Uniform State Test (UST) · 11% of the SAFE exammedium
Correct answer: Suspending the MLO's state license pending investigation and requiring restitution
State mortgage regulatory agencies have broad supervisory authority, including the power to suspend or revoke licenses and order restitution for consumer harm caused by MLO misconduct. State agencies cannot issue federal criminal indictments (that is a DOJ function) or revoke federal registrations (which is a federal regulator's domain). While agencies may refer cases to the CFPB, they are not required to transfer jurisdiction and can take independent action.
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