Final answer:
Under the RMLA, exemptions from licensing requirements include employees of federally regulated financial institutions, licensed attorneys, and individuals working for a not-for-profit organization providing affordable housing.
Step-by-step explanation:
Under the Residential Mortgage Loan Act (RMLA), there are certain conditions under which someone may be exempt from the licensing requirements. These conditions include:
- Employees of federally regulated financial institutions who are engaged in loan origination and who meet specific criteria.
- Attorneys who are licensed and in good standing in their jurisdiction, and who engage in loan origination as an incidental part of their practice.
- Individuals who engage in loan origination on behalf of a not-for-profit organization seeking to provide affordable housing.
It's important to note that these exemptions may vary depending on the specific regulations and laws in your jurisdiction, so it's always best to consult with a legal professional or regulatory authority for guidance.