Under Ohio law, what is the minimum surety bond amount required for a mortgage lender?
Correct Answer
A) $50,000
Ohio requires licensed mortgage lenders to maintain a surety bond of at least $50,000. The bond provides a source of funds for consumer claims arising from the lender's misconduct or failure to comply with Ohio mortgage laws.
Why This Is the Correct Answer
Ohio requires licensed mortgage lenders to maintain a surety bond of at least $50,000. The bond provides a source of funds for consumer claims arising from the lender's misconduct or failure to comply with Ohio mortgage laws.
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Under New York's anti-predatory lending laws, a lender is originating a high-cost home loan with a principal amount of $180,000. The borrower has an annual income of $60,000. What is the maximum amount of points and fees that can be charged?
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In calculating net worth for SAFE Act compliance, which of the following would be included as an asset?