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A lender preparing an Oklahoma regulator exam preparation asks a renewal specialist about licensing and NMLS authority. Which response should be followed?

Correct Answer

D) 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
Use a record-retention audit exception instead of satisfying the rule before activity continues.
B
Close or renew first, then decide whether the record-retention audit needs a compliance correction.
C
Proceed before the required Oklahoma license, sponsorship, disclosure, record, or approval is in place.
D
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.

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.

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