A mortgage team is building a Pennsylvania procedure for records, reports, and required notices. Which statement matches the state requirement?
Correct Answer
C) Pennsylvania mortgage lender originator bond coverage is $100000, $200000, $300000, or $500000 depending on annual Pennsylvania secured mortgage origination volume below $30000000, $30000000 to $99999999.99, $100000000 to $249999999.99, or $250000000 or more.
Pennsylvania mortgage lender originator bond coverage is $100000, $200000, $300000, or $500000 depending on annual Pennsylvania secured mortgage origination volume below $30000000, $30000000 to $99999999.99, $100000000 to $249999999.99, or $250000000 or more.
Why This Is the Correct Answer
Pennsylvania mortgage lender originator bond coverage is $100000, $200000, $300000, or $500000 depending on annual Pennsylvania secured mortgage origination volume below $30000000, $30000000 to $99999999.99, $100000000 to $249999999.99, or $250000000 or more.
Why the Other Options Are Wrong
Option A: Treat records, reports, and required notices as optional because the company has a general Pennsylvania compliance policy.
Treat records, reports, and required notices as optional because the company has a general Pennsylvania compliance policy. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option B: Postpone the Pennsylvania records, reports, and required notices issue until the next annual review.
Postpone the Pennsylvania records, reports, and required notices issue until the next annual review. is not correct because the governing rule requires the compliant answer shown in the explanation.
Option D: Use only the federal baseline and ignore the separate Pennsylvania state requirement.
Use only the federal baseline and ignore the separate Pennsylvania state requirement. is not correct because the governing rule requires the compliant answer shown in the explanation.
Memory Technique
PA -> pa-bonds-fees-net-worth-reports-records
Exam Tip
Pennsylvania bond and record questions test lender, broker, and individual MLO bond tiers, $1000000 funding capability, $250000 net worth, 4-year records, $100-per-day report penalties, examinations, advertising identifiers, 10-day name changes, and license surrender.
Common Mistakes to Avoid
- -Using generic federal mortgage facts when Pennsylvania MLA, Pennsylvania Code, DoBS, or NMLS state-specific rules are being tested
- -Confusing Pennsylvania individual MLO licensing or sponsorship with mortgage broker, lender, servicer, branch, or qualifying-individual requirements
- -Treating Pennsylvania bond, record, advertising, disclosure, ability-to-repay, servicing, loss mitigation, or enforcement requirements as optional
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