Who is subject to mortgage lender or servicer licensing requirements?

The correct answer highlights that a mortgage loan originator employed by an exempt person is still subject to mortgage lender or servicer licensing requirements. This stems from the fact that while certain entities may be exempt from licensing—for example, government agencies or certain financial institutions—individuals working within those entities must still adhere to the licensing requirements applicable to their roles.

In the context of mortgage lending, licensing is essential to ensure that all individuals involved in the mortgage process meet specific regulatory standards and possess the necessary knowledge and qualifications to operate safely and effectively within the industry. Therefore, even if the person themselves is employed by an exempt entity, their role still necessitates compliance with licensing requirements to protect consumers and maintain the integrity of the lending process.

The other options presented reflect situations typically exempt from licensing but do not apply to those working as mortgage loan originators within exempt organizations, emphasizing the individual's responsibilities in adhering to regulatory requirements.