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A compliance manager compares company policy with Pennsylvania requirements during an MLO sponsorship update. Which statement fits licensing and NMLS authority?

Correct Answer

C) Pennsylvania DoBS requires all mortgage business applicants and licensees to use NMLS to apply for and manage their mortgage license.

Pennsylvania DoBS requires all mortgage business applicants and licensees to use NMLS to apply for and manage their mortgage license.

Answer Options
A
Continue the activity and document the issue only if a complaint is later filed.
B
Let the MLO originate while waiting for the Pennsylvania status, sponsorship, or renewal issue to be corrected.
C
Pennsylvania DoBS requires all mortgage business applicants and licensees to use NMLS to apply for and manage their mortgage license.
D
Let production staff decide whether sponsorship and employment status matters for the file.

Why This Is the Correct Answer

Pennsylvania DoBS requires all mortgage business applicants and licensees to use NMLS to apply for and manage their mortgage license.

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