A Maryland originator licensed in 2026 wants to take a loan application on her own account. May she originate independently rather than within the scope of her employment?
Correct Answer
B) Not allowed: she may act only within the scope of employment
A license authorizes the licensee to act as a mortgage loan originator only when acting within the scope of employment with a mortgage lender or a person exempt from licensing as a mortgage lender. Other choices: the license is not a standalone authority; a personal bond does not substitute; and a trade name is not the issue. Source: Md. Fin. Inst. § 11-603(a)
Why This Is the Correct Answer
A license authorizes the licensee to act as a mortgage loan originator only when acting within the scope of employment with a mortgage lender or a person exempt from licensing as a mortgage lender. Other choices: the license is not a standalone authority; a personal bond does not substitute; and a trade name is not the issue. Source: Md. Fin. Inst. § 11-603(a)
More UST Questions
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