A mortgage broker's administrative assistant answers phones and schedules appointments but never discusses loan terms. However, she occasionally tells callers 'our rates start around 6%' when asked. Under the SAFE Act, this assistant:
Correct Answer
C) Must obtain an MLO license because she is offering loan terms
Under the SAFE Act, any individual who offers or negotiates terms of a residential mortgage loan must be licensed as an MLO. Quoting rates, even informally, constitutes 'offering' loan terms and triggers the licensing requirement regardless of other clerical duties.
Why This Is the Correct Answer
Under the SAFE Act, any individual who offers or negotiates terms of a residential mortgage loan must be licensed as an MLO. Quoting rates, even informally, constitutes 'offering' loan terms and triggers the licensing requirement regardless of other clerical duties.
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