A consent order is also known as a decree order and it’s any order which has been finalized by a judge with the consent of all the parties involved. It is an agreement that has been reached by the parties and then submitted to the court for approval. Once it has been approved, it has legal force on both parties. Although it is not strictly a judgment, it is binding and cannot be appealable. It can however be set aside by the court in cases of fraud or error on the part of both parties.
Consent orders can be used to finalise divorces, in children consent and finances. Moreover, consent orders can also take place in different fields and professions and mortgage agents aren’t left out. To be a mortgage agent or broker, one must be licensed and this will empower them to solicit for borrowers, negotiate, provide advisory services or carry out any other mortgage activities. Different countries and states have their regulatory laws binding on mortgage brokers in order to protect the interest of the public as well as provide standards by which brokerage activities will be carried out.
Therefore, the state expects lcensed mortgage brokers or agents to demonstrate the highest level of professionalism and ethical conduct. Failure to do this often results in a consent order also known as stipulation or sanction. In most cases, content orders are issued when the agent or broker fails to address correspondence from a regulatory body.
There are different mistakes that can lead a mortgage agent or broker to receive a consent order. For instance, if these cases are not reported within the stipulated time frame, it can result in a consent order. This include:
Change of name of individual or agency
Change of address
Generally, other regulations guiding the mortgage brokers or agents practices that may result in consent order may include:
Sometimes, Many assume that once a consent order is resolved, no further action is necessary. However, failing to report a consent order where the agent, agency or broker is licensed can cause a domino effect of additional consent orders.
Failure to adhere to a consent order is considered a breach of consent order which the court does not look favourably upon. When this happens, the court will usually enforce the order, and you will be liable to fulfil the responsibilities immediately. Expect there is a very good reason for the breach of order.
If the court finds that there has been a breach, the person who has broken the order will have to cover the costs and any penalties associated with it. If the person fails to do so, the court order will be broken and this can be punishable by a fine or even prison. When you discover you have breached the order, a good rule of thumb is to seek legal advice in order to minimise the potential negative impact.
There are various disciplinary actions when an agent or brokers violate the laws and consent order is issued says Romik Yeghnazary. The board will review the violations and the recommended sanctions. Any of the following sanctions can be administered:
The licensee that has committed the violations is allowed to continue with their brokerage activites as long as the court does not suspend or revoke their license.
There are terms and conditions for payment of disciplinary fines and cost which must be paid even if the agent/agency/ broker is suspended, denied licence renewal or ceases to be one.
Amount ordered is due to be paid according to agreement and consent order. If there are no instructions, payment should be made within 30 days. Where instalment is applicable, payment should be made according to the dates given.
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