Under the SAFE Act, which of the following individuals would NOT be required to obtain an MLO license when working for a state-chartered bank?
Correct Answer
B) An employee who only inputs loan application data into computer systems
Under the SAFE Act, individuals who perform purely clerical or support duties without taking applications, offering or negotiating terms, or counseling consumers are exempt from licensing requirements. Simply inputting data is considered clerical work.
Why This Is the Correct Answer
Under the SAFE Act, individuals who perform purely clerical or support duties without taking applications, offering or negotiating terms, or counseling consumers are exempt from licensing requirements. Simply inputting data is considered clerical work.
More UST Questions
If a state regulatory authority finds violations during an examination, what factors typically influence the severity of enforcement action?
Under the SAFE Act, an individual who works for a federally chartered bank and takes mortgage applications must:
An MLO under investigation claims that certain requested documents are protected by attorney-client privilege because they were prepared in consultation with legal counsel. How should the state regulator respond?
Which scenario represents the MOST serious violation of appraisal independence requirements?
An MLO's license is suspended for 6 months, but after 3 months, the MLO demonstrates completion of remedial actions. Can the regulator lift the suspension early?
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