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Before approving the record-retention audit, a Wisconsin branch supervisor checks licensing and NMLS authority. Which conclusion is best supported?

Correct Answer

A) Wisconsin branch, office, or remote-work activity must follow state approval and control rules.

Wisconsin DFI says mortgage banker branch and mortgage broker branch licenses are required for offices or places of business other than the principal office where the business engages in mortgage loan business subject to Wis. Stat. ch. 224, subch. III.

Answer Options
A
Wisconsin branch, office, or remote-work activity must follow state approval and control rules.
B
Proceed before the required Wisconsin license, sponsorship, disclosure, record, or approval is in place.
C
Use an informal manager exception without updating the license, file, or required record.
D
Use a verbal explanation instead of the required license status, disclosure, record, or filing.

Why This Is the Correct Answer

Wisconsin DFI says mortgage banker branch and mortgage broker branch licenses are required for offices or places of business other than the principal office where the business engages in mortgage loan business subject to Wis. Stat. ch. 224, subch. III.

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