EstatePass
USTeasy11% of exam

A loan file reviewer compares company policy with Wisconsin requirements during an annual compliance meeting. Which statement fits licensing and NMLS authority?

Correct Answer

C) Wisconsin DFI says a Mortgage Banker License is required of anyone who originates, sells, services, or provides escrow services for residential mortgage loans.

Wisconsin DFI says a Mortgage Banker License is required of anyone who originates, sells, services, or provides escrow services for residential mortgage loans.

Answer Options
A
Treat licensing and NMLS authority as satisfied by borrower consent alone.
B
Delay the Wisconsin requirement until after the loan closes or the renewal period ends.
C
Wisconsin DFI says a Mortgage Banker License is required of anyone who originates, sells, services, or provides escrow services for residential mortgage loans.
D
Treat consumer consent as a cure for a prohibited or missing compliance step.

Why This Is the Correct Answer

Wisconsin DFI says a Mortgage Banker License is required of anyone who originates, sells, services, or provides escrow services for residential mortgage loans.

Was this explanation helpful?

More UST Questions

People Also Study

Related Study Resources

Practice More MLO Questions

Access all practice questions with progress tracking and adaptive difficulty to pass your SAFE MLO exam.

Start Practicing