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
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
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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
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
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
Effective July 1, 2019, among other things, the definition of “subprime loan” set forth in Subdivision 27 of Section 58.02 of the Residential Mortgage Originator and Servicer Licensing Act is repealed.
...more
Among other things, Maryland has amended its mortgage lender law as follows:
Tangible Net Worth required by activity -
Mortgage broker: $25,000...more
Effective October 1, 2019, the Montana Mortgage Act is amended to include the following:
Subject to certain exceptions:
- For approved servicers by a government sponsored enterprise (GSE), a requirement that it...more
North Dakota has modified the surety bond requirements under the Money Brokers Act. Presently, the law requires a surety bond in an amount not less than $25,000. N.D. Cent. Code Section 13-04.1-04.01(1). Effective August 1,...more
On August 22, 2018, Commissioner Perez issued a Memorandum setting forth a no action position relating to the U.S. Office location requirement that went into effect on October 1, 2018. As it relates to mortgage activity, the...more