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For a New York company policy update, a loan file reviewer is training staff on licensing and NMLS authority. Which answer should be used?

Correct Answer

D) New York Article 12-E requires each MLO to use the unique identifier assigned by NMLS when required by law or DFS rules.

New York Article 12-E requires each MLO to use the unique identifier assigned by NMLS when required by law or DFS rules.

Answer Options
A
Treat the requirement as waived because the borrower or employer agrees.
B
Assume another state's approval automatically satisfies the New York requirement.
C
Apply the New York rule only to company licenses and never to individual MLO activity.
D
New York Article 12-E requires each MLO to use the unique identifier assigned by NMLS when required by law or DFS rules.

Why This Is the Correct Answer

New York Article 12-E requires each MLO to use the unique identifier assigned by NMLS when required by law or DFS rules.

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