(A) A registrant or entity holding a valid letter of exemption under division (B)(1) of section 1322.05 of the Revised Code shall supervise all business of a mortgage loan originator conducted at the principal office, any branch office, or other location used by the individual mortgage loan originator.

Terms Used In Ohio Code 1322.29

  • Another: when used to designate the owner of property which is the subject of an offense, includes not only natural persons but also every other owner of property. See Ohio Code 1.02
  • Branch office: means a location at which a licensee conducts business other than a registrant's principal place of business, if at least one of the following applies to the location:

    (1) The address of the location appears on business cards, stationery, or advertising used by the registrant;

    (2) The registrant's name or advertising at the location suggests that mortgage transactions are made at the location;

    (3) The location is held out to the public as a licensee's place of business due to the actions of an employee or independent contractor of the registrant; or

    (4) The location within this state is controlled directly or indirectly by the registrant. See Ohio Code 1322.01

  • Entity: means a business organization, including a sole proprietorship. See Ohio Code 1322.01
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • in writing: includes any representation of words, letters, symbols, or figures; this provision does not affect any law relating to signatures. See Ohio Code 1.59
  • Individual: means a natural person. See Ohio Code 1322.01
  • Licensee: means any individual who has been issued a mortgage loan originator license under this chapter. See Ohio Code 1322.01
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage: means the consensual interest in real property located in this state, including improvements to that property, securing a debt evidence by a mortgage, trust indenture, deed of trust, or other lien on real property. See Ohio Code 1322.01
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • Mortgage loan originator: means an individual who for compensation or gain, or in the expectation of compensation or gain, does any of the following:

    (a) Takes a residential mortgage loan application;

    (b) Assists or offers to assist a buyer in obtaining or applying to obtain a residential mortgage loan by, among other things, advising on loan terms, including rates, fees, and other costs;

    (c) Offers or negotiates terms of a residential mortgage loan;

    (d) Issues or offers to issue a commitment for a residential mortgage loan to a buyer. See Ohio Code 1322.01

  • Person: means an individual, sole proprietorship, corporation, company, limited liability company, partnership, limited liability partnership, trust, or association. See Ohio Code 1322.01
  • Registrant: means any person that has been issued a certificate of registration under this chapter. See Ohio Code 1322.01
  • Superintendent of financial institutions: includes the deputy superintendent for consumer finance as provided in section 1181. See Ohio Code 1322.01

(B) If a mortgage loan originator’s employment or association is terminated for any reason, the licensee may request the transfer of the license to another registrant by submitting a transfer application, along with a fifteen-dollar fee and any fee required by the national mortgage licensing system and registry, to the superintendent of financial institutions or may request the superintendent in writing to hold the license in escrow. Any licensee whose license is held in escrow shall cease activity as a mortgage loan originator. A licensee whose license is held in escrow shall be required to apply for renewal annually and to comply with the annual continuing education requirement.

(C) A registrant may employ or be associated with a mortgage loan originator on a temporary basis pending the transfer of the mortgage loan originator’s license to the registrant, if the registrant receives written confirmation from the superintendent that the mortgage loan originator is licensed under this chapter.

(D) Notwithstanding divisions (A) to (C) of this section, if a licensee is employed by or associated with a person or entity holding a valid letter of exemption under division (B)(1) of section 1322.05 of the Revised Code, and if the mortgage loan originator’s employment or association is terminated, the mortgage loan originator shall notify the superintendent within five business days after termination. The licensee may request the transfer of the license to another person or entity holding a valid letter of exemption under division (B)(1) of section 1322.05 of the Revised Code by submitting a transfer application, along with a fifteen-dollar fee and any fee required by the national mortgage licensing system and registry, to the superintendent or may request the superintendent in writing to hold the license in escrow. A licensee whose license is held in escrow shall cease activity as a mortgage loan originator. A licensee whose license is held in escrow shall be required to apply for renewal annually and to comply with the annual continuing education requirement.

(E) A licensee may seek to be employed by or associated with a registrant or a person or entity holding a valid letter of exemption under division (B)(1) of section 1322.05 of the Revised Code, if the registrant receives written confirmation from the superintendent that the mortgage loan originator is licensed under this chapter.

Last updated June 22, 2021 at 1:25 PM

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