Delaware Banking Commissioner Adopts Regulation for Mortgage Loan Originator Licensing

Regulation 2401 has been adopted by the State Bank Commissioner in accordance with Title 5 of the Delaware Code and pursuant to the requirements of Chapters 11 and 101 of Title 29 of the Delaware Code. The effective date of the new regulation is December 11, 2008.

So what does that mean?

In a nutshell;

Any person seeking an initial license to engage in mortgage loan originating shall submit an application to the Commissioner as soon as practicable after employment by an originating entity.

and

Any person seeking to renew an existing license as an MLO shall submit an application to the Commissioner at least 30 days before the expiration of the existing license.

The application shall contain such information, and be submitted on such forms and in such manner as the Commissioner may designate.

I guess that is comforting.

Read the Authenticated Order Adopting Regulation 2401 (PDF).

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