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An MLO file in New Jersey cannot be cleared until a compliance counsel resolves application and licensing qualifications. Which rule applies?

Correct Answer

C) New Jersey requires an MLO license for compensated application-taking or offering or negotiating mortgage terms.

New Jersey DOBI requires a mortgage loan originator license for any natural person who, for compensation or expected compensation, directly or indirectly takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan.

Answer Options
A
Answer from the topic label instead of the rule text.
B
Let the file proceed because the company has written procedures.
C
New Jersey requires an MLO license for compensated application-taking or offering or negotiating mortgage terms.
D
Substitute a training example for the state's required condition.

Why This Is the Correct Answer

New Jersey DOBI requires a mortgage loan originator license for any natural person who, for compensation or expected compensation, directly or indirectly takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan.

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