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A lender preparing a Wisconsin record-retention audit asks a loan file reviewer about licensing and NMLS authority. Which response should be followed?

Correct Answer

B) Wisconsin DFI directs mortgage banking licensing requirements to NMLS and DFI license-type guidance.

Wisconsin DFI directs mortgage banking licensing requirements to NMLS and DFI license-type guidance.

Answer Options
A
Continue the activity and document the issue only if a complaint is later filed.
B
Wisconsin DFI directs mortgage banking licensing requirements to NMLS and DFI license-type guidance.
C
Let the MLO originate while waiting for the Wisconsin status, sponsorship, or renewal issue to be corrected.
D
Let production staff decide whether licensing and NMLS authority matters for the file.

Why This Is the Correct Answer

Wisconsin DFI directs mortgage banking licensing requirements to NMLS and DFI license-type guidance.

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