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Which personal legal or financial event is specifically listed as requiring prompt notice to the Delaware Commissioner by a licensed MLO?

Correct Answer

B) The filing of a bankruptcy petition in which the MLO is the debtor

Delaware Regulation 2401 lists the filing of any bankruptcy petition in which the MLO is the debtor as an event requiring prompt notice to the Commissioner.

Answer Options
A
A borrower making an extra principal payment
B
The filing of a bankruptcy petition in which the MLO is the debtor
C
A loan processor taking vacation
D
An appraiser changing appointment times

Why This Is the Correct Answer

Delaware Regulation 2401 lists the filing of any bankruptcy petition in which the MLO is the debtor as an event requiring prompt notice to the Commissioner.

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