What is the minimum surety bond amount required for a mortgage loan originator company under the SAFE Act?
Correct Answer
D) $20,000
The SAFE Act requires mortgage loan originator companies to maintain a surety bond of at least $20,000. This bond provides protection for consumers against potential misconduct by the company.
Why This Is the Correct Answer
The SAFE Act requires mortgage loan originator companies to maintain a surety bond of at least $20,000. This bond provides protection for consumers against potential misconduct by the company.
More UST Questions
If a state regulatory authority finds violations during an examination, what factors typically influence the severity of enforcement action?
Under the SAFE Act, an individual who works for a federally chartered bank and takes mortgage applications must:
An MLO under investigation claims that certain requested documents are protected by attorney-client privilege because they were prepared in consultation with legal counsel. How should the state regulator respond?
Which scenario represents the MOST serious violation of appraisal independence requirements?
An MLO's license is suspended for 6 months, but after 3 months, the MLO demonstrates completion of remedial actions. Can the regulator lift the suspension early?
People Also Study
Federal Mortgage-Related Laws
23% of exam
General Mortgage Knowledge
23% of exam
Mortgage Loan Origination Activities
25% of exam
Ethics, Fraud & Consumer Protection
17% of exam
Previous Question
Which of the following would prevent an MLO from qualifying for temporary authority when transitioning from a federal depository to a state-licensed entity?
Next Question
An MLO candidate with a law degree argues that their legal education should satisfy the pre-licensure education requirement. Under the SAFE Act, is this position correct?