EstatePass
USThard11% of exam

What is the minimum net worth requirement for a mortgage lender licensee in Pennsylvania?

Correct Answer

B) $250,000

Pennsylvania requires mortgage lender licensees to maintain a minimum net worth of $250,000 to demonstrate financial stability and the ability to fund mortgage loans and meet ongoing obligations.

Answer Options
A
$25,000
B
$250,000
C
$100,000
D
$50,000

Why This Is the Correct Answer

Pennsylvania requires mortgage lender licensees to maintain a minimum net worth of $250,000 to demonstrate financial stability and the ability to fund mortgage loans and meet ongoing obligations.

Was this explanation helpful?

More UST Questions

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?

Under New Jersey anti-predatory lending provisions, which of the following loan terms would trigger high-cost mortgage protections for a first-lien mortgage?

People Also Study

Related Study Resources

Practice More MLO Questions

Access all practice questions with progress tracking and adaptive difficulty to pass your SAFE MLO exam.

Start Practicing