Delaware Code Title 5 Sec. 2411 – Authority to require license
(a) In addition to any other duties imposed upon the Commissioner by law, the Commissioner shall require mortgage loan originators to be licensed and registered through the Nationwide Mortgage Licensing System and Registry.
Terms Used In Delaware Code Title 5 Sec. 2411
- Commissioner: means the State Bank Commissioner. See Delaware Code Title 5 Sec. 2403
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Nationwide Mortgage Licensing System and Registry: means a mortgage licensing system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for the licensing and registration of licensed mortgage loan originators. See Delaware Code Title 5 Sec. 2403
- Statute: A law passed by a legislature.
(b) In order to carry out this requirement, the Commissioner is authorized to participate in the Nationwide Mortgage Licensing System and Registry. Notwithstanding any other statute to the contrary, the Commissioner may, for this purpose, establish by rule, regulation or order requirements as necessary, including but not limited to:
(1) Background checks for:
a. Criminal history through fingerprint or other databases;
b. Civil or administrative records;
c. Credit history; or
d. Any other information as deemed necessary by the Nationwide Mortgage Licensing System and Registry;
(2) The payment of fees to apply for or renew licenses through the Nationwide Mortgage Licensing System and Registry;
(3) The setting or resetting as necessary of renewal or reporting dates; and
(4) Requirements for amending or surrendering a license or any other such activities as the Commissioner deems necessary for participation in the Nationwide Mortgage Licensing System and Registry.