12 U.S.C. § 1735f-10 — Change of mortgagee status

(a) Notification Upon the occurrence of any action described in subsection (b), an approved mortgagee shall immediately submit to the Secretary , in writing, notification of such occurrence. (b) Actions The actions described in this subsection are as follows: (1) The debarment, suspension or a Limited Denial of Participation (LDP), or application of other sanctions, other exclusions, fines, or penalties applied to the mortgagee or to any officer, partner, director, principal, manager, supervisor, loan processor, loan underwriter, or loan originator of the mortgagee pursuant to applicable provisions of State or Federal law. (2) The revocation of a State -issued mortgage loan originator license issued pursuant to the S.A.F.E. Mortgage Licensing Act of 2008 ( 12 U.S.C. 5101 et seq.) or any other similar declaration of ineligibility pursuant to State law. (June 27, 1934, ch. 847, title V, § 532, as added Pub. L. 111–22, div. A, title II, § 203(e) , May 20, 2009 , 123 Stat. 1647 .) Editorial Notes References in Text The S.A.F.E. Mortgage Licensing Act of 2008 , referred to in subsec. (b)(2), is title V of div. A of Pub. L. 110–289 , July 30, 2008 , 122 Stat. 2810 , also known as the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 , which is classified generally to chapter 51 (§ 5101 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 5101 of this title and Tables. Prior Provisions A prior section 1735f–10, act June 27, 1934, ch. 847, title V, § 532, as added Pub. L. 97–35, title III, § 339G , Aug. 13, 1981 , 95 Stat. 418 , which related to purchaser-broker arrangement payments for insurance purposes, was repealed by section 203(e) of Pub. L. 111–22 .

Related documents

• 12 U.S.C. § 1735f-19 — Partial payment of claims on defaulted mortgages and in connection with mortgage restructuring#564543
• 15 U.S.C. § 1639b — Residential mortgage loan origination#566607
• 12 U.S.C. § 5220b — Multifamily mortgage resolution program#563499
• 12 U.S.C. § 1715z-22 — Multifamily mortgage credit programs#564638
• 12 CFR Part 1007 — S.A.F.E. Mortgage Licensing Act—Federal Registration of Residential Mortgage Loan Originators (Regulation G)#505511