Under the Texas SAFE Act, which of the following individuals is EXEMPT from the requirement to obtain a residential mortgage loan originator license?
Correct Answer
B) An employee of a federally chartered bank taking mortgage applications
Employees of federally chartered banks are exempt from state RMLO licensing requirements under both the federal and Texas SAFE Act because they are registered (not licensed) through the NMLS under federal banking agency oversight.
Why This Is the Correct Answer
Employees of federally chartered banks are exempt from state RMLO licensing requirements under both the federal and Texas SAFE Act because they are registered (not licensed) through the NMLS under federal banking agency oversight.
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