Ohio Admin. Code 1301:8-7-16 - Prohibited practices
(A)
Failing to return all original documents provided to
the registrant or licensee by the borrower ;
(B)
Permitting an
unlicensed individual to originate residential mortgage loans;
(C)
Sharing or
splitting any commission, discount, fee or other compensation for originating a
residential mortgage loan with a person who is not licensed or registered under
Chapter 1322. of the Revised Code but who should be licensed or
registered;
(D)
Knowingly aiding, abetting, or conspiring with a
person to circumvent the requirements of Chapter 1322. of the Revised Code or
this rule chapter;
(E)
Recommending or encouraging default or delinquency or
continuation of an existing default or delinquency by a borrower on any
existing indebtedness prior to closing a residential mortgage loan which
refinances all or a portion of such existing indebtedness;
(F)
Promising to
refinance a residential mortgage loan in the future at a lower interest rate or
with more favorable terms;
(G)
Materially
underestimating closing costs;
(H)
Depositing any
residential mortgage loan disbursement check that is not made payable to the
registrant, qualified exempt entity or licensee;
(I)
Abandoning or
improperly disposing of loan files containing financial and mortgage
information of borrowers;
(J)
Refusing or failing to fund a consummated loan, other
than when an borrower rescinds the loan in accordance with
12 C.F.R.
1026.15 or
1026.23
(relating to the right of rescission), as in effect on January 12, 2014;
or
(K)
Any other conduct the superintendent determines
constitutes improper, fraudulent, or dishonest dealings;
Replaces: 1301:8-7-16
Notes
Promulgated Under: 119.03
Statutory Authority: 1322.12
Rule Amplifies: 1322.07
Prior Effective Dates: 9/1/2006
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