A federally registered MLO at a national bank wants to originate loans in a state where the bank does not have physical branches. What registration requirement applies?
Correct Answer
C) The MLO's federal registration covers all states where the bank is authorized to lend
Federal registration through NMLS covers all states where the depository institution is authorized to conduct business, regardless of physical branch presence. State-by-state registration is not required for federally registered MLOs.
Why This Is the Correct Answer
Federal registration through NMLS covers all states where the depository institution is authorized to conduct business, regardless of physical branch presence. State-by-state registration is not required for federally registered MLOs.
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