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A compliance manager is updating New Mexico procedures for renewal checklist and flags licensing and NMLS authority. Which answer is accurate?

Correct Answer

C) 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
Apply the rule only after the New Mexico regulator has already opened an examination.
B
Skip the New Mexico requirement because the company already follows general SAFE Act procedures.
C
New Mexico Financial Institutions Division FAQ states all mortgage loan companies doing business in New Mexico must obtain a license through NMLS.
D
Treat continuing education and renewal as optional because the company has a general New Mexico compliance policy.

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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