If a licensed mortgage loan originator is convicted of a criminal offense, when must they notify the Division of Real Estate?

A licensed mortgage loan originator must notify the Division of Real Estate within 10 days if they are convicted of a criminal offense. This requirement ensures that the regulatory authorities are informed in a timely manner about any changes in the legal standing of mortgage professionals, which is essential for maintaining the integrity of the lending profession. Prompt notification allows for appropriate actions to be taken, such as reviewing the loan originator's license status and ensuring compliance with regulatory standards. It also helps protect consumers by ensuring that those involved in mortgage lending are operating within the bounds of the law.

Failing to report within the stipulated timeframe could lead to further legal ramifications for the loan originator, including potential disciplinary action from the Division of Real Estate. This provision emphasizes the importance of transparency and accountability in the financial services industry, particularly in areas that directly affect consumers and the market as a whole.