Delaware Administrative Code
Title 5 - Banking
2400 - Mortgage Loan Originators
2401 - Mortgage Loan Originator Licensing
Section 2401-9.0 - Testing

Universal Citation: 5 DE Admin Code 2401-9.0

Current through Register Vol. 28, No. 3, September 1, 2024

9.1 To meet the written test requirements of § 6.1.5, an applicant must pass a written test developed by the Nationwide Mortgage Licensing System and Registry that adequately measures the applicant's knowledge and comprehension in appropriate subject areas, including:

9.1.1 ethics;

9.1.2 federal law and regulation pertaining to mortgage origination;

9.1.3 state law and regulation pertaining to mortgage origination; and

9.1.4 federal and state law and regulation, pertaining to fraud, consumer protection, the nontraditional mortgage marketplace, and fair lending issues.

9.2 An applicant must achieve a score of at least 75 percent correct answers to the test questions for a passing grade.

9.3 The test must be administered by a test provider approved by the Nationwide Mortgage Licensing System and Registry, and may be taken at any location approved by that System.

9.4 An applicant may take a test 3 consecutive times, with each consecutive test occurring at least 30 days after the preceding test.

9.5 After failing 3 consecutive tests, an applicant must wait at least 6 months before taking the test again.

9.6 A licensed mortgage loan originator who fails to maintain a valid license for a period of 5 years or longer must retake the test, not taking into account any time during which such individual is a registered mortgage loan originator.

Disclaimer: These regulations may not be the most recent version. Delaware may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.