An MLO with temporary authority who was employed by a depository institution for 18 months takes a position with a non-depository mortgage company. How long does the temporary authority remain valid if the MLO has not yet obtained a state license?
Correct Answer
C) 120 days from the date of employment with the non-depository
Under the SAFE Act, temporary authority is valid for 120 days from the date the MLO becomes employed by the state-licensed entity, provided they meet all other requirements including the minimum employment period at a depository institution.
Why This Is the Correct Answer
Under the SAFE Act, temporary authority is valid for 120 days from the date the MLO becomes employed by the state-licensed entity, provided they meet all other requirements including the minimum employment period at a depository institution.
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