How can I remove a loose mollie bolt?

The best thing is to replace it with a slightly larger one.

Hi Paul, here is a video how to remove without damaging the drywall:

https://www.youtube.com/watch?v=7vDnWmn0Iq0

Here's a post that might help - https://homeguides.sfgate.com/fix-loose-mountings-drywall-73328.html

Paul: Ann is correct. Good advice!

Hi Paul, hope this helps you out,

https://www.youtube.com/watch?v=h4xRJmCPCDs

Hope this helps:

https://www.ehow.com/how_2086075_use-molly-toggle-bolts.html

Hi Deb: What you can do is to pull on the screw with your fingers until the molly bolt hits the wall behind the wallboard. Then, screw until it snugs up to the wall. Don't screw so hard that you pull it through the wallboard, but snug enough that it's secure. Good luck