Which continuing education requirement differs between federal registration and state licensing?
Correct Answer
C) Both have identical continuing education requirements under the SAFE Act
The SAFE Act establishes uniform continuing education requirements of 8 hours annually (including 3 hours of federal law, 2 hours of ethics, 2 hours of non-traditional lending, and 1 hour of electives) for both federally registered and state-licensed MLOs.
Why This Is the Correct Answer
The SAFE Act establishes uniform continuing education requirements of 8 hours annually (including 3 hours of federal law, 2 hours of ethics, 2 hours of non-traditional lending, and 1 hour of electives) for both federally registered and state-licensed MLOs.
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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