Marc Patterson

Marc Patterson

Ballard Spahr LLP

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The District of Columbia Adopts the NMLS Uniform Authorized Agent Reporting (UAAR)

The District of Columbia Department of Insurance, Securities and Banking has begun using the Uniform Authorized Agent Reporting (UAAR) process of the Nationwide Mortgage Licensing System & Registry (NMLS) to satisfy agent...more

5/4/2015 - Money Services Business NMLS Reporting Requirements

North Dakota Creates Exemptions from MLO License

The state of North Dakota has amended sections of the North Dakota Century Code relating to money brokers, collection agencies, money transmitters, and mortgage loan originators. Notably, the modifications create an exemption...more

4/21/2015 - Amended Legislation Exemptions Licensing Rules Mortgage Loan Originators

South Dakota Amends Money Lending Regulations

On March 12, Gov. Dennis Daugaard signed HB 1027, amending the regulations governing the South Dakota Money Lending License. Under existing law, a license is required for any person that “engages in the business of lending...more

4/9/2015 - Amended Regulation Licensing Rules Money Lending License

Montana Amends Mortgage Licensing Provisions

Among the state mortgage law changes made, the terms "mortgage lender," "mortgage broker," "mortgage servicer," and "mortgage loan originator" were amended to include entities that hold themselves out to the public as being...more

3/31/2015 - Amended Regulation Licensing Rules Mortgage Brokers Mortgage Lenders Mortgage Loan Originators Mortgage Servicers

Utah Amends Licensing Requirements for Lending Managers

The Utah Division of Real Estate amended its licensing provisions to expand the ways an individual may satisfy the experience requirement necessary to qualify for a Utah lending manager license, which is a prerequisite to...more

3/10/2015 - Banks Licensing Rules Loan Officer Mortgage Loan Officer

California Amends Mortgage Originator Testing and Education Requirements

The state of California has made significant changes to the testing and education requirements for its mortgage loan originators licensed under the California Finance Lenders Law and the California Residential Mortgage...more

2/26/2015 - Jerry Brown Licensing Rules Mortgage Loan Originators Mortgages New Legislation

South Carolina Lowers Criminal Background Fees for Control Persons

The South Carolina Board of Financial Institutions has decreased the fees required for a criminal background check for control persons. Effective February 2, 2015, South Carolina Law Enforcement Division and FBI background...more

2/17/2015 - Control Person Criminal Background Checks Fees

Michigan Exempts Loss Mitigation Specialists from MLO Licensing

Michigan has updated its mortgage loan originator (MLO) licensing provisions to expressly exempt from licensure certain individuals involved in loss mitigation and modification services. The revision makes Michigan law...more

1/29/2015 - Licensing Rules Loss Mitigation Mortgage Loan Originators Mortgages SAFE Act

South Carolina Announces Increased Criminal Background Check Fees

The South Carolina Board of Financial Institutions has increased the fees required for a criminal background check for mortgage loan officers (MLOs) and control persons. Note that the South Carolina criminal background check...more

1/9/2015 - Criminal Background Checks Fees Mortgage Loan Originators

NMLS Releases MLO and Lender Numbers

The NMLS recently released its NMLS Mortgage Industry Report 2014 Q3 Update. According to the report, there were 343,800 state-licensed mortgage loan originators (MLOs) during the 2014 third quarter, a 10 percent increase...more

12/19/2014 - Mortgage Lenders Mortgage Loan Originators Mortgage Servicers NMLS Quarterly Report

Massachusetts Issues FAQs and Sample Form for Flood Insurance Disclosure

The Massachusetts Division of Banks recently released Frequently Asked Questions (FAQs) to provide guidance on complying with Chapter 177 of the Acts of 2014, “An Act Further Regulating Flood Insurance” (Chapter 177). Chapter...more

12/5/2014 - Disclosure Requirements Flood Insurance Mortgage Lenders

Montana Announces License Renewal Fees

The Montana Department of Administration (Department) has adopted changes to mortgage license renewal fees. According to the amendment, the Department realized that, due to an oversight, renewal fees for the 125 mortgage...more

11/26/2014 - License Renewals Mortgage Servicers Renewal Fees

CFPB gives guidance and answers FAQ on the new Closing Disclosure

On November 18, 2014, the CFPB staff and Federal Reserve Board co-hosted a webinar that addressed questions about the Final TILA-RESPA Integrated Disclosure Rule that will be effective for applications received by creditors...more

11/21/2014 - CFPB Federal Reserve Fee Disclosure Final Rules Lenders Mortgage Brokers Mortgages RESPA TILA

