Question

If a formal complaint is filed against a mortgage lender under the Mortgage Brokers, Lenders, and Servicers Licensing Act, the licensee has right to which of the following?

An immediate judicial review
The opportunity for an informal conference
30 days to contest the complaint
Restitution against the complainant if no violation is discovered

Answer 1

The licensee has the right to the opportunity for an informal conference.

Explanation:

• A person on whom the complaint has been registered in reference to Act No. 306 of the Public Act of 1969 may request settlement within 15 days; it is an opportunity to settle the matter in an informal conference.
• An informal conference comes in picture only when the other party on whom the complaint has been filed agrees for a settlement. If this held the hearing of the complaint shall be postponed.