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A compliance trainer wants one accurate takeaway about Texas scope and exemptions. Which statement should be used?

Correct Answer

B) Texas Finance Code Chapter 157 provides mortgage banker and RMLO exemptions for specified regulated institutions, registered MLOs, and other entities or individuals that meet statutory conditions.

Texas Finance Code Chapter 157 provides mortgage banker and RMLO exemptions for specified regulated institutions, registered MLOs, and other entities or individuals that meet statutory conditions.

Answer Options
A
Handle scope and exemptions with an informal note rather than the required license, disclosure, filing, or record.
B
Texas Finance Code Chapter 157 provides mortgage banker and RMLO exemptions for specified regulated institutions, registered MLOs, and other entities or individuals that meet statutory conditions.
C
Use another jurisdiction's approval as a substitute for the Texas requirement.
D
Treat the requirement as waived because the borrower or employer agrees.

Why This Is the Correct Answer

Texas Finance Code Chapter 157 provides mortgage banker and RMLO exemptions for specified regulated institutions, registered MLOs, and other entities or individuals that meet statutory conditions.

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