Marc Patterson

Marc Patterson

Ballard Spahr LLP

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California Amends Education Requirements for Mortgage Loan Originators

California recently amended its pre-licensing and continuing education requirements for mortgage loan originators (MLOs) licensed under the California Finance Lenders Law and the California Residential Lending Act. The...more

8/18/2014 - Licensing Rules Mortgage Loan Originators Mortgages NMLS

D.C. Passes NMLS Conformity Temporary Act of 2014

Recently, Washington, D.C., Mayor Vincent Gray signed the NMLS Conformity Temporary Act of 2014. The Act authorizes the Department of Insurance, Securities and Banking (DISB) the necessary statutory authority to use the NMLS...more

8/18/2014 - Banks Financial Regulatory Reform Mortgages NMLS

CFPB announces settlement with mortgage lender and its owner charged with “bait-and-switch” scheme

On August 12, the CFPB announced that it has issued a Consent Order under which Atlanta-based Amerisave Mortgage Corporation, its affiliate appraisal management company, Nova Appraisal Management Company, and a principal and...more

8/14/2014 - CFPB Mortgages Qualified Mortgage Rule RESPA

Several New States Adopt the National SAFE MLO Test with Uniform State Component

New York, Ohio, Oklahoma, and Connecticut are the latest states to announce that they will be adopting the National SAFE Mortgage Loan Originator (MLO) Test with Uniform State Content. The New York Department of Financial...more

8/7/2014 - Banking Sector Banks Financial Institutions Licenses Licensing Rules Mortgage Loan Originators Mortgages

The State Regulatory Registry Proposes Pre-Licensure Education Expiration Policy

The State Regulatory Registry LLC, through NMLS, recently published a proposal to create a uniform time frame for the expiration of pre-licensure education (PE) for state licensed Mortgage Loan Originators (MLO). The comment...more

8/4/2014 - Mortgage Loan Originators Mortgages NMLS SAFE Act

CFPB extends comment period on proposal to publicly disclose consumer complaint narratives

The CFPB is extending the comment period on its proposed policy statement that would expand the complaint data that it publicly discloses in its Consumer Complaint Database to include “unstructured” complaint narratives. In a...more

7/31/2014 - CFPB Consumer Complaint System Disclosure Public Disclosure

Hawaii Amends Mortgage Loan Origination Laws

Hawaii has amended and enacted provisions governing mortgage loan origination and licensed mortgage loan originator companies. Specifically, SB 2817, which was signed into law on July 3, 2014, makes numerous changes to the...more

7/21/2014 - Amended Legislation Mortgage Loan Originators Mortgages New Legislation

Louisiana Amends Consumer Loan Licensing Requirements

Louisiana Governor Bobby Jindal recently signed HB 766 into law, which amends numerous provisions regulating creditors engaging in any consumer credit or deferred presentment transaction. Under the law, a creditor may not...more

7/8/2014 - Creditors Licensing Rules Loans

Oklahoma To Require Classroom Instruction for MLO Continuing Education

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

6/24/2014 - MLO Licenses Mortgage Loan Originators Mortgages

CFPB Provides Guidance on the TILA-RESPA Integrated Disclosures Rule

On June 17, 2014, the CFPB staff and Federal Reserve co-hosted a webinar on the final TILA-RESPA Integrated Disclosures Rule that will be effective for applications received by creditors or mortgage brokers on or after August...more

6/20/2014 - Brokers CFPB Creditors Disclosure Requirements RESPA TILA

CFPB orders New Jersey title services company to pay for illegal mortgage referrals

On June 12, the CFPB announced that it has issued a Consent Order under which a New Jersey title services company, Stonebridge Title Services Inc., agreed to pay a $30,000 civil money penalty for paying illegal kickbacks for...more

6/17/2014 - CFPB Civil Monetary Penalty Consent Order Kickbacks Popular RESPA Title Companies

Maryland Expedites Licensing Process for Registered MLOs

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

6/13/2014 - Criminal Background Checks Licensing Rules MLO Licenses New Legislation

Agencies Issue Statement on Increased Maximum Flood Insurance Coverage for Other Residential Buildings

The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Farm Credit Administration, the National Credit Union Administration, and the Federal Deposit Insurance Corporation...more

