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During a scheduled examination, a state examiner asks a licensed mortgage company for its loan files, policies and records of its MLOs' compensation. What must the company do under the Model State Law?
The Model State Law gives the commissioner authority to examine licensees and to have access to books, accounts, records, files and other information, and to interview officers, principals, MLOs and employees (CSBS/AARMR Model State Law, investigation and examination authority). Choosing which files to show or demanding a warrant is not permitted. Source: CSBS/AARMR Model State Law for Uniform Licensing of Mortgage Loan Originators (as at 11 Oct 2026).
Thinking a licensee may limit an exam to files it chooses.
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