An originator employed by a federally insured depository takes 40 California applications a year and holds no state license. What registration or licensing route applies to this covered depository employee?
Correct Answer
A) She registers through the registry: depository employees are not state licensed
An originator employed by a federally insured depository registers through the registry and receives a unique identifier rather than obtaining a state license. Other choices: state licensing is the route for originators outside those institutions; the de minimis exemption in the registration rule is far below 40; and the location of the property does not change which route applies. Source: 12 CFR 1007.101
Why This Is the Correct Answer
An originator employed by a federally insured depository registers through the registry and receives a unique identifier rather than obtaining a state license. Other choices: state licensing is the route for originators outside those institutions; the de minimis exemption in the registration rule is far below 40; and the location of the property does not change which route applies. Source: 12 CFR 1007.101
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