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A New Mexico quality-control reviewer is reviewing an NMLS filing review tied to licensing and NMLS authority. Which rule should be applied?

Correct Answer

C) New Mexico mortgage licensing includes surety bond, recovery fund, net worth, or financial responsibility coverage as required by state law or regulator guidance.

New Mexico mortgage licensing includes surety bond, recovery fund, net worth, or financial responsibility coverage as required by state law or regulator guidance.

Answer Options
A
Assume the New Mexico requirement does not apply to this new-license application.
B
Treat licensing and NMLS authority as satisfied by borrower consent alone.
C
New Mexico mortgage licensing includes surety bond, recovery fund, net worth, or financial responsibility coverage as required by state law or regulator guidance.
D
Delay the New Mexico requirement until after the loan closes or the renewal period ends.

Why This Is the Correct Answer

New Mexico mortgage licensing includes surety bond, recovery fund, net worth, or financial responsibility coverage as required by state law or regulator guidance.

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