RHEL7.2: After install, NFS client fails to mount NFSv3 mount due to rpc-statd.service failed to start

Issue

• Fresh install of RHEL7.2, NFS client fails to mount an NFSv3 mount point due to rpc-statd.service failing..
• The following output is seen from the mount command

Job for rpc-statd.service failed because the control process exited with error code. See "systemctl status rpc-statd.service" and "journalctl -xe" for details.
mount.nfs: rpc.statd is not running but is required for remote locking.
mount.nfs: Either use '-o nolock' to keep locks local, or start statd.
mount.nfs: an incorrect mount option was specified

• The following messages are seen in /var/log/messages

Dec  3 10:01:01 nfs-client systemd: Started Session 19 of user root.
Dec  3 10:01:01 nfs-client systemd: Starting Session 19 of user root.
Dec  3 10:08:10 nfs-client systemd: Reached target RPC Port Mapper.
Dec  3 10:08:10 nfs-client systemd: Starting RPC Port Mapper.
Dec  3 10:08:10 nfs-client systemd: Reached target Host and Network Name Lookups.
Dec  3 10:08:10 nfs-client systemd: Starting Host and Network Name Lookups.
Dec  3 10:08:10 nfs-client systemd: Starting NFS status monitor for NFSv2/3 locking....
Dec  3 10:08:10 nfs-client rpc.statd[3238]: Version 1.3.0 starting
Dec  3 10:08:10 nfs-client rpc.statd[3238]: Flags: TI-RPC
Dec  3 10:08:10 nfs-client rpc.statd[3238]: Initializing NSM state
Dec  3 10:08:10 nfs-client rpc.statd[3238]: failed to create RPC listeners, exiting
Dec  3 10:08:10 nfs-client systemd: rpc-statd.service: control process exited, code=exited status=1
Dec  3 10:08:10 nfs-client systemd: Failed to start NFS status monitor for NFSv2/3 locking..
Dec  3 10:08:10 nfs-client systemd: Unit rpc-statd.service entered failed state.
Dec  3 10:08:10 nfs-client systemd: rpc-statd.service failed.
Dec  3 10:08:10 nfs-client rpc.statd[3240]: Version 1.3.0 starting