| (a) Purpose. The purpose of this section is to implement
the requirements of Finance Code §159.252 concerning the Commissioner's
authority to conduct an investigation of a wrap lender required to
register as a residential mortgage loan servicer under Finance Code
Chapter 158.
(b) Reasonable Cause for Investigation. Pursuant to
Finance Code §159.252(b), the Commissioner may, upon a finding
of reasonable cause, examine a wrap lender registrant to determine
whether the wrap lender registrant is complying with Finance Code
Chapter 159, and this chapter. Reasonable cause will be deemed to
exist if the Commissioner has received information from a source the
Commissioner has no reason to believe to be other than reliable, including
documentary or other evidence, or information, indicating facts which
a prudent person would deem worthy of investigation as a violation
of Finance Code Chapter 159, or this chapter.
(c) Investigations will be conducted as deemed appropriate
in light of all the relevant facts and circumstances then known. Such
investigation may include any or all of the following:
(1) review and consideration of any complaints received
by the Department against a wrap lender registrant;
(2) review of documentary evidence;
(3) interviews with complainants, licensees, and third
parties;
(4) obtaining reports, advice, and other comments and
assistance from other state and/or or federal regulatory, enforcement,
or oversight bodies; and
(5) other lawful investigative techniques as the Commissioner
deems necessary or appropriate, including, but not limited to, requesting
that complainants or other parties that are the subject of a complaint
provide explanatory, clarifying, or supplemental information.
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