Which of the following is a requirement for federal registration but NOT typically required for state licensing?
Correct Answer
A) Employment by a federally insured depository institution
Employment by a federally insured depository institution is the prerequisite for federal registration eligibility. State licensing is available to MLOs regardless of employer type. Both federal registration and state licensing require education, testing, and background checks.
Why This Is the Correct Answer
Employment by a federally insured depository institution is the prerequisite for federal registration eligibility. State licensing is available to MLOs regardless of employer type. Both federal registration and state licensing require education, testing, and background checks.
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