An MLO applicant in Texas has a felony conviction for mortgage fraud from 8 years ago. Under SML licensing requirements, what is the likely outcome of their license application?
Correct Answer
A) Automatic denial due to the nature of the conviction
Texas SML licensing requirements include permanent disqualification for felony convictions involving fraud, dishonesty, breach of trust, or money laundering, regardless of how much time has passed.
Why This Is the Correct Answer
Texas SML licensing requirements include permanent disqualification for felony convictions involving fraud, dishonesty, breach of trust, or money laundering, regardless of how much time has passed.
More UST Questions
What is the minimum net worth requirement for a mortgage lender licensee in Pennsylvania?
A Georgia MLO company fails to pay its annual license renewal fee by the December 31st deadline. The company's license status would be:
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Under Texas law, which of the following is TRUE regarding deficiency judgments after a residential mortgage foreclosure?
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An MLO transitions from a federal savings bank to a state-licensed mortgage broker on January 15th and submits a complete state license application on February 10th. If no decision is made by the state, when does temporary authority expire?
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Previous Question
The Texas SAFE Act requires that a residential mortgage loan originator applicant must complete how many hours of NMLS-approved pre-licensing education before applying for a license?
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A mortgage loan originator working for a state-chartered bank that is FDIC-insured but not a Federal Reserve member must: