Requirements for Licensing in Lending, Brokering, and Servicing Including Exceptions

In the mortgage industry, it is crucial for professionals to be aware of state requirements for licensing when lending, brokering, or servicing loans. While only a few states mandate licensing, strict adherence to these regulations is imperative to avoid penalties such as being prohibited from conducting business in that state.

Key points from the text include:

– Only a limited number of states necessitate a license for lending, brokering, or servicing loans.
– Strict compliance with licensing regulations is crucial to avoid significant penalties.
– Failure to comply with licensing requirements can result in being prohibited from conducting business in a specific state.

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