Pennsylvania NMLS
Pennsylvania home loan mortgage answers
If an
institution possesses the word federal in its name or the
acronym F.S.B. after its name, that institution is regulated by:
The
Pennsylvania Department of Banking
The
Comptroller of the Currency (OCC)
The
Office of Thrift Supervision (OTS)
The
National Credit Union Administration (NCUA)
In Pennsylvania, any institution that possesses the
word federal in its
name or the acronym F.S.B. after its name is regulated by the Office of
Thrift Supervision (OTS).
If an
institution possesses the word national in its name or the
acronym N.A. after its name, that institution is regulated by:
The
National Credit Union Administration (NCUA)
The
Comptroller of the Currency (OCC)You correctly checked this.
The
Pennsylvania Department of Banking
The
Office of Thrift Supervision (OTS)
In the
state of Pennsylvania, any institution that possesses the word national
in its name or the acronym N.A. after its name is regulated by the
Comptroller of the Currency (OCC).
The PA
Dept of Banking does not have the authority to:
Terminate any employee of a licensee for violations
committed
Issue
subpoenas
Conduct
administrative hearings
Examine
any document or file of a licensee
Even though the PA Dept of Banking
does not have the authority to terminate employees
of a licensee who has committed violations,
they do have the authority to prohibit
or permanently remove a person or
licensee responsible for a violation from
working in the present capacity or in
any capacity of the person or licensee
related to activities regulated by the Department
Mortgage
Licensees are regulated by which office?
National
Credit Union Administration
Office
of Thrift Supervision
PA
Department of Banking
Comptroller
of the Currency
Mortgage Licensees in the State of Pennsylvania
are regulated by the PA Department of Banking.
The PA Department of Banking regulates
and oversees a wide variety of financial institutions but they do not regulate all financial institutions
doing business in Pennsylvania.
If the institution has national or N.A.
in its name it is regulated by
the Comptroller of the Currency (OCC).
If the institution has federal or F.S.B. in its name,
it is regulated by the Office of Thrift Supervision (OTS).
If the institution is a credit union with the
word federal in its name, it is regulated by
the National Credit Union
Administration (NCUA).
The
Pennsylvania Department of Banking may do any of the following except for:
Order
a person or licensee to make restitution for actual damages to consumers
Request
and receive records of any kind
Regulate an institution which possesses the
word national in its name or the acronym
N.A. after its name
Prohibit
or permanently remove a person or licensee responsible for violations of the
law
The Pennsylvania Department of Banking does not regulate institutions that possess the word
national in their name or the acronym
N.A. after their name.
Such institutions are regulated by
the Comptroller of the Currency (OCC).
If a
lender purposefully engages in a pattern or practice of material violation of
Consumer Equity Protection, an obligor:
Put
a statement in their credit report
May
initiate a criminal action
May
file a complaint with the Secretary of the Department of Banking
May
initiate a civil action to recover damages
Violations to Mortgage Loan Lender by licensee or
employees of licensee may result in fines up to:
$500
per offense
$1,500
per offense
$5,000
per offense
$10,000
per offense
A person licensed, or director, officer, owner,
partner, employee, or agent of a licensee
who violates PA mortgage law or
commits any action that subjects the licensee to suspension, revocation, or nonrenewal may be fined by
the Department of Banking
up to $10,000 for each offense.
Conduct or practices that the DOB
believes to be dishonest, fraudulent,
illegal, unfair, unethical, negligent,
or incompetent may result in:
Criminal
action in the judicial network
An
onsite examination with expenses billed to the licensee
An
administrative action against the licensee by the DOB
Civil
action in the judicial network
A
decision of the Secretary of Banking is a final order of the department and is
enforceable:
In
a court of competent jurisdiction
By
reporting order to Nationwide Mortgage Licensing System Registry
By
state and county governments
In
the state where it was issued
A decision of the Secretary of Banking
shall be a final order of the Department
and shall be
enforceable in a court of competent jurisdiction.
Licensees
may have their licenses revoked or suspended for:
Conducting mortgage originations through
an unlicensed mortgage originator
Maintaining
books and records at licensed branch locations where loans were originated
Paying
the annual renewal fee on time
Conducting mortgage originations through licensed affiliates
or subsidiaries
https://www.phfa.org/programs/refinance.aspx
