A mortgage company asks a loan file reviewer to validate an Oklahoma NMLS filing review involving advertising and disclosure controls. Which statement is reliable?
Correct Answer
C) Oklahoma fees, charges, lock-ins, broker compensation, or borrower funds must be handled according to state mortgage law or regulator guidance.
Oklahoma fees, charges, lock-ins, broker compensation, or borrower funds must be handled according to state mortgage law or regulator guidance.
Why This Is the Correct Answer
The correct response is "Oklahoma fees, charges, lock-ins, broker compensation, or borrower funds must be handled according to state mortgage law or regulator guidance." because Oklahoma fees, charges, lock-ins, broker compensation, or borrower funds must be handled according to state mortgage law or regulator guidance.
Why the Other Options Are Wrong
Option A: Use a verbal explanation instead of the required disclosure, record, or filing.
Use a verbal explanation instead of the required disclosure, record, or filing. is not correct because it does not apply the rule tested by this file scenario.
Option B: Keep only informal notes instead of the required state records or notices.
Keep only informal notes instead of the required state records or notices. is not correct because it does not apply the rule tested by this file scenario.
Option D: Apply a generic federal shortcut and ignore the state-specific condition.
Apply a generic federal shortcut and ignore the state-specific condition. is not correct because it does not apply the rule tested by this file scenario.
Memory Technique
Oklahoma advertising and disclosure controls: identify the rule being tested, then choose the action that documents or applies that rule before the file moves forward.
Exam Tip
Match the file facts to Oklahoma advertising and disclosure controls; do not choose an exception or shortcut that skips the required rule.
Common Mistakes to Avoid
- -Choosing an internal exception instead of the governing rule
- -Treating preliminary or informal facts as a substitute for required documentation
- -Answering from a familiar but unrelated mortgage topic
More UST Questions
In a pricing desk question, an audit analyst sees facts tied to Prohibited Misrepresentation. What should the file reflect?
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