What must a Delaware MLO maintain under Regulation 2401 for residential mortgage loan applications?
Correct Answer
C) A journal of residential mortgage loan applications with required borrower, property, application, employer/identifier, and disposition information
Delaware Regulation 2401 requires every licensed MLO to maintain an application journal that includes borrower/co-borrower information, property address, application date, employer or other person identifier, and disposition information.
Why This Is the Correct Answer
Delaware Regulation 2401 requires every licensed MLO to maintain an application journal that includes borrower/co-borrower information, property address, application date, employer or other person identifier, and disposition information.
Why the Other Options Are Wrong
Option A: Only a list of funded loans, excluding denied or withdrawn applications
The Delaware journal includes dispositions such as denied, withdrawn, in process, and other, not only funded loans.
Option B: Only copies of final notes and mortgages
Final notes and mortgages alone do not satisfy the journal content requirement.
Option D: A marketing calendar but no application journal
The regulation requires an application journal, not merely a marketing calendar.
Memory Technique
DE-C015 -> Delaware-records-reports-and-identifiers
Exam Tip
Delaware’s journal is broader than closed loans.
Common Mistakes to Avoid
- -Importing another state requirement into Delaware
- -Confusing NMLS baseline requirements with Delaware-specific rules
- -Treating operational assumptions as legal authority
More UST Questions
In a pricing desk question, an audit analyst sees facts tied to Prohibited Misrepresentation. What should the file reflect?
An applicant previously had an MLO license revoked by a state regulator. Under the SAFE Act minimum standards for a new state-licensed MLO license, which statement is correct?
Which statement correctly distinguishes a license suspension from a license revocation?
A state regulator has issued an order suspending an MLO's authority effective immediately. The MLO has filed an appeal, but no stay has been granted. What should the MLO do?
An MLO license application asks whether the applicant has been the subject of a regulatory order. The applicant has a recent consent order that falls within the question. What is the proper response?
Why does NMLS maintain licensing and enforcement information that participating regulators can access?
A regulator issues a final license suspension without giving the MLO notice of the alleged violation or any opportunity to respond, even though applicable law requires both. What issue is presented?
A regulator finds that an MLO charged consumers prohibited fees. Which set of actions is consistent with the enforcement tools contemplated by Regulation H?
An MLO's license status in NMLS changes to suspended, with no stay or reinstatement shown. What is the immediate operational effect?
Which fact most directly supports disciplinary action against an MLO rather than merely a request for additional application information?
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