5 Del. Admin. Code § 2101-4.0

Current through Reigster Vol. 28, No. 6, December 1, 2024

Section 2101-4.0 - Mortgage Loan Originators

4.1 Each licensee shall insure that every person who it employs, or is affiliated with it, as a mortgage loan originator, as defined by 5 Del.C. Ch. 24, to provide mortgage loan originator services has complied with all the requirements of that chapter and the regulations issued thereunder.

4.2 Each licensee shall promptly notify the Commissioner of the cessation of employment or termination of affiliation of any mortgage loan originator who had been providing residential mortgage loan origination services for the licensee.

4.3 The unique identifier, issued by the Nationwide Mortgage Licensing System and Registry, of the applicable mortgage loan originator shall be clearly shown on all residential mortgage loan application forms for all such loans originated by that individual.

4.4 A licensee may use its surety bond under 5 Del.C. Ch. 21 to cover mortgage loan originators who are its employees or exclusive agents if the bond conforms to all requirements of 5 Del.C. § 2415 and § 12.0 of Regulation 2401.

4.4.1 A licensee's irrevocable letter of credit may not be used to cover mortgage loan originators.

4.4.2 A licensee shall notify the Commissioner in writing of the names of the mortgage loan originators who are covered by its surety bond and of any change in such coverage for those originators.

5 Del. Admin. Code § 2101-4.0

17 DE Reg. 994 (4/1/2014)
18 DE Reg. 472 (12/1/2014)
20 DE Reg. 304 (10/1/2016) (Final)