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Mortgage Accreditation Standards 

 

To achieve accreditation, a state mortgage regulatory agency must test itself against the criteria in the Self-Evaluation Questionnaire and achieve a total overall score of not less than 80% and 75% on the two Examination Sections and the Licensing/Supervisory/Enforcement Section; and not less than 70% on all other sections. This score incorporates the standards noted below:

 

A.     The legal authority to license, examine, supervise and regulate all state-licensed mortgage providers consistent with basic principles of safety and soundness and protection of the public interest.

     B.    The demonstrated capability to conduct examinations of state-licensed mortgage providers within acceptable time limits.  This capability should be supported by a combination of active monitoring, acceptable complaint processing procedures, review of applicable federal reports and other methods in a manner consistent with state statutes, consumer protection and safety and soundness.

     C.   Specialized capabilities as required in each state to assure safety and soundness of all state-licensed providers and full compliance with both state and federal statutes.

     D.    Adequate qualified staff with expertise to license, examine, supervise and regulate all state-licensed mortgage providers and to perform other agency functions and responsibilities.

     E.   A policy or statutory authority, which requires focused examinations on a frequency basis at least once every 60 months on all mortgage providers and the ability to meet the frequency policy.

 

F.    Adequate statutory authority for the agency to carry out its duties and responsibilities independently, including authority to take formal enforcement action in addition to revocation of a license.

     G.   Adequate funding to achieve all above-mentioned criteria.

 

NOTE: The agency MUST have the ability to conduct examinations of all active licensed mortgage providers on a 60-month schedule. THIS STANDARD MUST BE MET TO OBTAIN ACCREDITATION. For initial accreditation, the agency must demonstrate the ability to examine their licensed agencies within this timeframe.  For re-accreditation, the agency must have a proven track record that demonstrates their ability to examine within this timeframe.

 
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