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.
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