5 Hour MD SAFE: MD Assignment 1 of 2
Assignment:
Read the following scenario and answer the questions in the comments section below:
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Read the following scenario and answer the questions in the comments section below:
A person who was licensed in Pennsylvania to originate
mortgage loans has his license revoked for committing an act of mortgage fraud,
specifically he was caught altering a document to get a customer qualified. The MLO did plead no contest, however, was
ultimately convicted of a felony for his act of mortgage fraud. Two years later the same individual decides
to apply for an MLO license in Maryland.
Based on your knowledge of Maryland
mortgage law, will the applicant be issued a license. What are of the law did you determine your
answer from?
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This applicant will not be issued a license because he had his license revoked in another governmental jurisdiction and he has been convicted of a felony. The Office of the Commissioner of Financial Regulation is responsible for chartering and supervising Maryland state-chartered banks, credit unions and trust companies; licensing and supervising state-licensed financial institutions including mortgage lenders, mortgage brokers, mortgage servicers, mortgage loan originators, affiliated insurance producer-originators, check cashers, money transmitters, consumer debt collection agencies, consumer lenders, installment lenders, sales finance businesses, credit services businesses, debt management companies; and registering and supervising credit reporting agencies and debt settlement companies, to ensure compliance with the laws and regulations of Maryland. Mortgage professionals are regulated by the Office of the Commissioner of Financial Regulation and those are the rules pertaining to an MLO license being revoked and being a convicted of a felony.
ReplyDeleteNo. According to Section 1505 of the SAFE act, subsection "Issuance of License", point #2: he was convicted of a felony. Yes, he pleaded no contest, but that is covered under the clause.
ReplyDelete