An MLO worked for a national bank for 3 years, then took a 6-month break from the mortgage industry before joining a state-licensed mortgage company. Are they eligible for temporary authority?
Correct Answer
B) No, because of the 6-month gap in employment
The MLO is not eligible for temporary authority because there was a break in employment. The SAFE Act requires the MLO to transition directly from employment at a depository institution to employment at a state-licensed entity.
Why This Is the Correct Answer
The MLO is not eligible for temporary authority because there was a break in employment. The SAFE Act requires the MLO to transition directly from employment at a depository institution to employment at a state-licensed entity.
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An MLO instructor realizes that 2 hours of their approved 20-hour course content became outdated due to recent regulatory changes. What must happen for students who completed the course?
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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?