Oklahoma Adds a Mortgage Lender License

more+
less-
more+
less-

Oklahoma recently amended its Secure and Fair Enforcement for Mortgage Licensing Act to add a Mortgage Lender License. A mortgage lender is defined as any entity that takes an application for a residential mortgage loan, makes a residential mortgage loan, or services a residential mortgage loan and is an approved or authorized U.S. Department of Housing and Urban Development mortgagee with direct endorsement underwriting authority, Fannie Mae or Freddie Mac seller or servicer, or Ginnie Mae issuer.

It is unclear whether an entity that does not have such approval or authorization but otherwise meets the definition of a mortgage lender is eligible for the new license. A licensed mortgage lender that also engages in activities falling under the definition of a mortgage broker is not required to obtain a separate Mortgage Broker License. We have been advised by the Oklahoma Department of Consumer Credit that further guidance on the parameters and implementation of the new license will be forthcoming, and we will provide an update when such guidance is issued. This amendment is effective November 1, 2013.

Topics:  HUD, Lenders, Licensing Rules, Mortgages

Published In: General Business Updates, Consumer Protection Updates, Finance & Banking Updates, Residential Real Estate Updates

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.

© Ballard Spahr LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »