Before approving the branch onboarding review, a Washington compliance manager checks licensing and NMLS authority. Which conclusion is best supported?
Correct Answer
B) Washington consumer loan company licensees must submit call reports through NMLS in the form and with information prescribed by the director or deemed necessary by NMLS.
Washington consumer loan company licensees must submit call reports through NMLS in the form and with information prescribed by the director or deemed necessary by NMLS.
Why This Is the Correct Answer
Washington consumer loan company licensees must submit call reports through NMLS in the form and with information prescribed by the director or deemed necessary by NMLS.
Why the Other Options Are Wrong
Option A: Assume the Washington requirement does not apply to this advertising approval.
Assume the Washington requirement does not apply to this advertising approval. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option C: Treat licensing and NMLS authority as satisfied by borrower consent alone.
Treat licensing and NMLS authority as satisfied by borrower consent alone. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option D: Delay the Washington requirement until after the loan closes or the renewal period ends.
Delay the Washington requirement until after the loan closes or the renewal period ends. is not correct because the governing rule requires the compliant answer shown in the explanation.
Memory Technique
WA -> wa-servicing-examination-investigation-and-enforcement
Exam Tip
For Washington regulator questions, DFI authority includes examinations, investigations, records access, directives, subpoenas, sanctions, and restitution.
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
More UST Questions
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