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A Delaware homeowner negotiates terms of a residential mortgage loan secured by a dwelling that served as the homeowner’s own residence. Under the Delaware exemption list, how is this treated?

Correct Answer

B) It is exempt from the Delaware MLO chapter

Delaware exempts an individual who offers or negotiates terms of a residential mortgage loan secured by a dwelling that served as the individual’s residence.

Answer Options
A
It always requires a Delaware MLO license because all residential loans are covered
B
It is exempt from the Delaware MLO chapter
C
It is exempt only if the person is paid by a lender
D
It requires a mortgage company license but not an individual license

Why This Is the Correct Answer

Delaware exempts an individual who offers or negotiates terms of a residential mortgage loan secured by a dwelling that served as the individual’s residence.

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