Virginia Code 6.2-1707: Other conditions for mortgage loan originator licensing
In addition to the findings required by § 6.2-1706, the Commission shall not issue a mortgage loan originator license unless it finds that:
Terms Used In Virginia Code 6.2-1707
- Act: means the federal Secure and Fair Enforcement for Mortgage Licensing Act, Title V (§ 1501 et seq. See Virginia Code 6.2-1700
- Commission: means the State Corporation Commission. See Virginia Code 6.2-100
- Fraud: Intentional deception resulting in injury to another.
- 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
- Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
- 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 mortgage loan originators. See Virginia Code 6.2-1700
- Unique identifier: means a number or other identifier assigned by protocols established by the Registry that permanently identifies a mortgage loan originator. See Virginia Code 6.2-1700
1. The applicant has never had a mortgage loan originator license revoked by any governmental authority;
2. The applicant has not been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign, or military court (i) during the seven-year period preceding the application for licensing and registration; or (ii) at any time preceding such date of application if such felony involved an act of fraud, dishonesty, breach of trust, or money laundering;
3. The applicant has completed the pre-licensing education requirement described in § 6.2-1708;
4. The applicant has passed a written test that meets the test requirement described in § 6.2-1709; and
5. The applicant has become registered through, and obtained a unique identifier from, the Registry.
2009, cc. 273, 453, § 6.1-431.8; 2010, c. 794; 2014, cc. 295, 343; 2019, c. 740.