Ohio Administrative Code › Title 1301:8 - Division of Financial Institutions: Consumer Finance › Chapter 1301:8-7 - Rules Relating to Mortgage Brokers › Section 1301:8-7-03 - Standards for applications, certificates of registration, letters of exemption, and licenses

Current through all regulations passed and filed through July 1, 2024
(A)
								 Submitting an
			 application for a certificate of registration, letter of exemption or license
			 via the NMLS does not authorize the applicant to begin acting as a registrant,
			 qualified exempt entity, or licensee. The applicant must first receive an
			 active certificate of registration, letter of exemption or license from the
			 superintendent to be authorized to begin acting as a registrant, qualified
			 exempt entity, or licensee.
(B)
								 Each question
			 and answer on the NMLS, including any exhibit or attachment, is material to the
			 application process. Submitting false or fraudulent information or omitting
			 information is grounds to refuse to issue the certificate of registration,
			 letter of exemption, or license and may subject the applicant and individuals
			 who signed and attested to the application to administrative, civil, or
			 criminal actions.
(C)
								Engaging in mortgage broker or loan origination
			 activity on or after the first day of January by a person who fails to submit a
			 renewal application via the NMLS by the thirty-first day of January constitutes
			 activity without a certificate of registration or license in violation of
			 Chapter 1322. of the Revised Code, and the person engaged in the violation may
			 be subject to administrative, civil, or criminal actions.
(D)
								 Registrants,
			 qualified exempt entities, licensees, and applicants are responsible for
			 ensuring that all information maintained on the NMLS is current and accurate.
			 If information on the NMLS becomes out-of-date or inaccurate for any reason,
			 the registrant, qualified exempt entity, licensee or applicant shall correct
			 the information within ten business days of the change unless a different time
			 frame is specified in Chapter 1322. of the Revised Code or rule
			 1301:8-7-19
			 of the Administrative Code.
(E)
								 In order to
			 apply for an active license, a licensee or applicant to be a licensee shall
			 have a sponsorship request submitted via the NMLS on his or her behalf by the
			 registrant or qualified exempt entity with whom the licensee or applicant seeks
			 to be associated or employed.
(F)
								 Having a
			 sponsorship submitted via the NMLS is not sufficient to activate a license. To
			 be authorized to originate residential mortgage loans for a registrant or
			 qualified exempt entity, the sponsorship request must be approved by the
			 superintendent and the loan originator must receive an active license from the
			 superintendent.
(G)
								An individual or registered loan originator may obtain
			 or maintain a license in escrow without having a sponsorship submitted via the
			 NMLS on his or her behalf by a registrant or qualified exempt entity. The
			 licensee shall not originate residential mortgage loans while his or her
			 license is in escrow.
(H)
								 A licensee shall not originate a residential mortgage
			 loan for a transaction that is governed by sections
			 1321.51 to
			 1321.60 of the Revised Code
			 unless the individual is licensed as a mortgage loan originator as that term is
			 defined in division (P) of section
			 1321.51 of the Revised Code. An
			 individual may obtain a loan originator license under Chapter 1322. of the
			 Revised Code and a mortgage loan originator license under sections
			 1321.51 to
			 1321.60 of the Revised Code if
			 the individual's sponsor is registered to originate loans pursuant to both
			 statutes. An individual shall not be employed by or associated with more than
			 one registrant or qualified exempt entity at any one time. For purposes of this
			 paragraph, registrant includes a person registered under sections
			 1321.51 to
			 1321.60 of the Revised
			 Code.
(I)
								 When transferring to a different registrant or
			 qualified exempt entity, or when a loan originator seeks to activate an
			 escrowed license, a nonrefundable fifteen dollar fee plus applicable NMLS fees
			 must be submitted via the NMLS.
(J)
								An applicant may
			 request the withdrawal of an application for a certificate of registration,
			 letter of exemption or license prior to a determination on the application
			 being made by the superintendent by submitting a request via the NMLS. The
			 application may only be withdrawn with the permission of the superintendent. An
			 application withdrawn at the request of the applicant may only be re-activated
			 within seven calendar days of the withdrawal for good cause shown and at the
			 discretion of the superintendent. A withdrawn application does not prohibit a
			 person from reapplying.
(K)
								 An escrowed or suspended license is subject to all of
			 the following:
(1)
									 If a license is placed in escrow or suspended, the
			 licensee shall comply with the continuing education requirements of section
			 1322.052 of the Revised Code. Placing a license in escrow or having a license
			 suspended does not extend or toll the time for completion of the licensee's
			 continuing education requirements;
(2)
									An escrowed or
			 suspended license may be renewed pursuant to division (B) of section 1322.041
			 of the Revised Code;
(3)
									 An escrowed or suspended license is subject to
			 suspension, refusal, revocation, or any other administrative, civil, or
			 criminal actions for conduct occurring before, during, or after the license was
			 placed in escrow or suspended status.