Ohio Code 1322.27 – Examination for mortgage loan originator license
Each applicant for a mortgage loan originator license shall submit to a written test that is developed and approved by the nationwide mortgage licensing system and registry and administered by an approved test provider.
Terms Used In Ohio Code 1322.27
- Approved test provider: means any test provider approved by the nationwide mortgage licensing system and registry. See Ohio Code 1322.01
- Fraud: Intentional deception resulting in injury to another.
- Individual: means a natural person. 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 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
- Registered mortgage loan originator: means an individual to whom both of the following apply:
(1) The individual is a mortgage loan originator and an employee of a depository institution, a subsidiary that is owned and controlled by a depository institution and regulated by a federal banking agency, or an institution regulated by the farm credit administration. See Ohio Code 1322.01
- state: means the state of Ohio. See Ohio Code 1.59
(A) The test shall adequately measure the applicant’s knowledge and comprehension in appropriate subject areas, including ethics, federal and state law related to mortgage origination, fraud, consumer protection, and the nontraditional mortgage marketplace, and fair lending issues.
(B) An individual shall not be considered to have passed the written test unless the individual answers at least seventy-five per cent of the questions correctly.
(C) An individual may retake the test three consecutive times provided the period between taking the tests is at least thirty days. If an individual fails three consecutive tests, the individual shall be required to wait at least six months before taking the test again.
(D) If a mortgage loan originator fails to maintain a valid mortgage loan originator license for a period of five years or longer, the individual shall be required to retake the test.
For this purpose, any time during which the individual is a registered mortgage loan originator shall not be taken into account.
Last updated June 22, 2021 at 1:19 PM