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A licensing coordinator documents a Texas regulator exam preparation and needs one rule for licensing and NMLS authority. Which statement belongs in the file?

Correct Answer

B) Texas SML mortgage companies and mortgage bankers must submit mortgage call reports or reports of condition through NMLS when required by the regulator and NMLS.

Texas SML mortgage companies and mortgage bankers must submit mortgage call reports or reports of condition through NMLS when required by the regulator and NMLS.

Answer Options
A
Treat the requirement as waived because the borrower or employer agrees.
B
Texas SML mortgage companies and mortgage bankers must submit mortgage call reports or reports of condition through NMLS when required by the regulator and NMLS.
C
Assume another state's approval automatically satisfies the Texas requirement.
D
Apply the Texas rule only to company licenses and never to individual MLO activity.

Why This Is the Correct Answer

Texas SML mortgage companies and mortgage bankers must submit mortgage call reports or reports of condition through NMLS when required by the regulator and NMLS.

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