Which of the following topics must be included in the 8-hour annual continuing education requirement for MLOs?
Correct Answer
A) 3 hours of federal law, 2 hours of ethics, 2 hours of non-traditional lending, 1 hour of electives
The SAFE Act requires 8 hours of continuing education annually, consisting of 3 hours of federal law and regulations, 2 hours of ethics, 2 hours of non-traditional mortgage lending, and 1 hour of electives.
Why This Is the Correct Answer
The SAFE Act requires 8 hours of continuing education annually, consisting of 3 hours of federal law and regulations, 2 hours of ethics, 2 hours of non-traditional mortgage lending, and 1 hour of electives.
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If a state regulatory authority finds violations during an examination, what factors typically influence the severity of enforcement action?
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Previous Question
A state regulator discovers during an investigation that an MLO has been splitting origination fees with an unlicensed individual who refers borrowers. The MLO claims the payments are for 'marketing services.' What investigative power would be MOST appropriate?
Next Question
A state regulator receives a consumer complaint alleging that an MLO engaged in predatory lending practices. What investigative powers does the state authority typically have?