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During a Rhode Island new-license application, a training manager must resolve a question about licensing and NMLS authority. Which statement should control?

Correct Answer

C) Rhode Island mortgage rules cover lenders, loan brokers, small loan lenders, third-party loan servicers, and mortgage loan originators.

Rhode Island mortgage rules cover lenders, loan brokers, small loan lenders, third-party loan servicers, and mortgage loan originators.

Answer Options
A
Treat the timing or filing requirement as optional if the transaction appears low risk.
B
Assume the Rhode Island requirement does not apply to this annual compliance meeting.
C
Rhode Island mortgage rules cover lenders, loan brokers, small loan lenders, third-party loan servicers, and mortgage loan originators.
D
Treat licensing and NMLS authority as satisfied by borrower consent alone.

Why This Is the Correct Answer

Rhode Island mortgage rules cover lenders, loan brokers, small loan lenders, third-party loan servicers, and mortgage loan originators.

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