Which of the following would prevent an MLO from qualifying for temporary authority when transitioning from a federal depository to a state-licensed entity?
Correct Answer
C) Never having taken the SAFE Act test
To qualify for temporary authority, the MLO must have passed the SAFE Act test. Never having taken the test would disqualify them from temporary authority, requiring them to pass the test and obtain a state license first.
Why This Is the Correct Answer
To qualify for temporary authority, the MLO must have passed the SAFE Act test. Never having taken the test would disqualify them from temporary authority, requiring them to pass the test and obtain a state license first.
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