An MLO working for a credit union that is federally insured but state-chartered must:
Correct Answer
D) Obtain a state MLO license and register through NMLS
Under the SAFE Act, MLOs working for state-chartered institutions, including state-chartered credit unions, must obtain state licenses and register through NMLS. The federal insurance status does not change the state-chartered institution's licensing requirements.
Why This Is the Correct Answer
Under the SAFE Act, MLOs working for state-chartered institutions, including state-chartered credit unions, must obtain state licenses and register through NMLS. The federal insurance status does not change the state-chartered institution's licensing requirements.
More UST Questions
What is the minimum net worth requirement for a mortgage lender licensee in Pennsylvania?
A Georgia MLO company fails to pay its annual license renewal fee by the December 31st deadline. The company's license status would be:
A loan originator completes 15 hours of pre-licensure education from an approved provider, then realizes 3 hours were duplicated from a previous course taken 6 months ago. How many additional hours must be completed to meet the requirement?
A mortgage loan originator in New Jersey must provide which specific state-required disclosure to borrowers in addition to federal requirements?
Under Texas law, which of the following is TRUE regarding deficiency judgments after a residential mortgage foreclosure?
An MLO licensed in California fails to complete their required continuing education by December 31. What is the consequence?
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?
A mortgage banker operating in New Jersey originates $75 million in residential mortgage loans annually. What is the minimum net worth requirement this entity must maintain?
Under Florida and federal law, a borrower has the right to rescind (cancel) a refinance transaction on their primary residence within:
Florida requires certain professionals to report suspected mortgage fraud. Which of the following is required to report suspected fraud to the appropriate authorities?
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