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A loan file reviewer is updating New York procedures for disciplinary-risk review and flags licensing and NMLS authority. Which answer is accurate?

Correct Answer

A) Article 12-E defines mortgage loan originator activity around taking a residential mortgage loan application or offering or negotiating terms of a residential mortgage loan.

Article 12-E defines mortgage loan originator activity around taking a residential mortgage loan application or offering or negotiating terms of a residential mortgage loan.

Answer Options
A
Article 12-E defines mortgage loan originator activity around taking a residential mortgage loan application or offering or negotiating terms of a residential mortgage loan.
B
Apply the rule only after the New York regulator has already opened an examination.
C
Skip the New York requirement because the company already follows general SAFE Act procedures.
D
Treat licensing and NMLS authority as optional because the company has a general New York compliance policy.

Why This Is the Correct Answer

Article 12-E defines mortgage loan originator activity around taking a residential mortgage loan application or offering or negotiating terms of a residential mortgage loan.

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