An MLO's license expires on December 31st, but they completed their 8-hour continuing education requirement on January 15th of the following year. What is their status?
Correct Answer
C) License has expired and renewal process required
Continuing education must be completed by December 31st to maintain an active license. Completing CE after the deadline does not automatically reinstate an expired license; the MLO must go through the state's license renewal or reinstatement process.
Why This Is the Correct Answer
Continuing education must be completed by December 31st to maintain an active license. Completing CE after the deadline does not automatically reinstate an expired license; the MLO must go through the state's license renewal or reinstatement process.
More UST Questions
If a state regulatory authority finds violations during an examination, what factors typically influence the severity of enforcement action?
Under the SAFE Act, an individual who works for a federally chartered bank and takes mortgage applications must:
An MLO under investigation claims that certain requested documents are protected by attorney-client privilege because they were prepared in consultation with legal counsel. How should the state regulator respond?
Which scenario represents the MOST serious violation of appraisal independence requirements?
An MLO's license is suspended for 6 months, but after 3 months, the MLO demonstrates completion of remedial actions. Can the regulator lift the suspension early?
People Also Study
Federal Mortgage-Related Laws
23% of exam
General Mortgage Knowledge
23% of exam
Mortgage Loan Origination Activities
25% of exam
Ethics, Fraud & Consumer Protection
17% of exam
Previous Question
A loan originator tells a borrower that their property will "definitely appraise for the contract price" because the LO has worked with the appraiser before and knows they are "flexible." This statement constitutes:
Next Question
An MLO candidate is reviewing their options after failing the Uniform State Test. Which statement about retesting is most accurate?