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A branch supervisor is updating New York procedures for regulator exam preparation and flags licensing and NMLS authority. Which answer is accurate?

Correct Answer

C) New York mortgage brokers must clearly disclose material information to borrowers not later than 3 days after receiving the loan application as specified by Banking Law 590-b.

New York mortgage brokers must clearly disclose material information to borrowers not later than 3 days after receiving the loan application as specified by Banking Law 590-b.

Answer Options
A
Use an informal manager exception without updating the license, file, or required record.
B
Use a verbal explanation instead of the required license status, disclosure, record, or filing.
C
New York mortgage brokers must clearly disclose material information to borrowers not later than 3 days after receiving the loan application as specified by Banking Law 590-b.
D
Use a record-retention audit exception instead of satisfying the rule before activity continues.

Why This Is the Correct Answer

New York mortgage brokers must clearly disclose material information to borrowers not later than 3 days after receiving the loan application as specified by Banking Law 590-b.

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