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In a Washington supervisory file review, a compliance manager sees a compliance issue involving licensing and NMLS authority. What should the file reflect?

Correct Answer

B) Under WAC 208-660-300, the loan file belongs to the mortgage broker named on the loan application, and the broker must keep the original files and documents.

Under WAC 208-660-300, the loan file belongs to the mortgage broker named on the loan application, and the broker must keep the original files and documents.

Answer Options
A
Close or renew first, then decide whether the remote-work procedure needs a compliance correction.
B
Under WAC 208-660-300, the loan file belongs to the mortgage broker named on the loan application, and the broker must keep the original files and documents.
C
Proceed before the required Washington license, sponsorship, disclosure, record, or approval is in place.
D
Use an informal manager exception without updating the license, file, or required record.

Why This Is the Correct Answer

Under WAC 208-660-300, the loan file belongs to the mortgage broker named on the loan application, and the broker must keep the original files and documents.

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