Evolving State Supervision: Issues Arising from State Qualification Standards and 'SAFE' Act Licensing, and Coordination with the CFPB
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
The West Virginia Division of Financial Institutions announced via a posting on the NMLS Resource Center that it will accept the National State MLO Test with Uniform State Content (UST) on June 1, 2018. This was the second...more
NMLS Release 2017.2 will include the following updates, including, but not limited to, the following: - Addition of the “Returned to Surety by Regulator” functionality - Updates to the MSB Call Report -...more
Montana has adopted a temporary rule to reduce certain licensing renewal fees by 50 percent for the period of January 1, 2016 through December 31, 2016. The Department of Administration believes that adopting the Uniform...more
Governor Mary Fallin signed SB-377 on May 12, amending provisions relating to the Oklahoma SAFE Act (the Act). The amendment clarifies the Act by adding references to “mortgage lenders” and “servicing” throughout the Act and...more
oin Pepper Hamilton LLP, the Conference of State Bank Supervisors (CSBS) and RECOVCO Mortgage for an engaging discussion about important recent trends involving state supervision as states shift an ever greater amount of...more
In This Presentation: - Events That Changed Our World; And Yours Too! - Current Issues in Licensing - State Coordination With CFPB - The Path to Coordination - Responsibilities of the SCC ...more
The NMLS is launching its “Your License is Your Business” renewal campaign to encourage non-depository entities and mortgage loan originators (MLOs) licensed through the NMLS to submit their annual renewal requests early....more
The Oklahoma Department of Consumer Credit (OK-DOCC) has informed the NMLS that a mortgage loan originator (MLO) must satisfy the annual continuing education requirement in a classroom at least once every two years....more
Maryland Governor Martin O’Malley recently signed legislation that will expedite mortgage loan originator (MLO) licensing for registered MLOs. SB 1091 requires the Commissioner of Financial Regulation to waive the state...more
The New York Department of Financial Services (DFS) has announced significant changes to its state mortgage loan originator (MLO) licensing process in an attempt to shorten and improve the approval process. The changes...more
Georgia and Wisconsin recently amended their state licensing regimes to create exemptions for nonprofits and their MLOs. Exemptions from these licensing requirements will ease the entry of many nonprofit lenders into these...more
As we previously reported, the Virginia Senate and House recently unanimously passed legislation that would authorize the Virginia State Corporation Commission to issue transitional MLO licenses. ...more
In 2014, state legislatures continue to be active in considering policy options that would impact the mortgage industry. The following are two examples of the legislative and regulatory agendas currently being debated across...more
The Washington Department of Financial Institutions (Department) recently issued a new rule clarifying the licensing requirements for individual managers of Consumer Loan Company Licensees. The new rule became effective on...more
As noted in prior editions of the Mortgage Banking Update, states are transitioning non-mortgage licenses to the NMLS. Most recently, the Wyoming Division of Banking began receiving new applications for Money Transmitter...more
Multiple state regulators are introducing new background check procedures for MLOs licensed through NMLS. Under FBI rules, Connecticut, Delaware, Florida, Hawaii, Idaho, Massachusetts, Missouri, Montana, Nebraska, New York,...more
Another state agency has announced that it will be adopting the new national MLO test with the Uniform State Content. The District of Columbia Department of Insurance, Securities, and Banking will adopt the test effective...more
Another state agency has announced that it will be adopting the new national MLO test with the Uniform State Content. The Nevada Department of Business and Industry will adopt the test effective January 1, 2014....more