A loan file reviewer is updating Washington procedures for loan-originator transfer and flags licensing and NMLS authority. Which answer is accurate?
Correct Answer
B) Under RCW 31.04.075, a licensee may have a licensed mortgage loan originator's residence as a place of business under specific residence-work and information-security conditions rather than as a normal branch.
Under RCW 31.04.075, a licensee may have a licensed mortgage loan originator's residence as a place of business under specific residence-work and information-security conditions rather than as a normal branch.
Why This Is the Correct Answer
Under RCW 31.04.075, a licensee may have a licensed mortgage loan originator's residence as a place of business under specific residence-work and information-security conditions rather than as a normal branch.
Why the Other Options Are Wrong
Option A: Treat licensing and NMLS authority as optional because the company has a general Washington compliance policy.
Treat licensing and NMLS authority as optional because the company has a general Washington compliance policy. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option C: Postpone the Washington licensing and NMLS authority issue until the next annual review.
Postpone the Washington licensing and NMLS authority issue until the next annual review. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option D: Use only the federal baseline and ignore the separate Washington state requirement.
Use only the federal baseline and ignore the separate Washington state requirement. is not correct because the governing rule requires the compliant answer shown in the explanation.
Memory Technique
WA -> wa-remote-advertising-records-and-identifier
Exam Tip
Washington remote work is allowed, but the residence cannot become an unlicensed public branch or customer-record storage site.
Common Mistakes to Avoid
- -Using a national baseline answer when Washington has a state-specific rule
- -Confusing DFI guidance, RCW requirements, and WAC implementation details
- -Treating temporary authority, remote work, or exemptions as blanket permission
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