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In a Texas state-law refresher, an operations lead sees a compliance issue involving licensing and NMLS authority. What should the file reflect?

Correct Answer

C) 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 the Texas requirement does not apply to this loan-originator transfer.
B
Treat licensing and NMLS authority as satisfied by borrower consent alone.
C
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.
D
Delay the Texas requirement until after the loan closes or the renewal period ends.

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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