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A company entering the New Mexico market is documenting rules for sponsorship and employment status. Which statement is accurate?

Correct Answer

C) New Mexico Financial Institutions Division FAQ distinguishes state mortgage licensing from W-2 versus 1099 employment classification issues and points to federal loan-originator compensation rules where applicable.

New Mexico Financial Institutions Division FAQ distinguishes state mortgage licensing from W-2 versus 1099 employment classification issues and points to federal loan-originator compensation rules where applicable.

Answer Options
A
Treat sponsorship and employment status as satisfied by borrower consent alone.
B
Delay the New Mexico requirement until after the loan closes or the renewal period ends.
C
New Mexico Financial Institutions Division FAQ distinguishes state mortgage licensing from W-2 versus 1099 employment classification issues and points to federal loan-originator compensation rules where applicable.
D
Treat consumer consent as a cure for a prohibited or missing compliance step.

Why This Is the Correct Answer

New Mexico Financial Institutions Division FAQ distinguishes state mortgage licensing from W-2 versus 1099 employment classification issues and points to federal loan-originator compensation rules where applicable.

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