Uniform State Test (UST) · 11% of the SAFE exameasy
Correct answer: Register with the NMLS as a registered MLO under their federal depository institution
Under the SAFE Act, MLOs who work for a federal depository institution — such as a federally chartered bank — are required to register with the NMLS, not obtain a state license. State licensing applies to individuals who work for non-depository institutions such as mortgage companies or brokers. "Complete only pre-licensure education with no regist..." is incorrect because state licensing does not apply to employees of federal depository institutions. "Obtain both a state license and a federal registrati..." is incorrect — dual licensure/registration is not required. "Register with the NMLS as a registered MLO under the..." is incorrect; registration with the NMLS is required even for depository institution employees.
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