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In a New Mexico company policy update, a branch supervisor sees a compliance issue involving licensing and NMLS authority. What should the file reflect?

Correct Answer

B) New Mexico Financial Institutions Division and the Mortgage Loan Originator Licensing Act provide the source basis for license discipline and enforcement questions.

New Mexico Financial Institutions Division and the Mortgage Loan Originator Licensing Act provide the source basis for license discipline and enforcement questions.

Answer Options
A
Treat the requirement as waived because the borrower or employer agrees.
B
New Mexico Financial Institutions Division and the Mortgage Loan Originator Licensing Act provide the source basis for license discipline and enforcement questions.
C
Assume another state's approval automatically satisfies the New Mexico requirement.
D
Apply the New Mexico rule only to company licenses and never to individual MLO activity.

Why This Is the Correct Answer

New Mexico Financial Institutions Division and the Mortgage Loan Originator Licensing Act provide the source basis for license discipline and enforcement questions.

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