In the mortgage industry, only a few states mandate licenses for lending, brokering, or servicing loans, emphasizing the critical importance of strict compliance. Failure to adhere to licensing requirements can lead to severe penalties, including being prohibited from conducting any lending, brokering, or servicing activities in the state.

Key elements of the text include:

– Licensing requirements in certain states for lending, brokering, or servicing loans
– The necessity of strict compliance with licensing regulations
– Potential penalties for failing to meet licensing requirements
– Explanation of general licensing applicability in the mortgage industry

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