Vermont Amends Provision Governing Mortgage Brokers Engaging in Loan Processing or Underwriting

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Vermont recently provided an exemption from the requirement that mortgage brokers provide a mortgage broker agreement in instances where the broker acts as an independent contractor loan processor or underwriter for a licensed or exempt mortgage broker or lender. Brokers acting in this capacity are not required to provide a broker agreement so long as their activities fall within the definition of an independent contractor loan processor or underwriter and their activities are limited to processing or underwriting.

Additionally, the broker must be paid a fee solely by the licensed or exempt broker or lender. That fee cannot be paid by the prospective borrower and the broker cannot be paid a commission based on the dollar amount of the loan. Finally, if the broker is acting as an independent contractor on behalf of a mortgage broker, the employing mortgage broker must have already entered into a written mortgage broker agreement with the prospective borrower. This amendment is effective immediately.

Vermont Adds Additional Pre-Licensing Education Requirements for MLOs

An individual seeking licensure as a Vermont MLO is required to complete at least 20 hours of pre-licensing education. Vermont recently amended this requirement to reflect that at least two hours of the pre-licensing education must be in courses covering Vermont law and regulations. This amendment is effective immediately.

West Virginia to Require Registration of Appraisal Management Companies

Beginning on July 1, 2014, appraisal management companies cannot conduct business in West Virginia without having obtained a registration issued by the West Virginia Real Estate Appraiser Licensing and Certification Board. Accordingly, anyone who performs or provides appraisal management services in West Virginia, directly or indirectly, through the use of software products, online, or by any means of communications must obtain a registration by July 1, 2014.

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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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