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A licensing analyst is validating a New York mortgage policy for sponsorship and employment status. Which statement is best?

Correct Answer

C) New York DFS does not allow a person to apply for an MLO license without employment or an offer from an originating entity such as a licensed mortgage banker or registered mortgage broker.

New York DFS does not allow a person to apply for an MLO license without employment or an offer from an originating entity such as a licensed mortgage banker or registered mortgage broker.

Answer Options
A
Use another jurisdiction's approval as a substitute for the New York requirement.
B
Treat the requirement as waived because the borrower or employer agrees.
C
New York DFS does not allow a person to apply for an MLO license without employment or an offer from an originating entity such as a licensed mortgage banker or registered mortgage broker.
D
Assume another state's approval automatically satisfies the New York requirement.

Why This Is the Correct Answer

New York DFS does not allow a person to apply for an MLO license without employment or an offer from an originating entity such as a licensed mortgage banker or registered mortgage broker.

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