Section 2095.15 - Written agreement with a lender - Disclosures - Copies and forwarding of appraisals and reports - RulesA. A mortgage broker or mortgage loan originator shall have a written correspondent or loan brokerage agreement with a lender before any solicitation of, or contracting with, the public.B. Upon receipt of a loan application and before the receipt of any monies from a borrower, a mortgage broker or mortgage loan originator shall provide to a borrower the disclosures required by the Real Estate Settlement Procedures Act, 12 U.S.C., Section 2601 et seq. (RESPA) and Regulation X, 24 C.F.R., Section 3500.1 et seq., as promulgated by HUD. Compliance with the disclosure requirements mandated by RESPA and HUD's Regulation X constitutes compliance with this act.C. If a borrower is unable to obtain or modify a loan for any reason and the borrower has paid for an appraisal, title report, or credit report, the mortgage broker or mortgage loan originator shall give a copy of the appraisal, title report, or credit report to the borrower and transmit the originals to any other mortgage broker or lender to whom the borrower directs that the documents be transmitted. The mortgage broker or mortgage loan originator must provide the copies or transmit the documents within five (5) business days after the borrower has made the request in writing.D.1. Except as otherwise permitted by this subsection, no mortgage broker or mortgage loan originator shall receive a fee, commission, or compensation of any kind in connection with the preparation, negotiation, and brokering or modification of a residential mortgage loan unless a borrower actually obtains a loan or has a loan modified from or by a lender on the terms and conditions agreed upon by the borrower and mortgage broker or mortgage loan originator.2. If a mortgage broker, banker or mortgage loan originator has assisted a borrower in obtaining a residential mortgage loan and the borrower decides to refinance or sell the property in question, the lender shall be prohibited from charging back any fee income paid by the lender to the mortgage broker, banker or loan originator unless the mortgage broker, banker or loan originator is involved in such refinance.3. A mortgage broker or mortgage loan originator may solicit or receive fees for third-party provider goods or services in advance and may solicit and receive a reasonable administrative fee to recoup administrative costs, provided such a fee shall be disclosed in advance and shall be consistent across all borrowers. The mortgage broker or mortgage loan originator may not charge more for the goods and services than the actual costs of the goods or services charged by the third-party provider.E. The Commission on Consumer Credit, in accordance with the Administrative Procedures Act shall have the authority to adopt rules not inconsistent with disclosures mandated by RESPA and HUD's Regulation X and which are within, but not beyond, the statutory scope and other provisions of this act to facilitate compliance with the disclosure and other requirements of this act.F. The provisions of subsections B and C of this section shall not apply to a depository institution as defined in Section 5 of this act, its subsidiaries and affiliates or any employee or exclusive agent thereof.Okla. Stat. tit. 59, § 2095.15
Added by Laws 2009 , SB 1062, c. 190, §18, emerg. eff. 7/1/2009.