Does the MLOLA provide an exemption for a maximum number of residential mortgage loan transactions that may be originated before an individual is required to be licensed as a mortgage loan originator?
(The Safe Act Final Rule refers to this as a de minimis exemption.)
No, such an exemption does not exist. Generally, origination of one residential mortgage loan requires licensure under the MLOLA. However, certain loan origination transactions may be exempt from the licensure requirements of the MLOLA as discussed below. In addition, the SAFE Act Final Rule provides limited licensing exceptions for certain transactions. Please review all of the Mortgage Loan Originator and Seller Financing FAQs below to determine if you qualify for a limited licensing exemption.