What happens to an MLO's test results if they do not obtain their license within how many months of passing both test components?
Correct Answer
C) 18 months - results expire
Under 12 CFR 1008.107(g), test results are valid for 18 months. If an individual does not obtain their MLO license within 18 months of passing the test, they must retake and pass the test again.
Why This Is the Correct Answer
Under 12 CFR 1008.107(g), test results are valid for 18 months. If an individual does not obtain their MLO license within 18 months of passing the test, they must retake and pass the test again.
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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