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#45014 - 11/22/02 02:14 PM taking mortgage applications
Anonymous
Unregistered

has anyone been cited by the state examiners for not having the name and title of the individual taking a mortgage application on the app. they cited a number of loans of ours where there was a signature only, seems pretty picayune to me. thanks.

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#45015 - 12/05/02 10:41 PM Re: taking mortgage applications
Anonymous
Unregistered

You were cited more then likely, because they are making sure that they can identify that your loan application takers are W2 employees and properly licensed under your New York mortgage license. Many companies try to use third party loan officers and other referral entities through an independent contract. Many states require third party originators to obtain a license to operate in such manner.

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#45016 - 12/11/02 02:47 PM Re: taking mortgage applications
PatrickG Offline
100 Club
PatrickG
Joined: Jun 2001
Posts: 165
Binghamton, NY, USA
It's Part 38.3(b)(2)(iv)Every written application taken by a mortgage banker or exempt organization shall be signed by the employee taking such application, and shall include the name and/or title of such employee.

There is the same requirement in Part 38 for mortgage brokers.

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