MLO Licenses

News & Analysis as of

Evolving State Supervision: Issues Arising from State Qualification Standards and 'SAFE' Act Licensing, and Coordination with the... [Video]

oin Pepper Hamilton LLP, the Conference of State Bank Supervisors (CSBS) and RECOVCO Mortgage for an engaging discussion about important recent trends involving state supervision as states shift an ever greater amount of...more

Evolving State Supervision: Issues Arising From State Qualification Standards and "SAFE" Act Licensing, and Coordination with the...

In This Presentation: - Events That Changed Our World; And Yours Too! - Current Issues in Licensing - State Coordination With CFPB - The Path to Coordination - Responsibilities of the...more

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

Oklahoma To Require Classroom Instruction for MLO Continuing Education

The Oklahoma Department of Consumer Credit (OK-DOCC) has informed the NMLS that a mortgage loan originator (MLO) must satisfy the annual continuing education requirement in a classroom at least once every two years....more

Louisiana Requires Mortgage Loan Servicers To Obtain License

On May 29, Louisiana Governor Bobby Jindal signed HB 807, which requires companies that service mortgage loans in the state to obtain a state license. The bill amends the state’s Residential Mortgage Lender Law to require a...more

Maryland Expedites Licensing Process for Registered MLOs

Maryland Governor Martin O’Malley recently signed legislation that will expedite mortgage loan originator (MLO) licensing for registered MLOs. SB 1091 requires the Commissioner of Financial Regulation to waive the state...more

New York Set To Adopt Uniform State Test and Transitional MLO Licensing Initiative

The New York Department of Financial Services (DFS) has announced significant changes to its state mortgage loan originator (MLO) licensing process in an attempt to shorten and improve the approval process. The changes...more

Georgia and Wisconsin Exempt Nonprofits and Their MLOs from Licensing Laws

Georgia and Wisconsin recently amended their state licensing regimes to create exemptions for nonprofits and their MLOs. Exemptions from these licensing requirements will ease the entry of many nonprofit lenders into these...more

MBA: Virginia Governor Should Sign Transitional MLO Licensing Bill

As we previously reported, the Virginia Senate and House recently unanimously passed legislation that would authorize the Virginia State Corporation Commission to issue transitional MLO licenses. ...more

Maryland and Virginia Considering Legislation Affecting Residential Foreclosures and Transitional MLO Licensing

In 2014, state legislatures continue to be active in considering policy options that would impact the mortgage industry. The following are two examples of the legislative and regulatory agendas currently being debated across...more

Washington Amends Its Consumer Loan Act Licensing Regulations

The Washington Department of Financial Institutions (Department) recently issued a new rule clarifying the licensing requirements for individual managers of Consumer Loan Company Licensees. The new rule became effective on...more

NMLS Expansion Update

As noted in prior editions of the Mortgage Banking Update, states are transitioning non-mortgage licenses to the NMLS. Most recently, the Wyoming Division of Banking began receiving new applications for Money Transmitter...more

States Announce New Criminal Background Checks for License Renewal

Multiple state regulators are introducing new background check procedures for MLOs licensed through NMLS. Under FBI rules, Connecticut, Delaware, Florida, Hawaii, Idaho, Massachusetts, Missouri, Montana, Nebraska, New York,...more

Another Agency Adopts the Uniform State Test

Another state agency has announced that it will be adopting the new national MLO test with the Uniform State Content. The District of Columbia Department of Insurance, Securities, and Banking will adopt the test effective...more

Ten More States Adopt Uniform MLO Test

On July 1, the CSBS announced that ten additional state agencies will use the new National SAFE MLO test....more

Nevada Adopts Uniform State Test and Exempts Loan Processors and Underwriters from MLO Licensure

Another state agency has announced that it will be adopting the new national MLO test with the Uniform State Content. The Nevada Department of Business and Industry will adopt the test effective January 1, 2014....more

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