Uniform State Content (SAFE Act)Question 358 of 400
An individual originates residential mortgage loans while employed by a national bank that is a depository institution. Under the SAFE Act, this individual must generally:
a.Obtain a state MLO license before taking any application
b.Register with the NMLS as a registered MLO but is not required to obtain a state license
c.Do nothing, because bank employees are entirely exempt from the SAFE Act
d.Obtain both a state license and federal registration
Explanation
MLOs employed by depository institutions (or their subsidiaries regulated by a federal banking agency) register through NMLS as registered MLOs rather than obtaining a state license. State licensing applies to MLOs working for non-depository entities such as independent mortgage companies. Registration still requires a unique identifier.
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Related questions on this topic
- What is the primary purpose of the federal SAFE Act?
- The NMLS unique identifier (NMLS ID) assigned to a mortgage loan originator is best described as:
- Under the SAFE Act, how many hours of NMLS-approved pre-licensing education must an applicant complete to qualify for a state MLO license?
- To pass the NMLS SAFE MLO Test, a candidate must achieve a score of at least:
- How many hours of NMLS-approved continuing education (CE) must a state-licensed MLO complete each year to maintain the license?
- Which of the following is a required element of the criminal background review for a state MLO license applicant?
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