A mortgage loan originator company has been in operation for 6 months and has not yet originated any loans. What surety bond amount must they maintain?
Correct Answer
B) $20,000
All mortgage loan originator companies must maintain the minimum surety bond of $20,000 from the time they are licensed, regardless of whether they have originated any loans. The bond requirement is not contingent on loan origination activity.
Why This Is the Correct Answer
All mortgage loan originator companies must maintain the minimum surety bond of $20,000 from the time they are licensed, regardless of whether they have originated any loans. The bond requirement is not contingent on loan origination activity.
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