Evolving State Supervision: Issues Arising from State Qualification Standards and 'SAFE' Act Licensing, and Coordination with the CFPB
On July 8, 2019, the Department of Financial Institutions, Division of Consumer Services notified licensees that after review and analysis of its budget, it was implementing temporary fee waivers, as follows...more
The West Virginia Division of Financial Institutions announced via a posting on the NMLS Resource Center that it will accept the National State MLO Test with Uniform State Content (UST) on June 1, 2018. This was the second...more
NMLS Release 2017.2 will include the following updates, including, but not limited to, the following: - Addition of the “Returned to Surety by Regulator” functionality - Updates to the MSB Call Report -...more
Montana has adopted a temporary rule to reduce certain licensing renewal fees by 50 percent for the period of January 1, 2016 through December 31, 2016. The Department of Administration believes that adopting the Uniform...more
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
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
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
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
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
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