Check
for UnderstandinG Question:
A licensee is a licensed mortgage loan originator in Michigan
and also Indiana. She originates a loan
in Indiana that gets her in to trouble with the Director of the Indiana
Department of Financial Institutions because she is caught committing loan
fraud by altering a document to get the customer qualified. This is a Felony and she pleads “nolo
contendere” (no contest) to the charge in Indiana and she is convicted.
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She will also lose her license in Michigan as well
ReplyDeleteSince the MLO is convicted of a felony in Indiana - she will loose her license in Michigan.
ReplyDeleteMaggie M
DeleteSince she was convicted of fraud in Indiana, she will loose her ability to practice as an MLO in Michigan or any other state in the future.
ReplyDelete