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Does Delaware MLO status depend on how the originating entity compensates the person?

Correct Answer

A) No. Delaware includes covered persons irrespective of how they are compensated by the originating entity

Delaware defines MLO to include a person employed by or affiliated with an originating entity who engages in mortgage loan originating in Delaware irrespective of how the person is compensated.

Answer Options
A
No. Delaware includes covered persons irrespective of how they are compensated by the originating entity
B
Yes. Only commission compensation creates MLO status
C
Yes. Only hourly wages create MLO status
D
Yes. Compensation method controls more than the activity performed

Why This Is the Correct Answer

Delaware defines MLO to include a person employed by or affiliated with an originating entity who engages in mortgage loan originating in Delaware irrespective of how the person is compensated.

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