Under Ohio law, what happens when the DFI issues a cease-and-desist order against a licensed mortgage entity and the entity violates the order?
Correct Answer
D) The entity may face contempt proceedings, additional fines, license revocation, and criminal referral
Violating a DFI cease-and-desist order in Ohio is a serious offense that can result in contempt proceedings, escalated fines, immediate license revocation, and referral to the Attorney General for criminal prosecution.
Why This Is the Correct Answer
Violating a DFI cease-and-desist order in Ohio is a serious offense that can result in contempt proceedings, escalated fines, immediate license revocation, and referral to the Attorney General for criminal prosecution.
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Under the GRMA, what disclosure requirements apply to mortgage brokers when presenting loan options to borrowers?
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An MLO receives a $15,000 fine from the state regulator but believes it is excessive. The MLO wants to continue working while appealing the fine. Which statement is most accurate?