A state-licensed MLO who also works part-time for a credit union that is federally insured must:
Correct Answer
B) 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
Under the New Jersey Licensed Lenders Act, what is the maximum surety bond amount required for a mortgage banker license?
A mortgage loan originator in New Jersey must provide which specific state-required disclosure to borrowers in addition to federal requirements?
A mortgage banker operating in New Jersey originates $75 million in residential mortgage loans annually. What is the minimum net worth requirement this entity must maintain?
Under Florida law, the penalty for mortgage fraud involving a pattern of criminal activity or amounts exceeding $100,000 may be enhanced to:
Under New Jersey anti-predatory lending provisions, which of the following loan terms would trigger high-cost mortgage protections for a first-lien mortgage?
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:
Under the New Jersey Licensed Lenders Act, which of the following activities would require a mortgage banker license?
A mortgage loan originator in Virginia has been licensed for 18 months and wants to change employment from ABC Mortgage Company to XYZ Lending. What must the MLO do to maintain their license status?
Under Florida consumer protection law, a lender's Good Faith obligation means that Loan Estimate fees categorized as 'zero tolerance' cannot increase at closing by:
People Also Study
Federal Mortgage-Related Laws
23% of exam
General Mortgage Knowledge
23% of exam
Mortgage Loan Origination Activities
25% of exam
Ethics, Fraud & Consumer Protection
17% of exam