SECTION 160:55-3-13. Challenging information entered into NMLS&R

(a)   Purpose. This rule establishes a process for mortgage brokers, mortgage lenders and mortgage loan originators to challenge information entered into NMLS&R by the Administrator. A process for challenging information entered into NMLS&R is required by the SAFE Act.

(b)   Process. A mortgage broker, mortgage lender or mortgage loan originator shall comply with the following procedures to challenge information entered into NMLS&R by the Administrator:

(1)   A mortgage broker, mortgage lender or mortgage loan originator shall submit written notification to the Administrator indicating the mortgage broker, mortgage lender or mortgage loan originator is challenging information entered into NMLS&R by the Administrator concerning the mortgage broker, mortgage lender or mortgage loan originator.

(2)   The written notification may be submitted by electronic mail, facsimile, United States Mail or courier service. The Administrator may require a different method of notification if the method of notification utilized by a mortgage broker, mortgage lender or mortgage loan originator is illegible or is unable to be viewed by the Administrator. The Administrator may notify a mortgage broker, mortgage lender or mortgage loan originator that a different method of notification must be utilized via electronic mail, facsimile, United States Mail or courier service.

(3)   Written notification shall indicate the information being challenged.

(4)   Written notification shall include documentation substantiating the challenge.

(5)   Written notification shall include the unique identifier of the mortgage broker, mortgage lender or mortgage loan originator.

(c)   Decision of Administrator.

(1)   The Administrator shall notify the mortgage broker, mortgage lender or mortgage loan originator of the decision concerning the challenge.

(2)   The decision of the Administrator shall be in writing and shall state the action taken by the Administrator in response to the challenge of the mortgage broker, mortgage lender or mortgage loan originator.

(3)   The decision of the Administrator may be submitted to the mortgage broker, mortgage lender or mortgage loan originator by certified United States Mail, return receipt requested, electronic mail, facsimile, courier service or regular United States mail.

(d)   Hearing.

(1)   Within thirty (30) days after notification of the decision is sent, the mortgage broker, mortgage lender or mortgage loan originator may request a hearing concerning an adverse decision of the Administrator regarding the challenge of the mortgage broker, mortgage lender or mortgage loan originator.

(2)   A mortgage broker or mortgage loan originator shall request a hearing in writing via electronic mail, facsimile, United States mail or courier service. The request shall be directed to the Administrator.

(3)   A hearing shall be conducted in accordance with Article II of the APA and the SAFE Act.

(4)   The Administrator shall issue a final order concerning the challenge as required by the APA.

[Source: Added at 26 Ok Reg 2947, eff 6-22-09 (emergency); Added at 27 Ok Reg 1763, eff 7-1-10; Amended at 31 Ok Reg 949, eff 9-12-14]