A compliance manager documents an Ohio regulator exam preparation and needs one rule for sponsorship and employment status. Which statement belongs in the file?
Correct Answer
A) Ohio RMLA business scope includes originating, brokering, or servicing 5 or more residential mortgage loans in any 12-month period for an Ohio resident, Ohio property, or from a physical location in Ohio.
Ohio RMLA business scope includes originating, brokering, or servicing 5 or more residential mortgage loans in any 12-month period for an Ohio resident, Ohio property, or from a physical location in Ohio.
Why This Is the Correct Answer
Ohio RMLA business scope includes originating, brokering, or servicing 5 or more residential mortgage loans in any 12-month period for an Ohio resident, Ohio property, or from a physical location in Ohio.
Why the Other Options Are Wrong
Option B: Apply the Ohio rule only to company licenses and never to individual MLO activity.
Apply the Ohio rule only to company licenses and never to individual MLO activity. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option C: Handle sponsorship and employment status with an informal note rather than the required license, disclosure, filing, or record.
Handle sponsorship and employment status with an informal note rather than the required license, disclosure, filing, or record. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option D: Use another jurisdiction's approval as a substitute for the Ohio requirement.
Use another jurisdiction's approval as a substitute for the Ohio requirement. is not correct because the governing rule requires the compliant answer shown in the explanation.
Memory Technique
OH -> oh-MLO-scope-exemptions-sponsorship-escrow
Exam Tip
Ohio scope questions turn on licensed versus registered MLO status, one sponsor or exemption-holder association, the five-loan business threshold, depository exemptions, processor limits, transfer, escrow, and NMLS Consumer Access.
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
More UST Questions
In a pricing desk question, an audit analyst sees facts tied to Prohibited Misrepresentation. What should the file reflect?
An applicant previously had an MLO license revoked by a state regulator. Under the SAFE Act minimum standards for a new state-licensed MLO license, which statement is correct?
Which statement correctly distinguishes a license suspension from a license revocation?
A state regulator has issued an order suspending an MLO's authority effective immediately. The MLO has filed an appeal, but no stay has been granted. What should the MLO do?
An MLO license application asks whether the applicant has been the subject of a regulatory order. The applicant has a recent consent order that falls within the question. What is the proper response?
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A regulator finds that an MLO charged consumers prohibited fees. Which set of actions is consistent with the enforcement tools contemplated by Regulation H?
An MLO's license status in NMLS changes to suspended, with no stay or reinstatement shown. What is the immediate operational effect?
Which fact most directly supports disciplinary action against an MLO rather than merely a request for additional application information?
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