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A New York file is paused during a records and reporting review because of records and reporting. Which statement clears the compliance question?

Correct Answer

D) New York scope, exemption, and role-definition rules control whether the activity requires MLO licensing.

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
Use a verbal explanation instead of the required disclosure, record, or filing.
B
Keep only informal notes instead of the required state records or notices.
C
Apply a generic federal shortcut and ignore the state-specific condition.
D
New York scope, exemption, and role-definition rules control whether the activity requires MLO licensing.

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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