What is the maximum surety bond amount that may be required under the SAFE Act for mortgage loan originator companies?
Correct Answer
D) $2,000,000
The SAFE Act caps the maximum surety bond requirement at $2,000,000, regardless of the volume of loans originated by the company. This ensures the bond requirement remains reasonable even for very large originators.
Why This Is the Correct Answer
The SAFE Act caps the maximum surety bond requirement at $2,000,000, regardless of the volume of loans originated by the company. This ensures the bond requirement remains reasonable even for very large originators.
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