A state-licensed MLO who also works part-time for a credit union that is federally insured must:
Correct Answer
C) Maintain both state license and federal registration
An MLO working for multiple employers where one is a federally insured institution and another is not must maintain both state licensing (for non-depository work) and federal registration (for depository institution work). Both are required to legally originate loans in both capacities.
Why This Is the Correct Answer
An MLO working for multiple employers where one is a federally insured institution and another is not must maintain both state licensing (for non-depository work) and federal registration (for depository institution work). Both are required to legally originate loans in both capacities.
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 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?