The Illinois SAFE Act requires that all state-licensed mortgage loan originators must:
Correct Answer
D) Complete 20 hours of pre-licensing education, including 3 hours of Illinois-specific law
Under the Illinois SAFE Act implementation, MLO applicants must complete 20 hours of NMLS-approved pre-licensing education, which includes a minimum of 3 hours covering Illinois-specific mortgage law and regulation.
Why This Is the Correct Answer
Under the Illinois SAFE Act implementation, MLO applicants must complete 20 hours of NMLS-approved pre-licensing education, which includes a minimum of 3 hours covering Illinois-specific mortgage law and regulation.
More UST Questions
What is the minimum net worth requirement for a mortgage lender licensee in Pennsylvania?
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An MLO is being investigated by the state regulatory authority for potential violations. The MLO claims the investigation violates their Fourth Amendment rights against unreasonable searches. What is the most likely outcome?