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A licensed Delaware attorney negotiates residential mortgage loan terms for a client as an ancillary matter to legal representation. When would Delaware remove that attorney from the listed exemption?

Correct Answer

C) When the attorney is compensated by a lender, mortgage broker, MLO, or their agent

Delaware’s attorney exemption does not apply if the attorney is compensated by a lender, mortgage broker, other MLO, or their agent.

Answer Options
A
Whenever the attorney charges any legal fee to the client
B
Whenever the loan is secured by Delaware residential real estate
C
When the attorney is compensated by a lender, mortgage broker, MLO, or their agent
D
Whenever the client is an immediate family member

Why This Is the Correct Answer

Delaware’s attorney exemption does not apply if the attorney is compensated by a lender, mortgage broker, other MLO, or their agent.

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