Key Takeaways
- NMLS provides centralized licensing; MLO and Lender/Broker licenses have distinct requirements.
- State regulations vary significantly in rate limits, fee restrictions, servicing requirements, and exemptions.
- Determine whether your lending activity requires licensing or falls within a state exemption before originating loans.
- A four-component compliance management system (oversight, program, training, monitoring) satisfies regulatory expectations.
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Test Your Knowledge
1.What is operational risk?
2.What is a risk register?
3.What is the Recovery Time Objective (RTO)?