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During a New York mortgage operations checklist, a branch supervisor must resolve a question about records, reports, and required notices. Which statement should control?

Correct Answer

D) New York mortgage brokers have statutory responsibilities to act in the borrower's interest, with reasonable skill, care, diligence, good faith, and fair dealing.

New York mortgage brokers have statutory responsibilities to act in the borrower's interest, with reasonable skill, care, diligence, good faith, and fair dealing.

Answer Options
A
Assume another state's approval automatically satisfies the New York requirement.
B
Apply the New York rule only to company licenses and never to individual MLO activity.
C
Handle branch, office, and remote-work controls with an informal note rather than the required license, disclosure, filing, or record.
D
New York mortgage brokers have statutory responsibilities to act in the borrower's interest, with reasonable skill, care, diligence, good faith, and fair dealing.

Why This Is the Correct Answer

New York mortgage brokers have statutory responsibilities to act in the borrower's interest, with reasonable skill, care, diligence, good faith, and fair dealing.

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