If an individual or entity appeals a decision by the Commission and subsequently prevails in a judicial appeal, and the court finds that the state action was undertaken without substantial justification, What can the Court Rule?
The law states, "If an individual or entity prevails in a judicial appeal and the court finds that the state action was undertaken without substantial justification, the court may award reasonable litigation expenses to that individual or entity.�
Who is exempt from the Mortgage Lending and Servicing Act?
There are two exceptions. They are: "1) bona fide nonprofit corporations granting first mortgage loans to promote home ownership for low and moderate income borrowers; and 2) agencies of the federal government or of any state, county, or municipal government or any quasi-governmental agency granting first mortgage loans under the specific authority of the laws of any state or the United States.�
Does an omission, when transacting the business of a residential mortgage always qualify as fraud?
Only if the omission constitutes dishonesty, fraud, or misrepresentation. "An individual or entity transacting the business of residential mortgage loans in this state may not... engage in an act or omission in transacting the business of residential mortgage loans that constitutes dishonesty, fraud, or misrepresentation.