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Can a MLO Originate Commercial Loans in South Dakota
Have a question. If you are a licensed mortgage loan originator in multiple states and have a commercial loan (9 unit apartment building investment property) in South Dakota, can you originate that commercial loan if the residential lender you are employed with (Coast 2 Coast Mortgage Lending, LLC is not licensed in South Dakota but the MLO is approved but inactive? From my understanding, you do not have to be licensed to originate commercial loans. Can you please give me a comprehensive answer so I can take this response to the compliance department of the mortgage lender. Thank you.
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