Regulatory Alerts2008-10-01
Added · Updated
Proposed: 2401 Mortgage Loan Originator Licensing
The State Bank Commissioner proposes Regulation 2401 to implement licensing requirements for mortgage loan originators under Chapter 24 of Title 5 of the Delaware Code. The regulation establishes application procedures, exemptions for certain organizations and attorneys, and specific fees, including a $250 investigation fee, a $30 processing fee, and a $250 annual license fee. It mandates that originators obtain licenses, maintain inactive status when not employed, and adhere to record-keeping and reporting obligations, while originating entities must verify licenses and retain education certificates for six years.