A licensed MLO completed 6 hours of continuing education by October 31st but failed to complete the remaining 2 hours by December 31st. What is the consequence?
Correct Answer
B) The MLO's license will automatically expire
Failure to complete the required 8 hours of continuing education by December 31st results in automatic license expiration. The MLO cannot originate loans until the license is renewed and all requirements are met.
Why This Is the Correct Answer
Failure to complete the required 8 hours of continuing education by December 31st results in automatic license expiration. The MLO cannot originate loans until the license is renewed and all requirements are met.
More UST Questions
If a state regulatory authority finds violations during an examination, what factors typically influence the severity of enforcement action?
Under the SAFE Act, an individual who works for a federally chartered bank and takes mortgage applications must:
An MLO under investigation claims that certain requested documents are protected by attorney-client privilege because they were prepared in consultation with legal counsel. How should the state regulator respond?
Which scenario represents the MOST serious violation of appraisal independence requirements?
An MLO's license is suspended for 6 months, but after 3 months, the MLO demonstrates completion of remedial actions. Can the regulator lift the suspension early?
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A state-licensed MLO who also works part-time for a credit union that is federally insured must:
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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?