Which entity has the authority to revoke temporary authority before the expiration of the 120-day period?
Correct Answer
C) The state licensing authority
The state licensing authority has the power to revoke temporary authority if they determine the MLO does not meet the requirements or if there are grounds that would justify denial of a license application.
Why This Is the Correct Answer
The state licensing authority has the power to revoke temporary authority if they determine the MLO does not meet the requirements or if there are grounds that would justify denial of a license application.
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?
People Also Study
Federal Mortgage-Related Laws
23% of exam
General Mortgage Knowledge
23% of exam
Mortgage Loan Origination Activities
25% of exam
Ethics, Fraud & Consumer Protection
17% of exam
Previous Question
A mortgage loan originator company originated $75 million in residential mortgage loans last year. What is the minimum surety bond amount this company must maintain?
Next Question
An MLO who has been inactive for 2 years wants to return to mortgage origination. What NMLS requirement must they satisfy?