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A New York file is paused during a branch onboarding review because of sponsorship and employment status. Which statement clears the compliance question?

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
Delay the New York requirement until after the loan closes or the renewal period ends.
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
Treat consumer consent as a cure for a prohibited or missing compliance step.
D
Treat the timing or filing requirement as optional if the transaction appears low risk.

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.

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