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A regulator-facing procedure for Nevada operations addresses scope and exemptions. Which answer reflects the requirement?

Correct Answer

D) Nevada's MLO definition excludes a person limited to clerical or ministerial tasks for a mortgage company; an independent-contractor loan processor is included by statute.

Nevada's MLO definition excludes a person limited to clerical or ministerial tasks for a mortgage company; an independent-contractor loan processor is included by statute.

Answer Options
A
Use an informal manager exception without updating the license, file, or required record.
B
Use a verbal explanation instead of the required license status, disclosure, record, or filing.
C
Use a renewal checklist exception instead of satisfying the rule before activity continues.
D
Nevada's MLO definition excludes a person limited to clerical or ministerial tasks for a mortgage company; an independent-contractor loan processor is included by statute.

Why This Is the Correct Answer

Nevada's MLO definition excludes a person limited to clerical or ministerial tasks for a mortgage company; an independent-contractor loan processor is included by statute.

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