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After twenty-three (23) years in the business, 2 MLO’s are denied renewal of their license. Back at their mortgage office, one MLO has a pipeline of five million dollars ($5,000,000) in loans yet to close that mean big commissions. The MLO arranges with the broker to stay out of sight and work the files until these loans close so he can be paid. The MLO also agrees with the broker to not originate any more loans because of the non renewal.
Identify two things
that are wrong with this situation based on your knowledge of Tennessee
mortgage law?
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ReplyDeleteTN State Law Assignment 1 of 2 - Don White
ReplyDeleteThe MLO cannot legally be paid or compensated for loans completed after his license expires, regardless of who does the work or part of the work.
The MLO will receive disciplinary action if the broker acts on behalf of the MLO and violates the TN Residential Lending, Brokerage & Servicing Act.
The broker also is acting illegally by assisting anyone to conduct business under the TN Residential Lending, Brokerage & Servicing Act.
The MLO is not bale to continue work and or get paid for any work done after his license expired. The MLO and broker, if he lets the MLO continue, are both violating the laws.
ReplyDelete