A depository institution employs MLOs who are registered (not licensed) under the SAFE Act. One of these registered MLOs sends marketing emails to prospective borrowers on behalf of the bank. The emails do not include the MLO's NMLS ID. Which of the following is the most accurate assessment?

The SAFE Act requires registered MLOs to include their NMLS ID on residential mortgage loan application forms but exempts general consumer advertising from this requirement Marketing emails are only subject to NMLS ID requirements if the email contains specific loan terms such as an interest rate Registered MLOs at depository institutions are exempt from all NMLS ID disclosure requirements in advertising materials The SAFE Act requires all MLOs — both licensed and registered — to include their NMLS Unique Identifier on residential loan application forms and consumer solicitation materials, including marketing emails