Delaware Administrative Code
Title 5 - Banking
2400 - Mortgage Loan Originators
2401 - Mortgage Loan Originator Licensing
Section 2401-3.0 - License and Registration Required
Current through Register Vol. 28, No. 3, September 1, 2024
3.1 Unless specifically exempted from the statute and this regulation, an individual shall not engage in the business of a mortgage loan originator with respect to any dwelling located in this State without first obtaining and then annually maintaining a license issued by the Commissioner under the statute and this regulation.
3.2 A loan processor or underwriter who is an independent contractor may not engage in the activities of a loan processor or underwriter without first obtaining and then annually maintaining a license issued by the Commissioner under the statute and this regulation.
3.3 Each licensed mortgage loan originator must register with the Nationwide Mortgage Licensing System and Registry and maintain a valid unique identifier.
3.4 Licenses shall not be transferable or assignable.
3.5 Every person licensed under the statute and this regulation shall be a financial institution for purposes of Part I of Title 5 of the Delaware Code.
