As used in this chapter, unless the context requires a different meaning: “Entity” means any corporation, partnership, association, cooperative, limited liability company, trust, joint venture, or other legal or commercial entity. “Licensee” means a mortgage lender or mortgage broker licensed by the Commission pursuant to this chapter. “Mortgage broker” means any person who directly or […]
A. No person shall engage in business as a mortgage lender or a mortgage broker, or hold himself out to the general public to be a mortgage lender or a mortgage broker, unless such person has first obtained a license under this chapter. Subject to such conditions as the Commission may prescribe, an individual who […]
The following shall be exempt from the licensing and other provisions of this chapter: 1. Lenders making three or fewer mortgage loans in any period of 12 consecutive months; 2. Any person subject to the general supervision of or subject to examination by the Commissioner pursuant to Chapter 7 (§ 6.2-700 et seq.), 8 (§ […]
A. An application for a license under this chapter shall be made in writing, under oath and on a form provided by the Commissioner. B. The application shall set forth: 1. The name and address of the applicant; 2. If the applicant is a firm or partnership, the name and address of each member of […]
The application for a license shall also be accompanied by a bond filed with the Commissioner with corporate surety authorized to execute such bond in the Commonwealth, in the sum of $25,000, or such greater sum as the Commissioner may require. The form of the bond shall be approved by the Commission. The bond shall […]
A. The Commissioner may make such investigations as he deems necessary to determine if the applicant has complied with all applicable provisions of law and regulations. B. For the purpose of investigating individuals who are members, senior officers, directors, and principals of an applicant, such persons shall consent to a national and state criminal history […]
A. Upon the filing and investigation of an application for a license, and compliance by the applicant with the provisions of §§ 6.2-1603 and 6.2-1604, the Commission shall issue and deliver to the applicant the license applied for to engage in business under this chapter at the office locations specified in the application if it […]
A. Each license shall state the address of each office at which the business is to be conducted and shall state fully the name of the licensee. Each licensee shall (i) display proof of licensing upon request and (ii) prominently display at any location where the licensee conducts business in person with a borrower or […]
A. Except as provided in this section, no person shall acquire directly or indirectly 25 percent or more of the voting shares of a corporation or 25 percent or more of the ownership of any licensee unless such person first: 1. Files an application with the Commission in such form as the Commissioner may prescribe […]
A. Every mortgage lender or mortgage broker required to be licensed under this chapter shall maintain in its offices such books, accounts, and records as the Commission may reasonably require in order to determine whether such person is complying with the provisions of this chapter and regulations adopted hereunder. Such books, accounts, and records shall […]
Each licensee shall file periodic written reports with the Commissioner or the Registry containing such information as the Commissioner may require concerning the licensee’s business and operations. Reports shall be in the form and be submitted with such frequency and by such dates as may be prescribed by the Commissioner, who shall make and publish […]
The Commission may, as often as it deems necessary, investigate and examine the affairs, business, premises, and records of any mortgage lender or mortgage broker required to be licensed under this chapter insofar as they pertain to any business for which a license is required by this chapter. Examinations of such mortgage lenders shall be […]
A. To defray the costs of examination, supervision, and regulation, every: 1. Mortgage lender required to be licensed under this chapter shall pay an annual fee calculated in accordance with a schedule set by the Commission. The schedule shall bear a reasonable relationship to the business volume of an individual mortgage lender, the actual cost […]
The Commission shall adopt such regulations as it deems appropriate to effect the purposes of this chapter. Before adopting any such regulation, the Commission shall give reasonable notice of its content and shall afford interested parties an opportunity to present evidence and be heard, in accordance with the Commission’s Rules. 1987, c. 596, § 6.1-421; […]
No mortgage lender or mortgage broker required to be licensed under this chapter shall: 1. Obtain any agreement or instrument in which blanks are left to be filled in after execution; 2. Take an interest in collateral other than the real estate or residential property securing a mortgage loan, including any fixtures and appliances thereon […]
No mortgage lender required to be licensed under this chapter shall fail to require the person closing the mortgage loan to provide to the borrower prior to closing of the mortgage loan, a (i) settlement statement and (ii) disclosure which conforms to that required by the provisions of 15 U.S.C. § 1601 et seq. and […]
A. As used in this section: “Real estate broker” has the same meaning provided in § 54.1-2100. “Real estate salesperson” has the same meaning provided in § 54.1-2101. B. No mortgage broker required to be licensed under this chapter shall: 1. Except for documented costs of credit reports and appraisals, receive compensation from a borrower […]
The provisions of this chapter shall not be construed to prohibit a real estate broker, as defined in § 54.1-2100, who is either an owner of an interest in a real estate firm or acts as a real estate broker in a sole proprietorship, from: 1. Having an ownership interest in a mortgage broker or […]
A. All moneys required by a mortgage lender required to be licensed under this chapter to be paid by borrowers in escrow to defray future taxes or insurance premiums, or for other lawful purposes, shall be kept in accounts segregated from accounts of the lender, and shall not be commingled with other funds of the […]
A. The Commission may suspend or revoke any license issued under this chapter to a mortgage lender or mortgage broker upon any of the following grounds: 1. Any ground for denial of a license under this chapter; 2. Any violation of the provisions of this chapter or regulations adopted by the Commission pursuant thereto, or […]