6/12/2014 - Farm Credit Administration FDIC Federal Reserve Flood Insurance GAO National Flood Insurance Program NCUA OCC Popular

New York Set To Adopt Uniform State Test and Transitional MLO Licensing Initiative

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

6/9/2014 - Licensing Rules MLO Licenses Proposed Regulation

VA Issues ‘Qualified Mortgage’ Definition for VA Guaranteed or Insured Loans

On May 9, 2014, the Department of Veterans Affairs (VA) issued an interim final rule defining a qualified mortgage (QM) for VA insured and guaranteed loans. Under the proposed rule, all purchase money origination loans and...more

6/6/2014 - CFPB Department of Veterans Affairs Final Rules Government-Guaranteed Loans IRRRL Qualified Mortgage Rule Refinancing Safe Harbors

Maine Adopts New National SAFE MLO Test with Uniform State Component

Maine is the latest state to announce that it will be adopting the new National SAFE Mortgage Loan Originator (MLO) Test with the Uniform State Test (UST) component. The Maine Bureau of Consumer Credit Protection (the Bureau)...more

6/6/2014 - Mortgage Loan Originators Mortgages New Legislation SAFE

Mortgage Lead Generator To Pay $250,000 in FTC Settlement on Deceptively Advertised Mortgage Rate Charges, Inc., a Houston, Texas-based mortgage lead generator, will pay the Federal Trade Commission $250,000 under a settlement announced earlier this month of claims it operated mortgage lending websites that...more

5/27/2014 - Brokers False Advertising FTC GoLoansOnline Interest Rates Lenders Mortgage Brokers Mortgages Non-Judicial Settlement Agreements

New York DFS: Nonbank Servicers Can Expect Increased Scrutiny

New York's top financial regulator plans to aggressively expand his agency’s investigation into nonbank servicers and the firms' affiliates that provide ancillary services. Speaking at the Mortgage Bankers Association's...more

5/24/2014 - Ancillary Agreements Banks Basel III Conflicts of Interest Department of Financial Services Mortgage Bankers Association Mortgage Servicers Nonbank Firms Self-Dealing

VA issues “qualified mortgage” definition for VA guaranteed or insured loans

On May 9, 2014, the Department of Veterans Affairs (VA) issued an interim final rule defining a qualified mortgage (QM) for VA insured and guaranteed loans. Under the proposed rule, all purchase money origination loans and...more

5/13/2014 - CFPB Interest Rates Mortgages Qualified Mortgage Rule

Georgia and Wisconsin Exempt Nonprofits and Their MLOs from Licensing Laws

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

5/8/2014 - Compliance Lenders MLO Licenses Non-Profits

Utah Amends Residential Mortgage Licensing Laws, Exempts Underwriters from Licensing

Recently, the State of Utah enacted into law House Bill 332, which amends numerous provisions to Title 61, Securities-Real Estate Division. Among changes the rules make to the practice of mortgage lending and licensing, the...more

4/24/2014 - Mortgages Real Estate Market Underwriting

CFPB Announces New eClosing Mortgage Initiative

As we previously reported, the CFPB is moving to the next phase of its “Know Before You Owe” initiative and held a forum on the mortgage closing process in Washington, DC on April 23, 2014. Although the CFPB promoted the...more

4/24/2014 - CFPB E-Filing Mortgages

New York State To Require Title Agents To Be Licensed

With the passage of the New York 2014-15 budget, New York becomes one of the last states in the country to license title agents. The budget includes measures that authorize the Department of Financial Services (DFS) to...more

4/16/2014 - Department of Financial Services Disclosure Requirements Licensing Rules

Virginia Enacts Transitional MLO Licensing Law for Out-of-State MLOs

Last month, Virginia Governor Terry McAuliffe signed Senate Bill 118, creating a transitional mortgage loan originator (MLO) license. Specifically, the law authorizes Virginia's State Corporate Commission to issue a...more

4/15/2014 - Credit Reports Criminal Background Checks Licensing Rules Mortgage Bankers Association Mortgage Loan Originators SAFE Act

MBA: Virginia Governor Should Sign Transitional MLO Licensing Bill

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

3/21/2014 - MLO Licenses

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