Mortgage Act

The act establishes a licensing and regulatory framework for the mortgage industry, reaching mortgage brokers, mortgage lenders, mortgage servicers, and mortgage loan originators, along with the loan processors and underwriters working under them. It conditions doing business on holding a license — subject to enumerated exemptions — and sets the terms of that license: prelicensing and continuing education, examination and experience requirements, applications and renewals filed through a nationwide multistate mortgage licensing system, surety bonds, branch office and designated manager requirements, escrow fund and recordkeeping obligations, and disclosure duties paired with prohibited practices. Administration and enforcement rest with a state department authorized to make rules, investigate and subpoena witnesses and evidence, deny, condition, suspend, or revoke licenses, issue cease and desist orders, seek injunctions and receivers, and impose penalties and restitution.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.