A Nevada MLO applicant has supplied the required investigation consent and fingerprints but has not supplied the employer verification required by NRS 645B.410(2)(d). What must the intended employing mortgage company verify?
Correct Answer
C) That it intends to employ or associate the applicant and accept responsibility for the applicant's MLO activities
NRS 645B.410(2)(d) requires a verified statement from the employing or associating mortgage company or qualifying exempt person expressing both its intent to employ or associate the applicant and its responsibility for the applicant's MLO activities. A production quota, loan-purchase promise, or claim of multistate authority does not provide that verification. Source: https://www.leg.state.nv.us/nrs/nrs-645B.html#NRS645BSec410
Why This Is the Correct Answer
Nevada MLO applications require credit, criminal-history, background-investigation consent, fingerprints, and employer responsibility verification. This is correct because A Nevada MLO application must include consent to credit, criminal-history, and background investigation, fingerprints unless already submitted to NMLS, and a verified employer or exempt-person statement of intent and responsibility for the applicant's activities.
Why the Other Options Are Wrong
Option A: That it guarantees the applicant will originate a minimum number of loans
Rely on prior mortgage experience instead of the a company policy update and checks sponsorship and employment status rule. is not correct because the state rule supports: Nevada MLO applications require credit, criminal-history, background-investigation consent, fingerprints, and employer responsibility verification.
Option B: That it will purchase every loan the applicant originates
Treat a consumer complaint response as complete without the required state condition. is not correct because the state rule supports: Nevada MLO applications require credit, criminal-history, background-investigation consent, fingerprints, and employer responsibility verification.
Option D: That its license allows the applicant to originate in every other state
Postpone the correction until a later complaint or examination. is not correct because the state rule supports: Nevada MLO applications require credit, criminal-history, background-investigation consent, fingerprints, and employer responsibility verification.
Memory Technique
Nevada: a company policy update and checks sponsorship and employment status -> use the exact state rule in the explanation.
Exam Tip
Match the Nevada fact pattern to the specific a company policy update and checks sponsorship and employment status rule; do not answer from a generic state or federal assumption.
Common Mistakes to Avoid
- -Treating a Nevada a company policy update and checks sponsorship and employment status rule as a generic national mortgage rule
- -Choosing a familiar licensing answer that is not supported by the official authority
- -Ignoring the exact condition stated in the explanation
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