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A mortgage company asks an operations lead to validate a New York branch onboarding review involving licensing and NMLS authority. Which statement is reliable?

Correct Answer

B) 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
Apply the rule only after the New York regulator has already opened an examination.
B
New York Banking Law Article 12-D governs licensed mortgage bankers, registered mortgage brokers, mortgage loan servicers, exempt organizations, and related mortgage business activity.
C
Skip the New York requirement because the company already follows general SAFE Act procedures.
D
Treat licensing and NMLS authority as optional because the company has a general New York compliance policy.

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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