Which of the following MLOs would be exempt from the 8-hour continuing education requirement?
Correct Answer
B) An MLO employed by a federally-insured credit union
MLOs employed by federally-insured depository institutions, including credit unions, are not subject to state licensing requirements and therefore are exempt from the SAFE Act's continuing education requirements for state-licensed MLOs.
Why This Is the Correct Answer
MLOs employed by federally-insured depository institutions, including credit unions, are not subject to state licensing requirements and therefore are exempt from the SAFE Act's continuing education requirements for 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?
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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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