32-9-122. Designated manager and branch office license requirements.
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32-9-122 . Designated manager and branch office license requirements.
(1)A mortgage broker, mortgage lender, or mortgage servicer shall apply for a license for a main office and for every branch office through the NMLS and maintain a unique identifier. All locations must be within the United States or a territory, including Puerto Rico and the U.S. Virgin Islands.
(2)A mortgage broker or mortgage lender shall designate to the NMLS an individual who is licensed as a mortgage loan originator as the designated manager of the entity. The designated manager is responsible for the mortgage origination activity conducted by all mortgage loan originators, employees, independent contractors, and agents assigned to the entity.
(3)A designated manager must have 3 years of experience as either a mortgage loan originator or a registered mortgage loan originator.
(4)A designated manager is responsible for the operation of the entity at all physical and remote locations under the designated manager's full charge, supervision, and control.
(5)A mortgage broker or mortgage lender is responsible for the conduct of its employees, including for violations of federal or state laws, rules, or regulations.
(6)A designated manager is responsible for conduct that violates federal or state laws, rules, or regulations by the designated manager and each employee of the mortgage broker or mortgage lender.
(7)If the designated manager ceases to act in that capacity, within 15 days the mortgage broker or mortgage lender shall designate another individual licensed as a mortgage loan originator as designated manager and shall submit information to the NMLS establishing that the subsequent designated manager complies with the provisions of this part.
(8)If the employment of a designated manager is terminated, the mortgage broker or mortgage lender shall remove the sponsorship of the designated manager on the NMLS within 5 business days of the termination.
(9)A mortgage servicer is responsible for the acts and omissions of its employees, agents, and independent contractors acting in the course and scope of their employment, agency, or contract. (See part compiler's comment regarding contingent suspension.)