Delaware Administrative Code
Title 5 - Banking
2400 - Mortgage Loan Originators
2401 - Mortgage Loan Originator Licensing
Section 2401-15.0 - Records and Reports

Universal Citation: 5 DE Admin Code 2401-15.0

Current through Register Vol. 28, No. 3, September 1, 2024

15.1 Every licensed mortgage loan originator shall promptly notify the Commissioner of the following:

15.1.1 any change of primary residence address;

15.1.2 any pending felony charges or conviction;

15.1.3 any pending criminal charges or conviction involving financial services, a financial services related business, fraud, dishonesty, breach of trust, false statements or omissions, consumer deception, theft, wrongful taking of property, identity theft, bribery, perjury, forgery, extortion, or money laundering;

15.1.4 cessation of employment or termination of affiliation with any person for whom the mortgage loan originator had been providing residential mortgage loan origination services;

15.1.5 the initiation, settlement, or other resolution of any complaint, litigation, administrative action, or other proceeding against the mortgage loan originator by any person, governmental unit or self-regulatory organization involving residential mortgage loans, financial services, a financial services related business, fraud, dishonesty, breach of trust, false statements or omissions, consumer deception, theft, wrongful taking of property, identity theft, bribery, perjury, forgery, extortion, or money laundering;

15.1.6 the filing of any bankruptcy petition in which the mortgage loan originator is the debtor in the proceeding;

15.1.7 the entry of any judgment, tax lien, other government lien or similar filing against the mortgage loan originator; and

15.1.8 the initiation of any foreclosure action against the mortgage loan originator.

15.2 Every licensed mortgage loan originator shall maintain a journal of residential mortgage loan applications, which shall include, at a minimum, the following information:

15.2.1 the full name and address of all proposed borrowers and co-borrowers;

15.2.2 the address of the residential real estate to be used as security for the loan;

15.2.3 the date the mortgage loan originator took the loan application for the mortgage loan;

15.2.4 the name and the unique identifier or other unique identifying number of the mortgage loan originator's employer or other person for whom the mortgage loan originator was providing residential mortgage loan origination services; and

15.2.5 the disposition of the loan application and date of disposition. The disposition of the application shall be categorized as either loan closed, loan denied, application withdrawn, application in process, or other (with an explanation provided).

15.2.6 The journal shall be kept current, updated no less frequently than every 10 business days.

15.3 All licensed mortgage loan originators who maintain their own surety bond coverage must keep copies of their bonds and also provide copies to their employer or other person for whom the mortgage loan originator was providing residential mortgage loan origination services.

15.4 All records required by this section shall be maintained for a period of five (5) years.

Disclaimer: These regulations may not be the most recent version. Delaware may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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