An operations lead documents a Tennessee new-license application and needs one rule for licensing and NMLS authority. Which statement belongs in the file?
Correct Answer
A) Tennessee Chapter 0180-17 includes surety bond requirements for mortgage lending, loan servicing, and loan brokering licensees.
Tennessee Chapter 0180-17 includes surety bond requirements for mortgage lending, loan servicing, and loan brokering licensees.
Why This Is the Correct Answer
Tennessee Chapter 0180-17 includes surety bond requirements for mortgage lending, loan servicing, and loan brokering licensees.
Why the Other Options Are Wrong
Option B: Treat licensing and NMLS authority as optional because the company has a general Tennessee compliance policy.
Treat licensing and NMLS authority as optional because the company has a general Tennessee compliance policy. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option C: Postpone the Tennessee licensing and NMLS authority issue until the next annual review.
Postpone the Tennessee licensing and NMLS authority issue until the next annual review. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option D: Use only the federal baseline and ignore the separate Tennessee state requirement.
Use only the federal baseline and ignore the separate Tennessee state requirement. is not correct because the governing rule requires the compliant answer shown in the explanation.
Memory Technique
TN -> tn-bonds-records-notices-reports-exams
Exam Tip
Tennessee bond and record questions test Chapter 0180-17 surety bond rules, financial statements, notifications, record preservation, annual reports, and TDFI's periodic examination role.
Common Mistakes to Avoid
- -Using generic federal mortgage facts when Tennessee state-specific rules are being tested
- -Confusing Tennessee individual MLO licensing with company, branch, sponsor, bond, or record requirements
- -Treating Tennessee state-law conduct, advertising, reporting, servicing, or enforcement requirements as optional
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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An MLO's license status in NMLS changes to suspended, with no stay or reinstatement shown. What is the immediate operational effect?
Which fact most directly supports disciplinary action against an MLO rather than merely a request for additional application information?
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