Delaware Administrative Code
Title 5 - Banking
2400 - Mortgage Loan Originators
2401 - Mortgage Loan Originator Licensing
Section 2401-2.0 - Exemptions

Universal Citation: 5 DE Admin Code 2401-2.0

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

The following are exempt from the statute and this regulation:

2.1 registered mortgage loan originators, when acting for an entity that is:

2.1.1 a depository institution;

2.1.2 a subsidiary that is:
2.1.2.1 owned and controlled by a depository institution; and

2.1.2.2 regulated by a federal banking agency; or

2.1.3 an institution regulated by the Farm Credit Administration;

2.2 any individual who offers or negotiates terms of a residential mortgage loan with or on behalf of an immediate family member of the individual;

2.3 any individual who offers or negotiates terms of a residential mortgage loan secured by a dwelling that served as the individual's residence; and

2.4 a licensed attorney who negotiates the terms of a residential mortgage loan on behalf of a client as an ancillary matter to the attorney's representation of the client, unless the attorney is compensated by a lender, a mortgage broker, or other mortgage loan originator or by any agent of such lender, mortgage broker, or other mortgage loan originator.

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