COMMONWEALTH OF KENTUCKY PUBLIC PROTECTION CABINET - DEPARTMENT OF FINANCIAL INSTITUTIONS - ADMINISTRATIVE ACTION NO.2025-DFI-0151 - AGREED ORDER

Sep 16, 2026

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Administrative Action No. 2025-DFI-0151 sets out an agreed order between the Kentucky Department of Financial Institutions and Iconic Mortgage Corp. following a compliance examination covering April 19, 2021 through December 31, 2024. The Department addressed training and continuing education practices for loan processors, the company’s ability to provide responsive documentation, and oversight of remote or alternate work locations. The order references Kentucky statutory requirements governing alternate work locations, supervision, IT security, record handling, and restrictions on in-person customer activities and signage.

LanguageEnglish

CategoryLetters

FormatPDF

Pages11

Reading Time4 min

AccessFree to download

AGREED ORDER

PARTIES

STATEMENT OF FACTS

COMPLIANCE EXAMINATION OVERVIEW

STATUTORY AUTHORITY

KRS 286.8-010(2)

KRS 286.8-036(6)

KRS 286.8-255(9)

# COMMONWEALTH OF KENTUCKYPUBLIC PROTECTION CABINETDEPARTMENT OF FINANCIAL INSTITUTIONSADMINISTRATIVE ACTION NO.2025-DFI-0151 COMPLAINANT KENTUCKY DEPARTMENT OF FINANCIAL INSTITUTIONS V. RESPONDENT ICONIC MORTGAGE CORP. ## AGREED ORDER PARTIES The Kentucky Department of Financial Institutions is responsible for administering theprovisions of KRS Chapter 286,Subtitle 8,of the Kentucky Financial Services Code("the Code"),as well as any applicable rules,regulations and orders entered pursuant to the Code. 2. Iconic Mortgage Corp.is a Kentucky limited liability company,conducting business as amortgage lender and master mortgage loan servicer.The company's principal office is located at6100 Waterford District Drive,Suite 315,Miami,FL,33126. 3. The company's registered agent is listed with the Kentucky Secretary of State as CogencyGlobal Inc.,828 Lane Allen Road,Suite 219,Lexington,Ky,40504. ## STATEMENT OF FACTS 4.On February 6,2025,the Department conducted a routine compliance examination of IconicMortgage Corp..The period of conduct under examination spans from April 19,2021,to December 31,2024.The following events occurred during that examination. 5. The Department confirmed that Iconic Mortgage Corp.employed at least six loanprocessors.However,lconic Mortgage Corp.does not require its loan processors to completeannual continuing education. 6. The Department reviewed lconic Mortgage Corp's“Compliance Program Summary”which adopts a formal training program that provides an annual training session for all employees. 7. The Department requested documentation from Iconic Mortgage Corp.,which wouldcertify that allemployees engaged in the mortgage lending process had met appropriate standardsand safeguards for continuing education required by statute.The company was unable to provideresponsive documents to that request. 8. The Department confirmed that Iconic Mortgage Corp.had employees utilizing alternatework locations when perfoming job duties within the mortgage lending process. 9. The Department reviewed Iconic Mortgage Corp.'s MLO Remote Work Policy.TheRemote Work Policy has no mention of performing any type of documented review of employee'sremote work locations and equipment.There was also no record of acknowledgement fromemployees that they are agreeing to adhere to the Remote Work Policy. 10. The Department requested documented reviews from lconic Mortgage Corp.,which wouldcertify that all employees engaged in the mortgage lending process at alternate work locations hadmet appropriate standards and safeguards required by statute and expressed in the company'spolicy.The company was unable to provide responsive documents to that request. 11. The Department asked lconic Mortgage Corp.if it had conducted documented reviews ofalternate work locations.Iconic Mortgage Corp.responded that it did not have dedicated reviewsfor remote locations but that it would implement reviews beginning on or about March 17,2025. 12. In a letter,Iconic Mortgage Corp.'s representative sent the Department confirmation thatit had received the Examiner Noted Violation on the Report of Examination dated February 6,2025.In response,the company assured the loan processor(s)would obtain annual continuingeducation requirements in accordance with the statutory provisions.The company also assured that they would begin documenting reviews of alternate work locations in accordance with itspolices and procedures and the statutory provisions. ## STATUTORY AUTHORITY ### 13. KRS 286.8-010(2)states that“Alternate work location”: (a)Means a physical location,other than the principal office or a branch,at which theemployees of a licensee are authorized by the licensee to remotely engage in themortgage lending process;and (b)May include a physical location,other than the principal office or a branch,where anemployee: ### 1.Completes mortgage-related activities if the location is not maintained or utilized f

FAQs

What compliance examination period is covered in Administrative Action No. 2025-DFI-0151?

The examination covers conduct from April 19, 2021 to December 31, 2024. The Department conducted the routine compliance examination on February 6, 2025.

What continuing education issue did the Department identify for loan processors?

The Department confirmed Iconic Mortgage Corp. employed at least six loan processors but did not require them to complete annual continuing education. The Department also noted the company could not provide responsive documentation to support continuing education compliance requests.

How does the document describe requirements for employees working from alternate work locations?

It cites KRS 286.8-010(2) and KRS 286.8-036(6), including the need for written supervision policies, IT security plan alignment, limits on in-person customer activities, restrictions on maintaining documents at the alternate location, and prohibitions on signage or advertising at those locations.

Sep 16, 2026

Upload by Kyle