EstatePass
USTmedium11% of exam

A New Mexico file is paused during an NMLS filing review because of licensing and NMLS authority. Which statement clears the compliance question?

Correct Answer

B) New Mexico Financial Institutions Division has examination, investigation, supervision, or compliance-review authority over state-regulated mortgage licensees.

New Mexico Financial Institutions Division has examination, investigation, supervision, or compliance-review authority over state-regulated mortgage licensees.

Answer Options
A
New Mexico: Mortgage records may be discarded as soon as a loan is sold or servicing is transferred.
B
New Mexico Financial Institutions Division has examination, investigation, supervision, or compliance-review authority over state-regulated mortgage licensees.
C
New Mexico: Surety bond, reporting, notice, and examination duties arise only after a consumer complaint has already been filed.
D
New Mexico: The state regulator cannot examine records if the company also files information through NMLS.

Why This Is the Correct Answer

New Mexico Financial Institutions Division has examination, investigation, supervision, or compliance-review authority over state-regulated mortgage licensees.

Was this explanation helpful?

More UST Questions

People Also Study

Related Study Resources

Practice More MLO Questions

Access all practice questions with progress tracking and adaptive difficulty to pass your SAFE MLO exam.

Start Practicing