For an already licensed Delaware MLO, the minimum surety bond amount is based on what measure?
Correct Answer
D) The annual volume of Delaware mortgage loans originated for the year ending December 31 that precedes the effective license year
Delaware Regulation 2401 bases a licensed MLO’s minimum surety bond amount on the volume of Delaware mortgage loans originated for the year ending December 31 before the effective license year.
Why This Is the Correct Answer
Delaware Regulation 2401 bases a licensed MLO’s minimum surety bond amount on the volume of Delaware mortgage loans originated for the year ending December 31 before the effective license year.
Why the Other Options Are Wrong
Option A: The applicant’s personal credit score only
Personal credit history can matter elsewhere in licensing, but it is not the bond-volume table measure.
Option B: The number of employees at the employer nationwide
The Delaware MLO bond table is based on Delaware mortgage loan volume, not nationwide employee count.
Option C: The average interest rate on the MLO’s loans
Average interest rate is not the Delaware bond-tier measure.
Memory Technique
DE-C013 -> Delaware-surety-bond
Exam Tip
The bond ladder follows Delaware mortgage loan volume.
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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