Which event must a licensed Delaware MLO promptly notify the Commissioner about under Regulation 2401?
Correct Answer
A) A change of primary residence address
Delaware Regulation 2401 requires every licensed MLO to promptly notify the Commissioner of any change of primary residence address.
Why This Is the Correct Answer
Delaware Regulation 2401 requires every licensed MLO to promptly notify the Commissioner of any change of primary residence address.
Why the Other Options Are Wrong
Option B: A routine rate-lock extension requested by a borrower
The listed notification events concern the MLO’s own status and specified proceedings, not every routine loan event.
Option C: A borrower’s change in homeowner insurance carrier
A borrower’s insurance carrier change is not one of the listed MLO notification events.
Option D: A scheduled closing date moving by one business day
A one-day closing schedule change is not one of the listed MLO notification events.
Memory Technique
DE-C014 -> Delaware-records-reports-and-identifiers
Exam Tip
Delaware notification duties include personal licensing-status events.
Common Mistakes to Avoid
- -Importing another state requirement into Delaware
- -Confusing NMLS baseline requirements with Delaware-specific rules
- -Treating operational assumptions as legal authority
More UST Questions
In a pricing desk question, an audit analyst sees facts tied to Prohibited Misrepresentation. What should the file reflect?
An applicant previously had an MLO license revoked by a state regulator. Under the SAFE Act minimum standards for a new state-licensed MLO license, which statement is correct?
Which statement correctly distinguishes a license suspension from a license revocation?
A state regulator has issued an order suspending an MLO's authority effective immediately. The MLO has filed an appeal, but no stay has been granted. What should the MLO do?
An MLO license application asks whether the applicant has been the subject of a regulatory order. The applicant has a recent consent order that falls within the question. What is the proper response?
Why does NMLS maintain licensing and enforcement information that participating regulators can access?
A regulator issues a final license suspension without giving the MLO notice of the alleged violation or any opportunity to respond, even though applicable law requires both. What issue is presented?
A regulator finds that an MLO charged consumers prohibited fees. Which set of actions is consistent with the enforcement tools contemplated by Regulation H?
An MLO's license status in NMLS changes to suspended, with no stay or reinstatement shown. What is the immediate operational effect?
Which fact most directly supports disciplinary action against an MLO rather than merely a request for additional application information?
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