What are the key differences between state-licensed and federally registered mortgage loan originators?

The difference turns on the employer. Registered loan originators work for depository institutions such as banks and credit unions; they register annually through the federal registry, and the SAFE Act does not require them to take the SAFE test or complete NMLS-approved pre-licensing or continuing education. State-licensed loan originators work for non-depository mortgage companies and must complete 20 hours of pre-licensing education, pass the SAFE test with at least 75%, and complete 8 hours of continuing education each year.

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