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18 Cards in this Set
- Front
- Back
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Schedule a hearing within 14 days of issuing the order.
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The Secretary of Banking.
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If it occurred over 7 years ago (not involving financial services) or if it was pardoned.
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Mortgage lenders, brokers, correspondent lenders, loan originators, and independently contracted processors/underwriters.
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Within 10 days.
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4 years.
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If they can prove that they do not and will not accept fees prior to close.
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As a person who directly or indirectly originates and closes mortgage loans with the use of its own funds.
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Mortgage broker fees; closing agent fees; charges by third parties such as appraisal, credit report, and premiums for homeowners insurance; insurance premiums for credit life, accident, loss of income, and debt cancelation; or real-estate related
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A fine of up to 10,000.
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30 days before foreclosure actions are taken.
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The refinance is after 10 years from the date of closing, or the lender consents.
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Using any name other than their legal name, closing or servicing mortgage loans in their own name, offering lock-in agreements in their own name, or originating for more than one employer.
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3 hours.
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If the licensee fails to maintain a valid license for a period of 5 years or longer.
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Title examination fee, credit report fee, appraisal fee, broker fee, and co-brokering fee.
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The issues that led to suspension, revocation or denial are corrected; it’s believed the fact or condition is not likely to occur again; and all other requirements of the Mortgage Licensing Act have been satisfied.
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Within 30 days.
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An approved counselor, employee of an approved counselor, or current licensee holding the mortgage note.
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The interest rate that is locked in, the expiration of the lock-in, and any discount points/lock-in fees associated with the rate-lock.
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A fee of $20 or 10% of the late payment, whichever is greater.
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An agreement where the borrower must waive any rights they are given by law, assign a borrower’s wages, or pay any amount other than the unpaid balance of the mortgage loan.
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Loan processing, underwriting, or selling timeshare plans.
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An individual/natural person who takes a mortgage loan application or offers or negotiates the terms of a mortgage loan for compensation or gain.
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Appeal the decision within 30 days to the Secretary of Banking.
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8 hours.
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All applicants must complete a background check, file an application, pay application fees, and obtain a surety bond. Mortgage loan originators must complete pre-licensing education and mortgage lenders/correspondent lenders must maintain a specific net worth as well.
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The total amount of PA loans originated.
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March 31st.
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Promissory note.
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Conducting business under any name other than the name stated in the license, closing or servicing mortgage loans in their own name, and offering lock-in agreements in their own name.
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A person is defined as a corporation, partnership, limited liability company, business trust or any other common enterprise. A natural person is an individual.
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They cannot charge anything.
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At the licensee’s principle office.
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As a residential structure, mobile home, or trailer used as a residence which contains 1 to 4 family housing units.
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The consumer can file a formal complaint against the licensee with the Department.
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