Section 26-C1103. TERMINATION AND REASSIGNMENT OF MORTGAGE LOAN ORIGINATOR

 

1103.1A mortgage loan originator shall disclose the mortgage loan originator’s license number to all clients and residential mortgage loan applicants in writing at the time a fee is paid or a mortgage loan application is accepted.

 

1103.2Upon the termination of the relationship between a mortgage loan originator and a sponsoring agent, the sponsor shall fully set forth the reason(s) for termination and shall submit such statement to the Commissioner.

 

1103.3For a period of one (1) year after the termination of employment or association, the mortgage loan originator may request re-assignment of the license to another entity by submitting an application for a change to the Department and paying the required fee, as determined by the Commissioner.

 

1103.4Upon the termination of the relationship between the sponsoring agent and the mortgage loan originator, the license shall become inactive and the mortgage loan originator shall not be authorized to engage in any residential mortgage loan origination activity unless and until the mortgage loan originator’s license is sponsored by another District licensed mortgage broker or lender and all required procedures have been followed to re-assign and reactivate such license.

 

1103.5If the mortgage loan originator license has not been re-assigned to another sponsoring agent within one (1) year of termination of the sponsoring relationship or affiliation, it shall be cancelled.

 

source

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