The SML's supervisory authority over licensed mortgage companies includes the power to do which of the following?
Correct Answer
B) Issue cease-and-desist orders against companies engaged in violations of mortgage lending laws
The SML has the authority to issue cease-and-desist orders against licensed mortgage companies engaged in violations of Texas mortgage lending laws. This is a key enforcement tool in the SML's supervisory toolkit.
Why This Is the Correct Answer
The SML has the authority to issue cease-and-desist orders against licensed mortgage companies engaged in violations of Texas mortgage lending laws. This is a key enforcement tool in the SML's supervisory toolkit.
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A mortgage company licensed in Indiana wants to begin originating loans in Illinois. Under the Residential Mortgage License Act, what must the company do?
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