Ohio Code 1322.34 – Examination and maintenance of records; reports to NMLS
(A) As often as the superintendent of financial institutions considers it necessary, the superintendent may examine the records of a registrant or licensee or holder of a letter of exemption issued under this chapter, including all records created or processed by a licensee, pertaining to business transacted pursuant to this chapter.
Terms Used In Ohio Code 1322.34
- Entity: means a business organization, including a sole proprietorship. See Ohio Code 1322.01
- Licensee: means any individual who has been issued a mortgage loan originator license under this chapter. See Ohio Code 1322.01
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage: means the consensual interest in real property located in this state, including improvements to that property, securing a debt evidence by a mortgage, trust indenture, deed of trust, or other lien on real property. See Ohio Code 1322.01
- Mortgage broker: means an entity that for compensation or gain, or in the expectation of compensation or gain, obtains, attempts to obtain, or assists in obtaining a residential mortgage loan for a borrower from a mortgage lender. See Ohio Code 1322.01
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Mortgage loan originator: means an individual who for compensation or gain, or in the expectation of compensation or gain, does any of the following:
(a) Takes a residential mortgage loan application;
(b) Assists or offers to assist a buyer in obtaining or applying to obtain a residential mortgage loan by, among other things, advising on loan terms, including rates, fees, and other costs;
(c) Offers or negotiates terms of a residential mortgage loan;
(d) Issues or offers to issue a commitment for a residential mortgage loan to a buyer. See Ohio Code 1322.01
- Nationwide mortgage licensing system and registry: means a licensing system developed and maintained by the conference of state bank supervisors and the American association of residential mortgage regulators, or their successor entities, for the licensing and registration of persons providing non-depository financial services. See Ohio Code 1322.01
- Person: means an individual, sole proprietorship, corporation, company, limited liability company, partnership, limited liability partnership, trust, or association. See Ohio Code 1322.01
- Registrant: means any person that has been issued a certificate of registration under this chapter. See Ohio Code 1322.01
- state: means the state of Ohio. See Ohio Code 1.59
- Superintendent of financial institutions: includes the deputy superintendent for consumer finance as provided in section 1181. See Ohio Code 1322.01
(B) A registrant or licensee shall maintain records pertaining to business transacted pursuant to this chapter for four years. For purposes of this division, “registrant or licensee” includes any person whose certificate of registration or license is cancelled, surrendered, or revoked or who otherwise ceases to engage in business as a mortgage lender, mortgage servicer, mortgage broker, or mortgage loan originator.
No registrant or licensee shall fail to comply with this division.
(C) Each registrant, licensee, and entity holding a valid letter of exemption issued under this chapter shall submit to the nationwide mortgage licensing system and registry call reports or other reports of condition, which reports shall be in such form and shall contain such information as the nationwide mortgage licensing system and registry may require. Each registrant and entity holding a valid letter of exemption under this chapter shall ensure that all residential mortgage loans that are consummated as a result of a mortgage loan originator‘s loan origination activities or serviced by the registrant or entity holding a valid exemption are included in the report of condition submitted to the nationwide mortgage licensing system and registry.
(D) Any document or record that is required to be signed and that is filed in this state as an electronic record through the nationwide mortgage licensing system and registry, and any other electronic record filed through the nationwide mortgage licensing system and registry, shall be considered a valid original document upon reproduction to paper form by the division of financial institutions.
(E) In the event electronic records, books, records, data, and documents of a registrant or holder of a letter of exemption issued under this chapter are located outside of this state and the superintendent determines that an in-person examination is necessary, the registrant or holder of a letter of exemption shall, upon the request of the superintendent, pay the estimated costs of the examination, including the proportionate cost of the salaries of division of financial institutions employees who conduct the examination.
Last updated June 22, 2021 at 2:27 PM