NMLS Announces ‘Your License is Your Business’ Renewal Campaign

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

11/7/2014 - Licenses MLO Licenses Mortgage Loan Originators Mortgages NMLS

Federal agencies adopt Dodd-Frank risk retention rule

On October 22, 2014, six federal agencies adopted the final Credit Risk Retention Rule under Section 941 of the Dodd-Frank Act. The final rule will require sponsors of securitizations to retain an economic interest in the...more

10/27/2014 - ABS Asset-Backed Securities Dodd-Frank FDIC FHFA Final Rules HUD OCC Qualified Mortgage Rule SEC Securitization

Federal Agencies Propose New Flood Insurance Rules

The Federal Deposit Insurance Corporation (FDIC) recently approved proposed regulations related to the mandatory escrow and detached structure requirements for loans secured by property located in special flood hazard areas....more

10/27/2014 - FDIC Flood Disaster Protection Act Flood Insurance HFIAA Insurers

New York Issues Renewal of Exempt Loan Servicer Registration Requirements

The New York Department of Financial Services (DFS) has announced new procedures that require exempt mortgage loan servicers to renew their registration each year. All renewals for exempt mortgage servicers must be submitted...more

10/24/2014 - License Renewals Loan Servicer Mortgage Servicers Registration

CFPB Proposes Changes to TILA-RESPA Integrated Disclosures Rule

The CFPB has issued two proposed changes to the TILA-RESPA Integrated Disclosures Rule (Final Rule) that will be effective for applications received on or after August 1, 2015: (1) an adjustment to the timing requirement for...more

10/15/2014 - CFPB Compliance Disclosure Requirements Mortgages RESPA TILA

CFPB Updates Mortgage Rules Readiness Guide to Cover TILA-RESPA Integrated Mortgage Disclosure Rule

The CFPB has released Version 3.0 of its “2014 CFPB Dodd-Frank Mortgage Rules Readiness Guide.” The Guide, originally issued in July 2013, now contains changes to the final rules issued through August 1, 2014. The updated...more

10/10/2014 - CFPB Dodd-Frank Final Rules Mortgages RESPA TILA

CFPB Provides Guidance on the New Loan Estimate

On October 1, 2014, the CFPB staff and Federal Reserve Board co-hosted a webinar that addressed questions about the Final TILA-RESPA Integrated Disclosure Rule that will be effective for applications received by creditors or...more

10/8/2014 - CFPB Closing Documents Creditors Disclosure Requirements Federal Reserve Mortgage Brokers Mortgages RESPA TILA Webinar

Vermont Updates Mortgage Broker Rules

The Vermont Department of Financial Regulation has adopted regulations that update the rules for the licensing and regulation of mortgage brokers. The regulation sets forth standards on...more

9/30/2014 - Lenders Licensing Rules Mortgage Brokers Mortgage Loan Originators New Regulations Secured Lenders

Industry trade groups provide recommendations to CFPB on TILA-RESPA implementation

Sixteen industry trade groups, including the American Bankers Association, the Mortgage Bankers Association, and Financial Services Roundtable, have sent a letter to Director Cordray in which they requested that the CFPB...more

9/25/2014 - American Bankers Association Banks CFPB Mortgages RESPA Richard Cordray TILA

VA Announces Upcoming Changes to ARM Disclosure Regulations

On September 5, 2014, the Department of Veterans Affairs (VA) announced in Circular 26-14-25 that it intends to clarify its interest-rate adjustment, disclosure, and notice requirements for ARM and hybrid ARM mortgage loans...more

9/18/2014 - Adjustable-Rate Mortgage CFPB Department of Veterans Affairs Disclosure Requirements Government-Guaranteed Loans Interest Rates Mortgage Servicing Rules Mortgages TILA

HUD Issues Final Rule Eliminating ‘Post Payment’ Interest Charges, Preventing FHA Loans from Being Prohibited Next Year

On August 26, 2014, the U.S. Department of Housing and Urban Development (HUD) issued a final rule to allow FHA-approved lenders to charge an FHA loan borrower interest only through the date the loan is prepaid. The final...more

9/17/2014 - Ability-to-Repay CFPB FHA Final Rules HUD Interest Payments Prepayment Penalties

HUD Issues Final Rule Regarding ARM Disclosures

On August 26, 2014, the U.S. Department of Housing and Urban Development (HUD) issued a final rule to align HUD rules governing FHA-insured adjustable mortgage rates (ARMs) with the recent CFPB rules regarding ARM interest...more

9/16/2014 - Adjustable-Rate Mortgage FHA HUD Mortgages

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