Finance
Under the federal 'Secure and Fair Enforcement for Mortgage Licensing Act' (SAFE Act), a Colorado mortgage loan originator must:
AA. Only register with their state
BB. Be licensed in every state where they originate loans, complete 20 hours of pre-license education, pass a national test, and register in the NMLS (Nationwide Multistate Licensing System)✓ Correct
CC. Be licensed only in their home state
DD. Only obtain a Colorado broker's license
Explanation
The SAFE Act (implemented nationwide) requires all mortgage loan originators (MLOs) to: complete 20+ hours of pre-license education, pass a national written test, submit to background checks and credit checks, register in the NMLS (Nationwide Multistate Licensing System), and obtain a license in each state where they originate loans. Colorado implements this through its Mortgage Loan Originator Licensing Act.
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