A California credit union originates residential mortgage loans for its members. Does the credit union need a CRMLA license?
Correct Answer
C) No, credit unions are exempt from CRMLA licensing requirements
Federal and state credit unions authorized to transact business in California are exempt from the California Residential Mortgage Lending Act licensing provisions. A credit union originating residential mortgage loans for its members does not need a separate CRMLA license solely because of that activity.
Why This Is the Correct Answer
Federal and state credit unions authorized to transact business in California are exempt from the California Residential Mortgage Lending Act licensing provisions. A credit union originating residential mortgage loans for its members does not need a separate CRMLA license solely because of that activity.
More UST Questions
In a Missouri mortgage file, the loan file reviewer is asked to document licensing and NMLS authority before continuing. Which rule controls?
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