A CFL licensee's designated manager also wants to take applications and quote terms on 15 files a month. Does the designated-manager role substitute for the individual MLO license required for these activities?
Correct Answer
D) She needs her own MLO license: the manager role does not carry it
Being the designated manager answers for the conduct of the business; taking applications and offering terms is originator activity and needs the individual license. Other choices: the roles are separate; the form of pay is not the test; and supervising others is not the same as being licensed to originate. Source: Cal. Fin. Code §§ 22100(b), 22102
Why This Is the Correct Answer
Being the designated manager answers for the conduct of the business; taking applications and offering terms is originator activity and needs the individual license. Other choices: the roles are separate; the form of pay is not the test; and supervising others is not the same as being licensed to originate. Source: Cal. Fin. Code §§ 22100(b), 22102
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