A mortgage company asks a training manager to validate a Texas NMLS filing review involving continuing education and renewal. Which statement is reliable?
Correct Answer
A) Apply the Texas SML/OCCC authority split by employer, product, and activity.
Texas residential mortgage loan originator authority is split between Texas SML and Texas OCCC depending on the employer, product, and activity, so Texas questions must not treat SML and OCCC as a single licensing path.
Why This Is the Correct Answer
Apply the Texas SML/OCCC authority split by employer, product, and activity. This is correct because Texas residential mortgage loan originator authority is split between Texas SML and Texas OCCC depending on the employer, product, and activity, so Texas questions must not treat SML and OCCC as a single licensing path.
Why the Other Options Are Wrong
Option B: Apply the rule only after the Texas regulator has already opened an examination.
Apply the rule only after the Texas regulator has already opened an examination. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option C: Skip the Texas requirement because the company already follows general SAFE Act procedures.
Skip the Texas requirement because the company already follows general SAFE Act procedures. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option D: Treat continuing education and renewal as optional because the company has a general Texas compliance policy.
Treat continuing education and renewal as optional because the company has a general Texas compliance policy. is not correct because the governing rule requires the compliant answer shown in the explanation.
Memory Technique
TX -> tx-agency-scope-nmls-education-renewal
Exam Tip
Texas often tests the split between SML and OCCC, current NMLS TX-SML 23-hour PE, TX-OCCC 20-hour PE baseline, 8-hour CE, December 31 renewal timing, and the SAFE National Test with UST.
Common Mistakes to Avoid
- -Using a generic national answer when Texas has SML, OCCC, home-equity, or Finance Code rules
- -Confusing Texas-SML and Texas-OCCC education, licensing, renewal, and product-scope requirements
- -Treating Texas 50(a)(6), temporary authority, exemptions, records, advertisements, or enforcement rules as optional
More UST Questions
In a pricing desk question, an audit analyst sees facts tied to Prohibited Misrepresentation. What should the file reflect?
An applicant previously had an MLO license revoked by a state regulator. Under the SAFE Act minimum standards for a new state-licensed MLO license, which statement is correct?
Which statement correctly distinguishes a license suspension from a license revocation?
A state regulator has issued an order suspending an MLO's authority effective immediately. The MLO has filed an appeal, but no stay has been granted. What should the MLO do?
An MLO license application asks whether the applicant has been the subject of a regulatory order. The applicant has a recent consent order that falls within the question. What is the proper response?
Why does NMLS maintain licensing and enforcement information that participating regulators can access?
A regulator issues a final license suspension without giving the MLO notice of the alleged violation or any opportunity to respond, even though applicable law requires both. What issue is presented?
A regulator finds that an MLO charged consumers prohibited fees. Which set of actions is consistent with the enforcement tools contemplated by Regulation H?
An MLO's license status in NMLS changes to suspended, with no stay or reinstatement shown. What is the immediate operational effect?
Which fact most directly supports disciplinary action against an MLO rather than merely a request for additional application information?
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