Marc Patterson

Marc Patterson

Ballard Spahr LLP

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Nevada Amends Mortgage Lending, Servicing Provisions; Creates Servicer License

Nevada Governor Brian Sandoval signed into law AB 480, which amends provisions concerning mortgage lending, escrow agents, escrow agencies, mortgage brokers, mortgage agents, and mortgage bankers. Among the modifications to...more

7/2/2015 - Amended Regulation Banking Sector Consumer Lenders Escrow Holders Mortgage Lenders Mortgage Servicers

Federal Agencies Finalize Flood Insurance Rules

Federal regulators have finalized a joint rule that amends regulations relating to loans secured by properties in special flood hazard areas. The final rule implements changes to the Flood Disaster Protection Act of 1973...more

6/30/2015 - Biggert-Waters Flood Insurance Reform Act Flood Disaster Protection Act Flood Insurance Flood Zones

CFPB further delays TRID effective date

The CFPB has issued its formal proposal to delay the effective date of the TILA-RESPA Integrated Disclosures (TRID) rule until Saturday, October 3, 2015. The new effective date comes only a week after the CFPB announced it...more

6/26/2015 - CFPB Effective Date TILA-RESPA Integrated Disclosure Rule (TRID)

Texas Adds Exemptions to Texas SAFE Act Licensing Requirements

Texas has amended its provisions relating to exemptions from the applicability of the Texas SAFE Act for certain nonprofit organizations and their residential mortgage loan originators (MLOs). Under the amendment, a nonprofit...more

6/17/2015 - 501(c)(3) Financial Institutions IRS Licensing Rules Mortgage Loan Originators Mortgages NMLS Non-Profits Real Estate Market SAFE SAFE MLO Third-Party Risk

Oklahoma Amends SAFE Act

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

6/5/2015 - Governor Fallin Licensing Rules MLO Licenses Mortgage Brokers Mortgage Lenders Mortgage Servicers SAFE Act

CFPB issues instructions on how industry may place its company logo on the “Home Loan Toolkit”

The CFPB has issued instructions on how creditors and other housing professionals can use their logo with the new “Home Loan Toolkit” (“Toolkit”). Previously, at a May 26, 2015 webinar that addressed the new TILA/RESPA...more

6/5/2015 - CFPB Home Loan Toolkit Logos Mortgage Lenders TILA-RESPA Integrated Disclosure Rule (TRID) Webinar

Federal Agencies Issue Final Rule on Standards for Appraisal Management Companies

The CFPB along with five other federal agencies have issued a final rule that establishes minimum state registration and substantive requirements for appraisal management companies (AMCs), as required by Section 1473 of the...more

5/20/2015 - Appraisal Management Companies Banking Sector CFPB Dodd-Frank FFIEC Final Rules

Federal agencies issue final rule on standards for appraisal management companies

The CFPB along with five other federal agencies have issued a final rule that establishes minimum state registration and substantive requirements for appraisal management companies (AMCs), as required by Section 1473 of the...more

5/7/2015 - Appraisal Management Companies CFPB Depository Institutions Dodd-Frank Final Rules Registration Requirement

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

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