Okla. Stat. tit. 59, § 59-2095.15: Written agreement with a lender - Disclosures - Copies

and forwarding of appraisals and reports - Rules.

A. A mortgage broker or mortgage loan originator shall have a

written correspondent or loan brokerage agreement with a lender

before any solicitation of, or contracting with, the public.

B. Upon receipt of a loan application and before the receipt of

any monies from a borrower, a mortgage broker or mortgage loan

originator shall provide to a borrower the disclosures required by

the Real Estate Settlement Procedures Act, 12 U.S.C., Section 2601

et seq. (RESPA) and Regulation X, 24 C.F.R., Section 3500.1 et seq.,

as promulgated by HUD. Compliance with the disclosure requirements

mandated by RESPA and HUD’s Regulation X constitutes compliance with

this act.

C. If a borrower is unable to obtain or modify a loan for any

reason and the borrower has paid for an appraisal, title report, or

credit report, the mortgage broker or mortgage loan originator shall

give a copy of the appraisal, title report, or credit report to the

borrower and transmit the originals to any other mortgage broker or

lender to whom the borrower directs that the documents be

transmitted. The mortgage broker or mortgage loan originator must

provide the copies or transmit the documents within five (5)

business days after the borrower has made the request in writing.

D. 1. Except as otherwise permitted by this subsection, no

mortgage broker or mortgage loan originator shall receive a fee,

commission, or compensation of any kind in connection with the

preparation, negotiation, and brokering or modification of a

residential mortgage loan unless a borrower actually obtains a loan

or has a loan modified from or by a lender on the terms and

conditions agreed upon by the borrower and mortgage broker or

mortgage loan originator.

2. If a mortgage broker, banker or mortgage loan originator has

assisted a borrower in obtaining a residential mortgage loan and the

borrower decides to refinance or sell the property in question, the

lender shall be prohibited from charging back any fee income paid by

the lender to the mortgage broker, banker or loan originator unless

the mortgage broker, banker or loan originator is involved in such

refinance.

3. A mortgage broker or mortgage loan originator may solicit or

receive fees for third-party provider goods or services in advance

and may solicit and receive a reasonable administrative fee to

recoup administrative costs, provided such a fee shall be disclosed

in advance and shall be consistent across all borrowers. The

mortgage broker or mortgage loan originator may not charge more for

the goods and services than the actual costs of the goods or

services charged by the third-party provider.

E. The Commission on Consumer Credit, in accordance with the

Administrative Procedures Act shall have the authority to adopt

rules not inconsistent with disclosures mandated by RESPA and HUD’s

Regulation X and which are within, but not beyond, the statutory

scope and other provisions of this act to facilitate compliance with

the disclosure and other requirements of this act.

F. The provisions of subsections B and C of this section shall

not apply to a depository institution as defined in Section 5 of

this act, its subsidiaries and affiliates or any employee or

exclusive agent thereof.