Which laws and rule framework govern individual Delaware mortgage loan originators according to the Delaware regulator?
Correct Answer
C) The federal SAFE Act, Delaware Code Title 5 Chapter 24, and Delaware Regulation 2401
Delaware regulator guidance says individual MLOs are governed by the federal SAFE Act and Delaware Code Title 5 Chapter 24, implemented by Commissioner Regulation 2401.
Why This Is the Correct Answer
Delaware regulator guidance says individual MLOs are governed by the federal SAFE Act and Delaware Code Title 5 Chapter 24, implemented by Commissioner Regulation 2401.
Why the Other Options Are Wrong
Option A: Only Delaware real estate license law
Delaware real estate license law is not the cited MLO framework.
Option B: Only federal RESPA servicing rules
RESPA may matter federally, but it is not the Delaware MLO licensing framework asked here.
Option D: Only county recorder rules
County recorder rules are not the Delaware MLO licensing framework.
Memory Technique
DE-C001 -> Delaware-license-requirement-and-scope
Exam Tip
For Delaware MLO licensing, start with SAFE Act plus Delaware Chapter 24 and Regulation 2401.
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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