Uniform State Test (UST) · 11% of the SAFE exammedium
Correct answer: Permitting individuals who originate only a very small number of residential mortgage loans per year to be exempt from full MLO licensing requirements
The de minimis exception under the SAFE Act provides that individuals who originate only a very small number of residential mortgage loan transactions per year may be exempt from the full MLO licensing requirements. This exception is designed to address situations where an individual very infrequently engages in mortgage origination activity, such that the full burden of licensure would be disproportionate. "Exempting mortgage companies from the NMLS registrat..." is incorrect because the exception is based on volume, not supervision. "Permitting individuals who originate only a very sma..." confuses the de minimis exception with company-level registration thresholds. "s supervision" describes the Temporary Authority to Originate provision, which is a separate SAFE Act concept.
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