An MLO candidate fails their state test twice, then moves to a different state before taking a third attempt. What testing requirements apply in the new state?
Correct Answer
C) Their previous failures count toward the three-attempt limit
Test failure history follows the individual, not the state. Previous failures count toward the three consecutive failure limit regardless of which state the candidate moves to, as this is tracked in the NMLS system.
Why This Is the Correct Answer
Test failure history follows the individual, not the state. Previous failures count toward the three consecutive failure limit regardless of which state the candidate moves to, as this is tracked in the NMLS system.
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A borrower mentions to their MLO that they plan to tell the appraiser about expensive renovations they completed. The MLO should:
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A licensed MLO moves from California to Texas and applies for a Texas license. Which condition must be met to qualify for temporary authority in Texas?