Federal Mortgage Law · 24% of the SAFE exammedium
Correct answer: State X's mortgage regulatory agency or department of financial institutions
For MLOs at state-licensed non-depository companies, the primary licensing and supervisory authority rests with the state regulatory agency (often a state department of financial institutions or similar body). While the CFPB may also have jurisdiction over consumer complaints and enforcement, state regulators have primary jurisdiction over state-licensed MLOs. The OCC regulates national banks, not independent mortgage companies. The Federal Reserve is not a complaint investigation body.
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