InfoBytes, October 15, 2010 - Weekly In-depth review of news & developments in the financial services industry


Topics In This Issue

• Federal Issues

• State Issues

• Courts

• Firm News

• Miscellany

• Mortgages

• Banking

• Consumer Finance

• Litigation

• E-Financial Services

• Criminal Enforcement Actions

Excerpt from "Federal Issues"

CSBS Seeking Comments on Proposed Federal Registration Fees for MLOs. On October 14, the Conference of State Bank Supervisors (CSBS) posted for comment the proposed fees for federal registration of mortgage loan originators (MLOs) on the Nationwide Mortgage Licensing System (NMLS). As outlined in the letter requesting public comment, the main proposed fees are as follows: (i) NMLS processing fee of $30 when an MLO initially registers in NMLS between January 1 and June 30 or a processing fee of $60 when an MLO initially registers between July 1 and December 30; (ii) NMLS processing fee of $30 on an annual basis as part of the annual renewal process for MLO registrants; (iii) NMSL processing fee of $30 assessed each time an MLO associates his or her registration with a new employer regardless of when the registration was initially completed (iv) NMLS processing fee of $100each time a federally chartered or insured institution initially files its MU1R through NMLS; and (v) processing fee of $100 on an annual basis as part of the process for institutions with registered MLOs to annually renew their institution record on the NMLS. The letter also outlines proposed criminal background check processing fees and two-factor authentication annual subscription fees. The deadline for submitting comments to the State Regulatory Registry, which is a wholly-owned subsidiary that operates the NMLS, is November 12, 2010.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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