An MLO took a 4-hour continuing education course on January 15th and another 4-hour course on March 20th of the same year. Both courses covered federal mortgage regulations. How many hours can be applied toward the annual requirement?
Correct Answer
C) 3 hours
Only 3 hours of federal law and regulations can be counted toward the annual requirement, regardless of how many hours the MLO actually completed in this subject area. The MLO still needs to complete ethics, non-traditional lending, and elective hours.
Why This Is the Correct Answer
Only 3 hours of federal law and regulations can be counted toward the annual requirement, regardless of how many hours the MLO actually completed in this subject area. The MLO still needs to complete ethics, non-traditional lending, and elective hours.
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Previous Question
A mortgage company's surety bond contains an exclusion for 'acts committed outside the scope of mortgage lending activities.' An MLO employed by the company commits fraud while also working as a real estate agent. Is this claim likely covered by the mortgage company's bond?
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A fingerprint-based background check reveals that an MLO applicant was arrested 3 years ago for identity theft but charges were later dropped due to mistaken identity. The applicant failed to disclose this on their MU4. What is the consequence?