A compliance manager documents a Washington annual compliance meeting and needs one rule for sponsorship and employment status. Which statement belongs in the file?
Correct Answer
A) Washington requires the stated MLO licensing or NMLS authority before covered origination activity.
WAC 208-660-505 allows a sponsored and licensed Washington loan originator to work from residence without branch licensing only if company policies, information security, no in-person customer interactions, no physical customer records at the residence, proper NMLS registered location, and use of registered location on applications are satisfied.
Why This Is the Correct Answer
WAC 208-660-505 allows a sponsored and licensed Washington loan originator to work from residence without branch licensing only if company policies, information security, no in-person customer interactions, no physical customer records at the residence, proper NMLS registered location, and use of registered location on applications are satisfied.
More UST Questions
In a Missouri mortgage file, the loan file reviewer is asked to document licensing and NMLS authority before continuing. Which rule controls?
A renewal specialist is updating Missouri procedures for supervisory file review and flags licensing and NMLS authority. Which answer is accurate?
For a Missouri consumer complaint response, a branch supervisor is training staff on licensing and NMLS authority. Which answer should be used?
For a Missouri branch onboarding review, a branch supervisor is training staff on licensing and NMLS authority. Which answer should be used?
For a Missouri MLO sponsorship update, a compliance manager is training staff on sponsorship and employment status. Which answer should be used?
A mortgage company asks a policy analyst to validate a Missouri branch onboarding review involving licensing and NMLS authority. Which statement is reliable?
For a Missouri disciplinary-risk review, a branch supervisor is training staff on licensing and NMLS authority. Which answer should be used?
An operations lead compares company policy with Missouri requirements during an advertising approval. Which statement fits licensing and NMLS authority?
A mortgage company asks an operations lead to validate a Missouri MLO sponsorship update involving continuing education and renewal. Which statement is reliable?
A licensing checklist in Missouri includes a question about scope, definitions, and exemptions. Which entry should the branch supervisor keep?
People Also Study
Federal Mortgage-Related Laws
24% of exam
General Mortgage Knowledge
20% of exam
Mortgage Loan Origination Activities
27% of exam
Ethics, Fraud & Consumer Protection
18% of exam
Related Study Resources
Previous Question
During a Tennessee consumer complaint response, a state compliance officer must resolve a question about advertising and consumer-protection controls. Which statement should control?
Next Question
A lender preparing a Tennessee NMLS filing review asks an audit analyst about licensing and NMLS authority. Which response should be followed?