A Delaware MLO’s annual Delaware mortgage loan volume is not more than $11,000,000. What minimum surety bond amount applies under the Delaware table?
Correct Answer
A) $25,000
Under the Delaware Regulation 2401 bond table, annual Delaware mortgage loan volume of not more than $11,000,000 corresponds to a $25,000 minimum surety bond.
Why This Is the Correct Answer
Under the Delaware Regulation 2401 bond table, annual Delaware mortgage loan volume of not more than $11,000,000 corresponds to a $25,000 minimum surety bond.
Why the Other Options Are Wrong
Option B: $50,000
$50,000 applies to the next listed volume tier, not the “not more than $11,000,000” tier.
Option C: $75,000
$75,000 applies to a higher listed volume tier.
Option D: $100,000
$100,000 applies to a higher listed volume tier.
Memory Technique
DE-C013 -> Delaware-surety-bond
Exam Tip
Lowest Delaware volume tier equals the same $25,000 as the initial-applicant minimum.
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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