Under the SAFE Act, an individual who works for a federally chartered bank and takes mortgage applications must:
Correct Answer
C) Register through NMLS but not obtain a state license
The SAFE Act requires MLOs working for federally chartered banks to register through NMLS but exempts them from state licensing requirements. They must register but are not required to obtain state licenses like MLOs at state-chartered institutions.
Why This Is the Correct Answer
The SAFE Act requires MLOs working for federally chartered banks to register through NMLS but exempts them from state licensing requirements. They must register but are not required to obtain state licenses like MLOs at state-chartered institutions.
More UST Questions
Under the New Jersey Licensed Lenders Act, what is the maximum surety bond amount required for a mortgage banker license?
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