On January 17, 2023, House Bill No 2389 was offered to re-enact sections 6.2-1600 (Definitions) and 6.2-1607 (Licenses; places of business; changes) of the Code of Virginia with proposed amendments that would permit employees...more
2/27/2023
/ Employer Liability Issues ,
Financial Services Industry ,
Labor Reform ,
Mortgage Brokers ,
Mortgage Lenders ,
Proposed Legislation ,
Regulatory Agenda ,
Remote Working ,
State Labor Laws ,
Telecommuting ,
Virginia
The Washington Department of Financial Institutions has adopted regulations effective December 31, 2022 to implement amendments to the Consumer Loan Act permitting licensed companies to allow licensed mortgage loan...more
We previously reported that the Oregon Division of Financial Regulation (the Division) amended its administrative rules pertaining to branch licensure to authorize remote work for licensed loan originators and employees. The...more
Connecticut’s Banking Commissioner signed an order that permits individuals engaged in certain licensable activity on behalf of certain consumer credit licensees to work from remote office locations not licensed as branch...more
In response to the COVID-19 pandemic, state mortgage regulators are daily issuing guidance (1) about whether work from home arrangements are permissible under their existing licensing requirements and/or (2) are granting...more
In response to the COVID-19 pandemic, state mortgage regulators are daily issuing guidance (1) about whether work from home arrangements are permissible under their existing licensing requirements and/or (2) are granting...more
In response to the COVID-19 pandemic, state mortgage regulators are daily issuing guidance (1) about whether work from home arrangements are permissible under their existing licensing requirements and/or (2) are granting...more
Updated June 16, 2020 -
In response to the COVID-19 pandemic, state mortgage regulators are daily issuing guidance (1) about whether work from home arrangements are permissible under their existing licensing requirements...more
In response to the COVID-19 pandemic, state mortgage regulators are daily issuing guidance (1) about whether work from home arrangements are permissible under their existing licensing requirements and/or (2) are granting...more
6/7/2020
/ Business Continuity Plans ,
Business Interruption ,
Consumer Financial Products ,
Coronavirus/COVID-19 ,
Financial Services Industry ,
Licensing Rules ,
Mortgage Lenders ,
Mortgages ,
Popular ,
Remote Working ,
Telecommuting
In response to the COVID-19 pandemic, state mortgage regulators are daily issuing guidance (1) about whether work from home arrangements are permissible under their existing licensing requirements and/or (2) are granting...more
In response to the COVID-19 pandemic, state mortgage regulators are daily issuing guidance (1) about whether work from home arrangements are permissible under their existing licensing requirements and/or (2) are granting...more
In response to the COVID-19 pandemic, state mortgage regulators are daily issuing guidance (1) about whether work from home arrangements are permissible under their existing licensing requirements and/or (2) are granting...more
In response to the COVID-19 pandemic, state mortgage regulators are daily issuing guidance (1) about whether work-from-home arrangements are permissible under their existing licensing requirements and/or (2) are granting...more
3/17/2020
/ Best Practices ,
Business Continuity Plans ,
China ,
Consumer Financial Products ,
Coronavirus/COVID-19 ,
Crisis Management ,
Emergency Management Plans ,
Financial Services Industry ,
Flexible Work Arrangements ,
Health and Safety ,
Infectious Diseases ,
Mortgage Lenders ,
Public Health ,
Telecommuting ,
Workplace Safety
Following receipt and consideration of three written comments on proposed rules distributed on November 18, 2019, the Georgia Department of Banking and Finance adopted final rules on December 20, 2019, that establish...more
1/10/2020
/ Advertising ,
Consumer Financial Products ,
Consumer Lenders ,
Disclosure Requirements ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Licensing Rules ,
Limited Authority ,
Mortgage Lenders ,
Mortgage Loan Originators ,
Mortgage Servicers ,
Mortgages ,
New Amendments ,
Recordkeeping Requirements ,
Regulatory Requirements ,
Rulemaking Process ,
State and Local Government
The CFPB recently published SAFE Act FAQs addressing temporary authority.
The CFPB identifies the following categories of loan originators under the SAFE Act, as amended by the Economic Growth, Regulatory Relief, and...more
The NMLS Resource Center created a web page focused on Temporary Authority to Operate. The page features Frequently Asked Questions, a demonstration on how to obtain temporary authority to operate on the NMLS, links to NMLS...more
The Conference of State Bank Supervisors (CSBS) published the latest policy paper in its series examining the nonbank financial services industry and its supervision. In its press release, CSBS summarized the key findings...more
AARMR and CSBS are hosting a National Mortgage Policy Summit for policymakers, regulators, and the industry on November 13, 2019 in Washington, D.C. ...more
8/29/2019
/ Consumer Financial Products ,
CSBS ,
Fannie Mae ,
Financial Regulatory Reform ,
Financial Services Industry ,
Freddie Mac ,
GSE ,
Housing Market ,
Mortgages ,
Secondary Markets ,
Supervision
On July 8, 2019, the Department of Financial Institutions, Division of Consumer Services notified licensees that after review and analysis of its budget, it was implementing temporary fee waivers, as follows...more
As a result of a new Alaska law, HB 104, the following are exempted from mortgage loan originator requirements in the state:
Employees of federal, state, or local government agencies...more
Vermont enacted legislation pertaining to initial and renewal applications and setting licensing fees to supplement legislation enacted earlier this year.
Effective July 1, 2019, the following application fees apply in...more
Minnesota has revised its Residential Mortgage Originator and Servicer Licensing Act to provide an exemption from residential mortgage originator licensure requirements for a "manufactured home dealer" and "manufactured home...more
5/30/2019
/ Consumer Financial Products ,
Exemptions ,
Financial Services Industry ,
Licensing Rules ,
Manufactured Housing ,
Mortgage Servicers ,
Mortgages ,
Regulatory Oversight ,
Regulatory Requirements ,
SAFE Act ,
State and Local Government
Among other things, Maryland has amended its mortgage lender law as follows:
Tangible Net Worth required by activity -
Mortgage broker: $25,000...more
Effective July 1, 2019, the definition of “mortgage broker” is revised to exclude certain retailer or retail brokers of a manufactured or mobile home or a residential industrialized building, as those terms are further...more
A summary of the Ombudsman Meeting held during the 2019 NMLS Annual Conference & Training is now available...more