Before approving the disciplinary-risk review, an Ohio quality-control reviewer checks licensing and NMLS authority. Which conclusion is best supported?
Correct Answer
C) Ohio requires notice to DFI within 30 days after specified convictions or guilty/no-contest pleas, or after a mortgage registration, license, or comparable authority is revoked in any jurisdiction.
Ohio requires notice to DFI within 30 days after specified convictions or guilty/no-contest pleas, or after a mortgage registration, license, or comparable authority is revoked in any jurisdiction.
Why This Is the Correct Answer
Ohio requires notice to DFI within 30 days after specified convictions or guilty/no-contest pleas, or after a mortgage registration, license, or comparable authority is revoked in any jurisdiction.
Why the Other Options Are Wrong
Option A: Use a loan-originator transfer exception instead of satisfying the rule before activity continues.
Use a loan-originator transfer exception instead of satisfying the rule before activity continues. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option B: Close or renew first, then decide whether the loan-originator transfer needs a compliance correction.
Close or renew first, then decide whether the loan-originator transfer needs a compliance correction. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option D: Proceed before the required Ohio license, sponsorship, disclosure, record, or approval is in place.
Proceed before the required Ohio license, sponsorship, disclosure, record, or approval is in place. is not correct because the governing rule requires the compliant answer shown in the explanation.
Memory Technique
OH -> oh-advertising-disclosures-referrals-prohibited-practices
Exam Tip
Ohio conduct questions test false applications, misrepresentations, 30-day adverse-event reports, affiliated-business and appraisal referral limits, buyer duties, nonwaivable standards, advertising, unlicensed origination, compensation splitting, and improper refinance practices.
Common Mistakes to Avoid
- -Using generic federal mortgage facts when Ohio RMLA, Ohio Administrative Code, DFI, or NMLS state-specific rules are being tested
- -Confusing Ohio individual MLO licensing or escrow status with company registration and operations-manager requirements
- -Treating Ohio bond, record, advertising, referral, remote-work, servicing, or enforcement requirements as optional
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