Section 26-C1102. GENERAL LICENSING REQUIREMENTS

 

1102.1An applicant for a license to engage in business as a mortgage lender shall file a mortgage lender license application with the Department.

 

1102.2An applicant for a license to engage in business as a mortgage broker shall file a mortgage broker license application with the Department.

 

1102.3An applicant for a license to engage in business as a mortgage lender and a mortgage broker shall file a dual mortgage lender and broker license application with the Department.

 

1102.4An applicant for a license to engage in business as a mortgage loan originator shall file a mortgage loan originator license application with the Department.

 

1102.5A license to engage in the activity of a mortgage broker, mortgage lender, mortgage lender and mortgage broker (mortgage dual authority), or mortgage loan originator will be issued to an applicant if the Commissioner, upon review of the application and all other relevant information, determines that all of the requirements of the Act have been met. 

 

1102.6A license application shall be filed on a form prescribed by the Department, including all information required by the Department, and be accompanied by the required fees as prescribed in Appendix A.  For purposes of this chapter, a license application means an application processed through the Department or its designee such as the Nationwide Mortgage Licensing System and Registry or any other person or third party prescribed by the Commissioner.  Any fees paid in connection with the processing of an application shall be non refundable.

 

1102.7The application shall, at a minimum, contain information to demonstrate that:

 

(a)The applicant has never had a mortgage-related license revoked in any governmental jurisdiction;

 

(b)The applicant and each of its officers, directors, partners, and owners of a controlling interest have not been convicted of, or pled guilty or nolo contendere to a felony in a domestic, foreign, or military court:

 

(1)During the seven (7) year period preceding the date of the    application for licensing and registration; or

 

(2)At any time preceding such date of application, if such felony involved an act of fraud, dishonesty, or a breach of trust, or money laundering.

 

(c)The applicant has demonstrated financial responsibility, character, and general fitness such as to warrant a determination that the applicant will operate honestly, fairly, and efficiently within the purposes of the Act;

 

(d)The applicant has met the applicable capital and/or surety bond requirements required pursuant to the Act and sections 1107 and 1109 of these rules; and

 

(e)The applicant has paid all applicable fees as described in Appendix A of these rules.

 

(f)In the case of an applicant for a mortgage loan originator’s license,

 

(1)The applicant has completed the pre-licensing education requirement described in the Act;

 

(2)The applicant has passed a written test that meets the requirements described in the Act; and

 

(3)The applicant has identified the sponsor or sponsoring agent with whom the mortgage loan originator is employed or associated.

 

1102.8The Department shall deny a license application if the application is incomplete, not accompanied by the fees required pursuant to section 1102.6 of these rules, or if there are any outstanding fees due to the Department.

 

1102.9The Department shall approve or deny a license application not later than   sixty (60) days from the date the Department determines that the application is complete.

 

1102.10A licensee may challenge information entered into the Nationwide Mortgage Licensing System and Registry by the Commissioner.  Such challenge must be in writing and include the specific information being challenged and supporting information to evidence that information being challenged is incorrect, invalid, or inappropriate.

 

1102.11  A challenge pursuant to subsection 1102.8 shall be filed within forty-five (45) business days from the date the information is received.

 

1102.12The Department will respond to the challenge within fourteen (14) business days with one (1) of the following responses:

 

(a)Granting the challenge and entering the requested change;

 

(b)Granting the challenge and allowing the licensee to submit information to be entered into the system; or

 

(c)Denying the challenge.

 

1102.13Acquisition of control applications filed pursuant to the Act shall be accompanied by the fee described in Appendix A of these rules.

 

source

Final Rulemaking published at 56 DCR 4356, 4357-4359 (June 5, 2009); as amended by Final Rulemaking published at 56 DCR 7457, 7458 (September 11, 2009).