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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.

Answer Options
A
The applicant’s personal credit score only
B
The number of employees at the employer nationwide
C
The average interest rate on the MLO’s loans
D
The annual volume of Delaware mortgage loans originated for the year ending December 31 that precedes 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.

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