A candidate completes 20 hours of pre-licensure education but the course included 1 hour on real estate sales techniques unrelated to mortgage lending. What is the impact on license eligibility?
Correct Answer
B) The candidate must complete 1 additional hour of mortgage-specific content
All 20 hours of pre-licensure education must be directly related to mortgage loan origination activities. Content unrelated to mortgage lending does not count toward the requirement, necessitating additional relevant coursework.
Why This Is the Correct Answer
All 20 hours of pre-licensure education must be directly related to mortgage loan origination activities. Content unrelated to mortgage lending does not count toward the requirement, necessitating additional relevant coursework.
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An MLO states in a loan application that the borrower's property is in "excellent condition" based solely on exterior photos, without having inspected the property or having a professional assessment. This represents:
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A state regulatory authority receives a tip that an MLO is advertising services in their state but is only licensed in a neighboring state. What is the FIRST step the authority should take in their investigation?