Question

Mortgage Loan Originator (MLO) means all of the following, except:

A. Means an individual who for compensation or gain or in the expectation of compensation or gain.
B. Takes a residential mortgage loan application.
C. Includes a person or entity solely involved in extensions of credit relating to timeshare plans.
D. Offers or negotiates terms of residential mortgage loan.

Answer 1

A Mortgage Loan Originator (MLO) is a person who takes a role in the mortgage loan process. They are responsible for taking residential mortgage loan applications and offering or negotiating the terms of the loan. Therefore, option C is the correct answer as it is the exception to what an MLO means.

Step-by-step explanation:

A Mortgage Loan Originator (MLO) is a person who takes a role in the mortgage loan process. They are responsible for taking residential mortgage loan applications and offering or negotiating the terms of the loan. However, it does not include a person or entity solely involved in extensions of credit relating to timeshare plans. Therefore, option C is the correct answer as it is the exception to what an MLO means.