How soon must a mortgage loan originator notify the Division of Real Estate about a change in criminal status?

A mortgage loan originator is required to notify the Division of Real Estate of any change in criminal status within 10 days. This timeframe is established to ensure that the regulatory body is made aware of potential issues that could affect the originator's licensing status and the safety of the loan origination process. This requirement protects consumers and maintains the integrity of the real estate industry by ensuring that any legal issues involving mortgage professionals are addressed promptly. Timely disclosure of such changes allows for any necessary investigations or actions to be undertaken by the Division of Real Estate, which helps maintain trust in the industry. Options indicating immediate notification or longer timelines do not align with the established regulatory framework concerning these disclosures.