Chapters

[CHAPTER 454F] SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING ACT

Contents 454F-1 Definitions 454F-1.5 Registration with NMLS required 454F-1.6 Presumption of control 454F-1.7 Duties of a mortgage loan originator company's qualified individual and branch manager 454F-1.8 Sponsorship by mortgage loan originator company, exempt sponsoring mortgage loan originator company, 454F-2 Exemptions 454F-2.5 Exempt sponsoring mortgage loan originator company; registration 454F-3 Requirement of licensure 454F-4 License and registration; application; issuance 454F-4.5 Automatic secondary review of license application 454F-4.8 Decision denying application subject to administrative hearing 454F-4.9 Abandoned applications 454F-5 Issuance of license 454F-6 Pre-licensing and re-licensing; education of mortgage loan originators 454F-7 Testing of mortgage loan originators 454F-8 Standards for license renewal 454F-8.5 Reinstatement of expired licenses 454F-9 Continuing education; mortgage loan originators 454F-10 Authority to require license 454F-10.5 Authorized places of business; designation of qualified individuals and branch managers; branch offices; 454F-10.6 Voluntary cessation of operation; surrender of license 454F-10.7 Change in control of a licensee; fees 454F-11 NMLS registry information; challenge process 454F-12 Enforcement authorities; violations; penalties 454F-13 Repealed 454F-14 Confidentiality 454F-15 Investigation and examination authority 454F-16 Mortgage call reports 454F-17 Prohibited practices 454F-18 Powers of commissioner 454F-19 Unique identifier shown 454F-20 Report to NMLS 454F-21 Repealed 454F-22 Mortgage loan originator, mortgage loan originator company, exempt sponsoring mortgage loan 454F-23 Payment of fees 454F-24 Mortgage servicer companies; mortgage loan originators 454F-25 Nonprofit organizations; mortgage loan originators 454F-26 Repealed 454F-41 Mortgage loan recovery fund; use of fund; fees 454F-42 Statute of limitation; recovery from fund 454F-43 Management of fund 454F-44 Standing 454F-45 Subrogation of rights 454F-46 Waiver of rights 454F-47 Disciplinary action against licensee

     §454F-1.7  Duties of a mortgage loan originator company's qualified individual and branch manager.  (a)  A qualified individual shall have the duty to manage and supervise the mortgage loan origination activities of a licensed mortgage loan originator company's principal office and the licensed mortgage loan originators located at or working out of the principal office and all company branch offices.  A qualified individual shall hold a license as a mortgage loan originator issued pursuant to this chapter.

     (b)  A branch manager shall have the duty to directly manage and supervise a licensed mortgage loan originator company's branch office and the licensed mortgage loan originators located at or working out of that location.  A branch manager shall be physically present in the branch office and shall hold a license as a mortgage loan originator issued pursuant to this chapter.

     (c)  A qualified individual for a mortgage loan originator company shall be responsible for:

     (1)  Supervising the maintenance and accounting of client trust accounts and disbursements from those accounts;

     (2)  Supervising the maintenance of all records, contracts, and documents of the mortgage loan originator company;

     (3)  Supervising all mortgage loan originator agreements and mortgage loan documents and the handling of these documents by the licensed mortgage loan originators who are employed by or are independent contractors of the mortgage loan originator company;

     (4)  Supervising all licensed mortgage loan originators who are employed by or are independent contractors of the mortgage loan originator company;

     (5)  Developing and enforcing policies and procedures relating to the handling of residential mortgage loan transactions and the professional conduct of the licensed mortgage loan originators and other staff;

     (6)  Developing and monitoring compliance with a policy on continuing education requirements for all licensed mortgage loan originators who are employed by or are independent contractors of the mortgage loan originator company pursuant to the requirements of this chapter and the rules of the commissioner;

     (7)  Ensuring that the licenses of all mortgage loan originators who are employed by or are independent contractors of the mortgage loan originator company, and the license of the mortgage loan originator company are current and active, and that all required fees are timely paid to the mortgage loan recovery fund;

     (8)  Establishing and conducting a training program for all licensed mortgage loan originators who are employed by or are independent contractors of the mortgage loan originator company;

     (9)  Ensuring that all licensed mortgage loan originators who are employed by or are independent contractors of the mortgage loan originator company are provided adequate information and training on the latest amendments to licensing laws and rules and any other applicable laws and rules;

    (10)  Notifying the commissioner of the termination of the employment or independent contractor relationship of licensed mortgage loan originators who were employed by or were independent contractors of the mortgage loan originator company upon the termination of employment or the independent contractor relationship; and

    (11)  Ensuring that the records, loan documents, and agreements including mortgage loan originator agreements are retained for seven years on paper or in electronic format by the mortgage loan originator company.

     (d)  A branch manager for a branch office shall be responsible for supervising:

     (1)  The maintenance of all records, contracts, and documents of the mortgage loan originator company branch office;

     (2)  All mortgage loan originator agreements and mortgage loan documents and the handling of these documents by the licensed mortgage loan originators or independent contractors located at or working out of the mortgage loan originator company branch office; and

     (3)  All licensed mortgage loan originators who are employed by, or are independent contractors of, the mortgage loan originator company and who are located at or working out of the mortgage loan originator company branch office. [L 2011, c 194, pt of §1; am L 2012, c 252, §5; am L 2013, c 168, §5]