Which of the following entities is EXEMPT from licensing under the California Residential Mortgage Lending Act (CRMLA)?
Correct Answer
C) A nationally chartered bank regulated by the OCC
Nationally chartered banks regulated by the OCC, as well as state-chartered banks and credit unions, are exempt from CRMLA licensing. Federal preemption and existing regulatory oversight provide the basis for this exemption.
Why This Is the Correct Answer
Nationally chartered banks regulated by the OCC, as well as state-chartered banks and credit unions, are exempt from CRMLA licensing. Federal preemption and existing regulatory oversight provide the basis for this exemption.
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?
A renewal specialist is updating Missouri procedures for supervisory file review and flags licensing and NMLS authority. Which answer is accurate?
For a Missouri consumer complaint response, a branch supervisor is training staff on licensing and NMLS authority. Which answer should be used?
For a Missouri branch onboarding review, a branch supervisor is training staff on licensing and NMLS authority. Which answer should be used?
For a Missouri MLO sponsorship update, a compliance manager is training staff on sponsorship and employment status. Which answer should be used?
A mortgage company asks a policy analyst to validate a Missouri branch onboarding review involving licensing and NMLS authority. Which statement is reliable?
For a Missouri disciplinary-risk review, a branch supervisor is training staff on licensing and NMLS authority. Which answer should be used?
An operations lead compares company policy with Missouri requirements during an advertising approval. Which statement fits licensing and NMLS authority?
A mortgage company asks an operations lead to validate a Missouri MLO sponsorship update involving continuing education and renewal. Which statement is reliable?
A licensing checklist in Missouri includes a question about scope, definitions, and exemptions. Which entry should the branch supervisor keep?
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