An Illinois-licensed mortgage lender allows its license to lapse for 60 days. Under the Residential Mortgage License Act, what is the consequence?
Correct Answer
A) The lender must immediately cease all mortgage lending activities
Under Illinois law, once a mortgage license lapses, the licensee must immediately cease all licensed activities. There is no grace period for operating without a valid license. The entity must apply for reinstatement or a new license.
Why This Is the Correct Answer
Under Illinois law, once a mortgage license lapses, the licensee must immediately cease all licensed activities. There is no grace period for operating without a valid license. The entity must apply for reinstatement or a new license.
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Under Chapter 156, the SML has the authority to take which of the following enforcement actions against an RMLO who violates Texas mortgage lending laws?
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A state regulatory authority has the power to examine mortgage loan originators and mortgage companies. During an examination, what records must be made available to the examiner?