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A New York file is paused during a loan-originator transfer because of licensing and NMLS authority. Which statement clears the compliance question?

Correct Answer

D) New York Banking Law Article 12-D governs licensed mortgage bankers, registered mortgage brokers, mortgage loan servicers, exempt organizations, and related mortgage business activity.

New York Banking Law Article 12-D governs licensed mortgage bankers, registered mortgage brokers, mortgage loan servicers, exempt organizations, and related mortgage business activity.

Answer Options
A
Skip documentation because the renewal checklist appears routine.
B
Rely on prior mortgage experience instead of the stated licensing or compliance requirement.
C
Continue the activity and document the issue only if a complaint is later filed.
D
New York Banking Law Article 12-D governs licensed mortgage bankers, registered mortgage brokers, mortgage loan servicers, exempt organizations, and related mortgage business activity.

Why This Is the Correct Answer

New York Banking Law Article 12-D governs licensed mortgage bankers, registered mortgage brokers, mortgage loan servicers, exempt organizations, and related mortgage business activity.

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