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an Illinois compliance file raises a sponsorship and employment status question involving IDFPR says an Illinois licensee may pay a formerly employed MLO for work performed on loans before the. Which statement is supported by the state rule?

Correct Answer

C) Illinois MLO activity must satisfy the required sponsorship or employment-status condition before activity continues.

IDFPR says an Illinois licensee may pay a formerly employed MLO for work performed on loans before the MLO left company employment or before the MLO license expired, and the company loan log should contain the names of both assigned MLOs for those loans.

Answer Options
A
Allow the activity whenever the individual has general mortgage experience.
B
Treat company licensing alone as enough for every individual MLO activity.
C
Illinois MLO activity must satisfy the required sponsorship or employment-status condition before activity continues.
D
Ignore the state condition if the consumer file is otherwise complete.

Why This Is the Correct Answer

IDFPR says an Illinois licensee may pay a formerly employed MLO for work performed on loans before the MLO left company employment or before the MLO license expired, and the company loan log should contain the names of both assigned MLOs for those loans.

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