EstatePass
USThard11% of exam

A Texas file is paused during an advertising approval because of licensing and NMLS authority. Which statement clears the compliance question?

Correct Answer

B) 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
Treat the requirement as waived because the borrower or employer agrees.
B
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.
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 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.

Was this explanation helpful?

More UST Questions

People Also Study

Related Study Resources

Practice More MLO Questions

Access all practice questions with progress tracking and adaptive difficulty to pass your SAFE MLO exam.

Start Practicing