An MLO's federal registration becomes inactive when they:
Correct Answer
B) Leave employment at the federally insured depository institution
Federal registration is tied to employment at a federally insured depository institution. When that employment ends, the registration becomes inactive. The MLO cannot originate loans under federal registration without being employed by a qualifying institution, regardless of continuing education status or location.
Why This Is the Correct Answer
Federal registration is tied to employment at a federally insured depository institution. When that employment ends, the registration becomes inactive. The MLO cannot originate loans under federal registration without being employed by a qualifying institution, regardless of continuing education status or location.
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A mortgage loan originator company originated $125 million in loans last year. Their current surety bond is $100,000. What action must they take?
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An MLO candidate passes the national test but fails the state test twice. They then pass the state test on the third attempt after the national test has been valid for 11 months. What must they do?