{"data":{"id":"us-ok/okla.-stat.-tit.-59-59-2095.15","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 59, § 59-2095.15","heading":"Written agreement with a lender - Disclosures - Copies","body":"and forwarding of appraisals and reports - Rules.\n\nA. A mortgage broker or mortgage loan originator shall have a\n\nwritten correspondent or loan brokerage agreement with a lender\n\nbefore any solicitation of, or contracting with, the public.\n\nB. Upon receipt of a loan application and before the receipt of\n\nany monies from a borrower, a mortgage broker or mortgage loan\n\noriginator shall provide to a borrower the disclosures required by\n\nthe Real Estate Settlement Procedures Act, 12 U.S.C., Section 2601\n\net seq. (RESPA) and Regulation X, 24 C.F.R., Section 3500.1 et seq.,\n\nas promulgated by HUD. Compliance with the disclosure requirements\n\nmandated by RESPA and HUD’s Regulation X constitutes compliance with\n\nthis act.\n\nC. If a borrower is unable to obtain or modify a loan for any\n\nreason and the borrower has paid for an appraisal, title report, or\n\ncredit report, the mortgage broker or mortgage loan originator shall\n\ngive a copy of the appraisal, title report, or credit report to the\n\nborrower and transmit the originals to any other mortgage broker or\n\nlender to whom the borrower directs that the documents be\n\ntransmitted. The mortgage broker or mortgage loan originator must\n\nprovide the copies or transmit the documents within five (5)\n\nbusiness days after the borrower has made the request in writing.\n\nD. 1. Except as otherwise permitted by this subsection, no\n\nmortgage broker or mortgage loan originator shall receive a fee,\n\ncommission, or compensation of any kind in connection with the\n\npreparation, negotiation, and brokering or modification of a\n\nresidential mortgage loan unless a borrower actually obtains a loan\n\nor has a loan modified from or by a lender on the terms and\n\nconditions agreed upon by the borrower and mortgage broker or\n\nmortgage loan originator.\n\n2. If a mortgage broker, banker or mortgage loan originator has\n\nassisted a borrower in obtaining a residential mortgage loan and the\n\nborrower decides to refinance or sell the property in question, the\n\nlender shall be prohibited from charging back any fee income paid by\n\nthe lender to the mortgage broker, banker or loan originator unless\n\nthe mortgage broker, banker or loan originator is involved in such\n\nrefinance.\n\n3. A mortgage broker or mortgage loan originator may solicit or\n\nreceive fees for third-party provider goods or services in advance\n\nand may solicit and receive a reasonable administrative fee to\n\nrecoup administrative costs, provided such a fee shall be disclosed\n\nin advance and shall be consistent across all borrowers. The\n\nmortgage broker or mortgage loan originator may not charge more for\n\nthe goods and services than the actual costs of the goods or\n\nservices charged by the third-party provider.\n\nE. The Commission on Consumer Credit, in accordance with the\n\nAdministrative Procedures Act shall have the authority to adopt\n\nrules not inconsistent with disclosures mandated by RESPA and HUD’s\n\nRegulation X and which are within, but not beyond, the statutory\n\nscope and other provisions of this act to facilitate compliance with\n\nthe disclosure and other requirements of this act.\n\nF. The provisions of subsections B and C of this section shall\n\nnot apply to a depository institution as defined in Section 5 of\n\nthis act, its subsidiaries and affiliates or any employee or\n\nexclusive agent thereof.","path":["OK Code","Title 59"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os59.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"182e612087a1b0876f510ee1d5ddbd5bdd14ca73c7510ec6163859bbca5da85c","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-59-59-2095.14","next":"us-ok/okla.-stat.-tit.-59-59-2095.16"},"notice":"GroundRules: Original legal text. Not legal advice."}