Marc Patterson

Marc Patterson

Ballard Spahr LLP

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Illinois Amends Collection Agency Act

Illinois has amended provisions of the state Collection Agency Act, including extending the repeal of the Act from January 1, 2016, to January 1, 2026. The amendment makes changes concerning definitions, exemptions,...more

8/13/2015 - Banking Sector Banks Collection Agencies Debt Collection Finance Lenders Financial Institutions Financial Services Industry Mortgages

California Adds New Continuing Education Requirement for Real Estate Brokers

California has amended its continuing education requirements for real estate brokers (broker) licensed by the California Bureau of Real Estate. The amendment requires a broker, as part of the broker’s 45 hours of continuing...more

8/13/2015 - Continuing Education Real Estate Brokers Real Estate Market Training Requirements

CFPB updates TILA-RESPA implementation materials

The CFPB has updated the TILA-RESPA implementation materials and resources to make them consistent with the new October 3 effective date for the TILA-RESPA final rule. Specifically, updates have been made to the TILA-RESPA...more

8/7/2015 - Banking Sector Banks CFPB Consumer Lenders Financial Institutions Financial Services Industry Mortgage Lenders Mortgage Servicers Mortgages Real Estate Market TILA-RESPA Integrated Disclosure Rule (TRID)

CFPB issues Spanish edition of “Your Home Loan Toolkit”

The CFPB has issued a Spanish version of “Your Home Loan Toolkit” (“Toolkit”), that is designed to be used with disclosures provided under the TILA/RESPA Integrated Disclosure (“TRID”) rule. The Toolkit will replace the...more

7/30/2015 - Banking Sector Banks CFPB Financial Institutions Financial Services Industry Mortgages Residential Real Estate Market TILA-RESPA Integrated Disclosure Rule (TRID)

CFPB Officially Moves TRID Effective Date To October 3

The CFPB has issued a final rule postponing the effective date for all provisions of the TILA-RESPA Final Rule and Amendments to October 3, 2015. The final rule also includes certain technical amendments to reflect the new...more

7/24/2015 - CFPB Effective Date Final Rules TILA-RESPA Integrated Disclosure Rule (TRID)

CFPB officially moves TRID effective date to October 3

The CFPB has issued a final rule postponing the effective date for all provisions of the TILA-RESPA Final Rule and Amendments to October 3, 2015. The final rule also includes certain technical amendments to reflect the new...more

7/23/2015 - CFPB Effective Date Final Rules Richard Cordray TILA-RESPA Integrated Disclosure Rule (TRID)

Connecticut Adds New Licenses to NMLS

The Nationwide Mortgage Licensing System (NMLS) is now accepting new applications and transition filings for new industry licenses for the Connecticut Department of Banking (Department). The Department is requiring companies...more

7/16/2015 - Banking Sector Banks Check Cashing Collection Agencies Finance Lenders Financial Institutions Licensing Rules Loans Mortgage Lenders Mortgages NMLS Real Estate Market

Louisiana To Increase Licensing Fees in August

The state of Louisiana has amended its licensing fees applicable to mortgage lenders, mortgage brokers, mortgage servicers, and mortgage loan originators. Renewing licensees and new applicants will see an increase in state...more

7/16/2015 - Banking Sector Banks Financial Institutions Lenders Licensing Fees Mortgage Brokers Mortgage Lenders Mortgage Loan Originators Mortgages Real Estate Market

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 - 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 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

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

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