§338.9. Mortgage lending of a controlled entity.
12 C.F.R. § 338.9
Any bank which refers any applicants to a controlled entity and which purchases any covered loan as defined in Regulation C of the Bureau of Consumer Financial Protection (12 CFR part 1003) originated by the controlled entity, as a condition to transacting any business with the controlled entity, shall require the controlled entity to enter into a written agreement with the bank. The written agreement shall provide that the entity shall:
Comply with the requirements of §§ 338.3, 338.4, and 338.7, and, if otherwise subject to Regulation C of the Bureau of Consumer Financial Protection (12 CFR part 1003), § 338.8;
Open its books and records to examination by the Federal Deposit Insurance Corporation; and
Comply with all instructions and orders issued by the Federal Deposit Insurance Corporation with respect to its home loan practices.
Notes, amendments, and revision history
Authority
Authority: 12 U.S.C. 1817, 1818, 1819, 1820(b), 2801 et seq.; 15 U.S.C. 1691 et seq.; 42 U.S.C. 3605, 3608; 12 CFR parts 1002, 1003; 24 CFR part 110.
Source
Source: 86 FR 8088, Feb. 3, 2021, unless otherwise noted.