An MLO working for a federal savings bank is temporarily assigned to work at the bank's mortgage company subsidiary for six months. What registration status applies during this assignment?
Correct Answer
B) The MLO must obtain state licensing for the subsidiary work
When an MLO performs loan origination activities for a non-depository subsidiary, they must have appropriate state licensing for that entity, even if temporarily assigned. Federal registration only covers work for the depository institution itself.
Why This Is the Correct Answer
When an MLO performs loan origination activities for a non-depository subsidiary, they must have appropriate state licensing for that entity, even if temporarily assigned. Federal registration only covers work for the depository institution itself.
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A state regulatory authority has the power to examine mortgage loan originators and mortgage companies. During an examination, what records must be made available to the examiner?