Which of the following individuals is EXEMPT from obtaining a mortgage loan originator license under the Illinois Residential Mortgage License Act?
Correct Answer
A) A registered mortgage loan originator employed by a federally insured depository institution
Registered MLOs employed by federally insured depository institutions (banks, credit unions) are exempt from state MLO licensing under the IL Act, though they must still register through NMLS. All others listed must obtain a state MLO license.
Why This Is the Correct Answer
Registered MLOs employed by federally insured depository institutions (banks, credit unions) are exempt from state MLO licensing under the IL Act, though they must still register through NMLS. All others listed must obtain a state MLO license.
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:
A loan originator completes 15 hours of pre-licensure education from an approved provider, then realizes 3 hours were duplicated from a previous course taken 6 months ago. How many additional hours must be completed to meet the requirement?
Under SML licensing requirements, what is the consequence if a mortgage company's designated qualifying individual loses their RMLO license?
A mortgage loan originator in New Jersey must provide which specific state-required disclosure to borrowers in addition to federal requirements?
Under Chapter 156, an RMLO must notify the SML through the NMLS within how many days of a change in their personal information, such as a change of address or legal name?
Under Texas law, which of the following is TRUE regarding deficiency judgments after a residential mortgage foreclosure?
An MLO licensed in California fails to complete their required continuing education by December 31. What is the consequence?
A mortgage banker operating in New Jersey originates $75 million in residential mortgage loans annually. What is the minimum net worth requirement this entity must maintain?
Under Florida and federal law, a borrower has the right to rescind (cancel) a refinance transaction on their primary residence within:
People Also Study
Federal Mortgage-Related Laws
24% of exam
General Mortgage Knowledge
20% of exam
Mortgage Loan Origination Activities
27% of exam
Ethics, Fraud & Consumer Protection
18% of exam