What financial responsibility requirement does Act 2008-56 impose on mortgage broker applicants in Pennsylvania?
Correct Answer
C) A surety bond or equivalent as required by the Department
Pennsylvania requires mortgage broker applicants to maintain a surety bond (or equivalent financial guarantee) as specified by the Department of Banking and Securities to protect consumers against broker misconduct.
Why This Is the Correct Answer
Pennsylvania requires mortgage broker applicants to maintain a surety bond (or equivalent financial guarantee) as specified by the Department of Banking and Securities to protect consumers against broker misconduct.
More UST Questions
What is the minimum net worth requirement for a mortgage lender licensee in Pennsylvania?
A Georgia MLO company fails to pay its annual license renewal fee by the December 31st deadline. The company's license status would be:
A loan originator completes 15 hours of pre-licensure education from an approved provider, then realizes 3 hours were duplicated from a previous course taken 6 months ago. How many additional hours must be completed to meet the requirement?
A mortgage loan originator in New Jersey must provide which specific state-required disclosure to borrowers in addition to federal requirements?
Under Texas law, which of the following is TRUE regarding deficiency judgments after a residential mortgage foreclosure?
An MLO licensed in California fails to complete their required continuing education by December 31. What is the consequence?
An MLO transitions from a federal savings bank to a state-licensed mortgage broker on January 15th and submits a complete state license application on February 10th. If no decision is made by the state, when does temporary authority expire?
A mortgage banker operating in New Jersey originates $75 million in residential mortgage loans annually. What is the minimum net worth requirement this entity must maintain?
Under Florida and federal law, a borrower has the right to rescind (cancel) a refinance transaction on their primary residence within:
Florida requires certain professionals to report suspected mortgage fraud. Which of the following is required to report suspected fraud to the appropriate authorities?
People Also Study
Federal Mortgage-Related Laws
24% of exam
General Mortgage Knowledge
20% of exam
Mortgage Loan Origination Activities
27% of exam
Ethics, Fraud & Consumer Protection
18% of exam
Related Study Resources
Previous Question
Under the NJ RMLA, a residential mortgage lender license is required for any person who makes how many or more residential mortgage loans in a 12-month period?
Next Question
A pre-licensure course is delivered over 6 months with students attending 1 hour per week for 20 weeks. The provider allows unlimited access to recorded sessions. Does this format satisfy SAFE Act requirements?