A Delaware MLO’s annual Delaware mortgage loan volume is $83,000,001 or more. What minimum surety bond amount applies under Regulation 2401?
Correct Answer
B) $200,000
The Delaware bond table sets a $200,000 minimum surety bond for annual Delaware mortgage loan volume of $83,000,001 and over.
Why This Is the Correct Answer
The Delaware bond table sets a $200,000 minimum surety bond for annual Delaware mortgage loan volume of $83,000,001 and over.
Why the Other Options Are Wrong
Option A: $175,000
$175,000 applies to the lower tier ending at $83,000,000, not $83,000,001 and over.
Option C: $150,000
$150,000 applies to a lower volume tier.
Option D: $125,000
$125,000 applies to a lower volume tier.
Memory Technique
DE-C013 -> Delaware-surety-bond
Exam Tip
At $83,000,001 and over, the Delaware bond table reaches $200,000.
Common Mistakes to Avoid
- -Importing another state requirement into Delaware
- -Confusing NMLS baseline requirements with Delaware-specific rules
- -Treating operational assumptions as legal authority
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