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In a New Jersey MLO sponsorship update, a quality-control reviewer sees a compliance issue involving sponsorship and employment status. What should the file reflect?

Correct Answer

B) 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
Use a verbal explanation instead of the required license status, disclosure, record, or filing.
B
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.
C
Use a consumer complaint response exception instead of satisfying the rule before activity continues.
D
Close or renew first, then decide whether the consumer complaint response needs a compliance correction.

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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