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A Texas file is paused during a mortgage operations checklist because of licensing and NMLS authority. Which statement clears the compliance question?

Correct Answer

D) Texas mortgage bankers that qualify for Chapter 157 status register with SML rather than holding the same mortgage-company license as Chapter 156 residential mortgage loan companies.

Texas mortgage bankers that qualify for Chapter 157 status register with SML rather than holding the same mortgage-company license as Chapter 156 residential mortgage loan companies.

Answer Options
A
Assume another state's approval automatically satisfies the Texas requirement.
B
Apply the Texas rule only to company licenses and never to individual MLO activity.
C
Handle licensing and NMLS authority with an informal note rather than the required license, disclosure, filing, or record.
D
Texas mortgage bankers that qualify for Chapter 157 status register with SML rather than holding the same mortgage-company license as Chapter 156 residential mortgage loan companies.

Why This Is the Correct Answer

Texas mortgage bankers that qualify for Chapter 157 status register with SML rather than holding the same mortgage-company license as Chapter 156 residential mortgage loan companies.

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