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Under Virginia's SAFE Act, a registered mortgage loan originator working for a depository institution who wants to move to a non-depository lender must do what?

Correct Answer

A) Obtain a state MLO license through NMLS, including passing the exam and meeting all state requirements

A registered MLO moving from a depository to a non-depository institution must obtain a full state MLO license, including examination and all state-specific requirements.

Answer Options
A
Obtain a state MLO license through NMLS, including passing the exam and meeting all state requirements
B
Simply continue working under their federal registration
C
Only notify the SCC of the change of employer
D
Wait one year before transitioning

Why This Is the Correct Answer

A registered MLO moving from a depository to a non-depository institution must obtain a full state MLO license, including examination and all state-specific requirements.

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