4.Unit 2.7 MLO: Taking an Application
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Investigate each scenario to discover which activities may only be conducted by licensed MLOs and which activities are administrative in nature and do NOT require a license.
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6 Terms
If you directly or indirectly receive an application for a loan, even if you are only entering information into a system, you are considered to be taking an application and must be a licensed MLO.
MLO
If you only take basic information from a potential borrower for the purposes of forwarding it to an MLO or creating an appointment for the borrower to meet the mortgage professional, you are NOT considered to be taking an application.
Admin
If you receive an application in the mail and forward it without reviewing it, you are NOT considered to be taking an application.
Admin
If you explain the general information in the loan application to a potential borrower, you are NOT considered to be taking an application.
Admin
If you are describing the lending process generally without identifying specific loan products, you are not considered to be taking an application.(4)[6]
Admin