EstatePass
USThard11% of exam

During an Oklahoma training scenario, a compliance manager must resolve a question about licensing and NMLS authority. Which statement should control?

Correct Answer

A) Oklahoma Department of Consumer Credit says its mortgage lender license covers a lender business that makes a residential mortgage loan or services a residential mortgage loan.

Oklahoma Department of Consumer Credit says its mortgage lender license covers a lender business that makes a residential mortgage loan or services a residential mortgage loan.

Answer Options
A
Oklahoma Department of Consumer Credit says its mortgage lender license covers a lender business that makes a residential mortgage loan or services a residential mortgage loan.
B
Proceed before the required Oklahoma license, sponsorship, disclosure, record, or approval is in place.
C
Use an informal manager exception without updating the license, file, or required record.
D
Use a verbal explanation instead of the required license status, disclosure, record, or filing.

Why This Is the Correct Answer

Oklahoma Department of Consumer Credit says its mortgage lender license covers a lender business that makes a residential mortgage loan or services a residential mortgage loan.

Was this explanation helpful?

More UST Questions

People Also Study

Related Study Resources

Practice More MLO Questions

Access all practice questions with progress tracking and adaptive difficulty to pass your SAFE MLO exam.

Start Practicing