DOBI approves licensure.

Why This Is the Correct Answer

New Jersey MLO applicants must authorize a credit report through NMLS and must satisfy character and fitness requirements before DOBI approves licensure.

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