EstatePass
USThard11% of exam

A mortgage company asks an audit analyst to validate a New York record-retention audit involving sponsorship and employment status. Which statement is reliable?

Correct Answer

B) Article 12-E recognizes registered mortgage loan originators employed by specified depository institutions or regulated subsidiaries as outside the New York licensed-MLO regime.

Article 12-E recognizes registered mortgage loan originators employed by specified depository institutions or regulated subsidiaries as outside the New York licensed-MLO regime.

Answer Options
A
Let the MLO originate while waiting for the New York status, sponsorship, or renewal issue to be corrected.
B
Article 12-E recognizes registered mortgage loan originators employed by specified depository institutions or regulated subsidiaries as outside the New York licensed-MLO regime.
C
Let production staff decide whether sponsorship and employment status matters for the file.
D
Skip documentation because the disciplinary-risk review appears routine.

Why This Is the Correct Answer

Article 12-E recognizes registered mortgage loan originators employed by specified depository institutions or regulated subsidiaries as outside the New York licensed-MLO regime.

Was this explanation helpful?

More UST Questions

People Also Study

Related Study Resources

Practice More MLO Questions

Access all practice questions with progress tracking and adaptive difficulty to pass your SAFE MLO exam.

Start Practicing