Tenn. Comp. R. & Regs. 0180-17-.11 - EXPERIENCE REQUIRED FOR A LICENSE

Current through March 20, 2022

(1) Experience Required. The Department of Financial Institutions shall not issue a mortgage lender, mortgage loan broker, or mortgage loan servicer license unless the applicant demonstrates at least three (3) years of relevant and substantive experience in the mortgage loan industry. Experience is considered relevant if it occurred within the five (5) years preceding the date of application. The Department shall deny an application for licensure if the applicant does not provide the Department with satisfactory evidence of experience. Experience may be verified with any past or current employers, with taxing authorities, and/or with any other professional references. The experience required under this paragraph is a continuing requirement and the failure of a mortgage lender, mortgage loan broker or mortgage loan servicer to maintain the requisite experience (e.g. if the individual demonstrating the company's experience at initial licensure leaves the company) shall constitute grounds to suspend or revoke the license.
(2) Mortgage Lenders and Mortgage Loan Brokers. An applicant seeking licensure as a mortgage lender and/or mortgage loan broker must demonstrate experience by the individual designated in the application as the "managing principal." The experience required under paragraph (1) applies to mortgage lenders and mortgage loan brokers licensed prior to the effective date of this rule upon any change in managing principal.
(a) Change in Managing Principal. Upon any change in a mortgage lender's or mortgage loan broker's managing principal, the Department may, as a condition of continued licensure, request such evidence as it finds reasonably necessary to verify that the new managing principal has the requisite three (3) years experience in the mortgage loan industry.
(3) Mortgage Loan Servicers. An applicant seeking licensure solely as a mortgage loan servicer must demonstrate experience by the single individual identified in the application possessing significant managerial control over the applicant (such as the president or chief executive officer). If the applicant servicer is a sole proprietor, the applicant must demonstrate experience by the sole proprietor. The experience required under paragraph (1) applies to a mortgage loan servicer licensed prior to the effective date of this rule upon any change in the individual designated as demonstrating such experience in its 2010-2011 mortgage loan servicer renewal application.
(a) Change in Individual Demonstrating Experience. Upon any change in a mortgage loan servicer's designated individual demonstrating the experience required under paragraph (1), the Department may, as a condition of continued licensure, request such evidence as it finds reasonably necessary to verify that the new individual has the requisite three (3) years experience in the mortgage loan industry.

Notes

Tenn. Comp. R. & Regs. 0180-17-.11
Original rule filed May 28, 2010; effective October 29, 2010.

Authority: T.C.A. ยงยง 45-1-107(h), 45-13-103, 45-13-203, 45-13-211, 45-13-401(5) and 45-13-405(a-b).

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