DC Assignment 2 of 3

Blog Assignment 2 of 3:

Please read the following situation and answer the following questions in the comments section below.

Hannah has been licensed for a little over a year now.  During this time, she has amassed herself a good list of clients has been very successful getting her loans to close on time.  Hannah is not the most organized person, but her personality and ability to get things done usually make up for her lack of organization.  It is March 31^st, when Hannah’s employer asks where her annual report is.  Hannah’s face goes white because she has not even started to compile the information for the report.  She assures her employer that she will get everything together and have it submitted to the Commissioner by the end of the day.  Hannah also forgot that she had a lot of loans in the pipeline that require her attention so Hannah started to multi-task to get everything done. 

Hannah recorded the number of mortgage loans and the total dollar amount of the loans she originated in the previous fiscal year, as well as the number of loans in which the applicant filed notices to foreclose.  For the foreclosures she included the borrower’s address, trait income level, and census tract where the property is located.  In addition, Hannah also included the number of loans brokered, originated, made, and serviced.  While Hannah was able to compile everything she thinks is to be included in the report, she was unable to do it by the end of the day on March 31^st.  She actually wasn’t able to get it submitted until April 2^nd. 

So, after reading Hannah’s situation and utilizing your knowledge of DC law regarding annual reports, Did Hannah forget to include anything on her report?  Will Hannah be charged a late penalty for not getting the report submitted in time? If so, how much will she be charged for being late?

After you complete this assignment, you may continue in the course.