In which scenario would a mortgage specialist working for a federally chartered bank be exempt from licensing?

A mortgage specialist working for a federally chartered bank is exempt from licensing primarily because these banks are regulated under the Bank Act, which provides statutory exemptions for their employees in certain cases. Unlike mortgage brokers or agents who operate independently or through provincial regulations requiring licensure, employees of federally chartered banks are already operating within a regulatory framework established by federal laws.

This means that their activities, including offering mortgage products, are overseen by the federal government, and they do not need to obtain a separate provincial license to conduct mortgage-related business. The Bank Act specifically outlines the roles and responsibilities of federally chartered banks and their employees, ensuring compliance with national standards rather than provincial licensing requirements.

Other scenarios presented do not necessarily relate to the licensing of mortgage specialists in the same way. For instance, thresholds for mortgage amounts or the nature of employment (part-time) do not inherently affect the licensing requirement tied to the type of institution as regulated by federal law.