An MLO transitions from a federal savings bank to a state-licensed mortgage broker on January 15th and submits a complete state license application on February 10th. If no decision is made by the state, when does temporary authority expire?
Correct Answer
B) May 15th
Temporary authority expires 120 days from the date of employment (January 15th), which would be May 15th, regardless of when the application was submitted or whether a decision has been made.
Why This Is the Correct Answer
Temporary authority expires 120 days from the date of employment (January 15th), which would be May 15th, regardless of when the application was submitted or whether a decision has been made.
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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?
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