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In a New Mexico annual compliance meeting, a renewal specialist sees a compliance issue involving licensing and NMLS authority. What should the file reflect?

Correct Answer

A) New Mexico Financial Institutions Division FAQ states all mortgage loan companies doing business in New Mexico must obtain a license through NMLS.

New Mexico Financial Institutions Division FAQ states all mortgage loan companies doing business in New Mexico must obtain a license through NMLS.

Answer Options
A
New Mexico Financial Institutions Division FAQ states all mortgage loan companies doing business in New Mexico must obtain a license through NMLS.
B
Use only the federal baseline and ignore the separate New Mexico state requirement.
C
Apply the rule only after the New Mexico regulator has already opened an examination.
D
Skip the New Mexico requirement because the company already follows general SAFE Act procedures.

Why This Is the Correct Answer

New Mexico Financial Institutions Division FAQ states all mortgage loan companies doing business in New Mexico must obtain a license through NMLS.

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