Under the SAFE Act definition, which factor is NOT required for someone to be considered a mortgage loan originator?
Correct Answer
D) Working for a state-licensed mortgage company
The SAFE Act definition of MLO focuses on the activities performed (taking applications, offering or negotiating terms) and receiving compensation, regardless of the type of company. MLOs can work for various entities including banks, credit unions, and mortgage companies.
Why This Is the Correct Answer
The SAFE Act definition of MLO focuses on the activities performed (taking applications, offering or negotiating terms) and receiving compensation, regardless of the type of company. MLOs can work for various entities including banks, credit unions, and mortgage companies.
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