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A compliance manager documents a New York new-license application and needs one rule for licensing and NMLS authority. Which statement belongs in the file?

Correct Answer

C) 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
Treat licensing and NMLS authority as satisfied by borrower consent alone.
B
Delay the New York requirement until after the loan closes or the renewal period ends.
C
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.
D
Treat consumer consent as a cure for a prohibited or missing compliance step.

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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