Mortgage Loan Originators

Mortgage Loan Originators are individuals who are paid to assist borrowers with residential mortgage transactions by taking applications and offering or negotiating terms.
News & Analysis as of

BankinBits First Quarter Recap

The BankinBits blog, which discusses recent developments in the banking industry, has within the first quarter of 2014 addressed a diverse range of topics including banking services for the marijuana industry, the shuttering...more

Virginia Enacts Transitional MLO Licensing Law for Out-of-State MLOs

Last month, Virginia Governor Terry McAuliffe signed Senate Bill 118, creating a transitional mortgage loan originator (MLO) license. Specifically, the law authorizes Virginia's State Corporate Commission to issue a...more

The Foreclosure Crisis and Legal Change

With the “housing collapse” and the ensuing “foreclosure crisis” behind us, it is time to assess the myriad changes in the law of mortgage lending and foreclosure enacted in response to the crisis. The short space of this...more

Arkansas Amends Rules Regarding Fair Mortgage Lending Act

The Arkansas Securities Department (Department) recently amended provisions to the Rules of the Fair Mortgage Lending Act (Rules) that became effective on February 9, 2014. The new Rules concern the licensing of loan officers...more

CFPB Mortgage Servicing and Origination Examining Procedures

The beginning of 2014 marked the implementation of new rules for mortgage servicers, lenders and brokers. According to CFPB Director Richard Cordray in his testimony before the House Financial Services Committee, the goal...more

Mortgage Company Wins Mortgage Loan Officer Overtime Trial

Recently, a jury in the U.S. District Court for the Eastern District of Virginia found that a mortgage company proved that it properly classified an employee as an outside sales person under the Fair Labor Standards Act and...more

Creating a Culture of Compliance

In this article, I outline the key questions that should be asked, the answers to which will determine the extent, depth, and integrity of a culture of compliance. I am going to take you through a set of questions that will...more

CFPB Continues To Aggressively Pursue RESPA Violations

On January 15, 2014, the Consumer Financial Protection Bureau ("CFPB") ordered a small mortgage lender in Missouri and its president to pay $81,076 for violating the anti-kickback provisions of the Real Estate Settlement...more

CFPB Announces First Steps In HMDA Rulemaking Process, Launches Additional HMDA Data Tools

On February 7, the CFPB announced the first public phase of its rulemaking to expand the scope of HMDA data reporting, as required by the Dodd-Frank Act. The CFPB is asking small businesses to provide feedback on its initial...more

Homebuilders And Their Affiliates: Unexpected Tie-In Issues May Be Lurking

From my work defending mortgage loan originators, including many homebuilder captives, against mortgage repurchase and indemnification claims, as well in my role as an editor of Bilzin Sumberg’s Mortgage Crisis Watch, I have...more

Washington Clarifies Mortgage Loan Originator Rule

On January 24, the Washington State Department of Financial Institutions issued a clarification regarding an aspect of its mortgage originator rules and guidance. The Department previously advised that managers, including...more

Federal Court Follows Recent Statute of Limitations Decision for Mortgage Buyback Claims

We recently posted about a critical ruling out of New York’s intermediate state appellate court, the case of ACE Securities Corp. v. DB Structured Products, Inc., 977 N.Y.S.2d 229, 231 (N.Y.A.D. 1st Dept. Dec. 19, 2013). In...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

CFPB Updates Mandatory Mortgage Publications

On January 10, 2014, the CFPB published a notice in the Federal Register that three mortgage publications lenders are required to provide to borrowers have been revised to reflect certain mortgage rules that went into effect...more

CFPB issues revised mortgage servicing and origination exam procedures

The CFPB has revised its examination procedures for mortgage servicing and mortgage origination. The revisions are intended to update the CFPB’s existing examination procedures to reflect the new mortgage rules which became...more

New FHFA Head Will Delay Proposed Mortgage Fee Hike

Former North Carolina congressman and the new head of the Federal Housing Finance Agency (FHFA), Mel Watt, has given the public a sneak peek of how he will lead the FHFA. On December 20 he released a statement expressing his...more

FHA Releases New Manual Underwriting Standards

The United States Department of Housing and Urban Development released new standards for manually underwriting FHA mortgage loans. The standards are intended to provide more “definitive underwriting standards” and address...more

HUD Finalizes Definition of “Qualified Mortgage” for FHA Loans

The Department of Housing and Urban Development issued a final rule defining a “qualified mortgage” for single family residential loans that it insures, guarantees or administers. The rule retains the definition of “qualified...more

Georgia Amends Mortgage Loan Origination, Licensing Regulations

Recently, Georgia amended certain regulations related to mortgage loan originations, originators, and brokers. Effective November 29, 2013, borrowers are required to pay to the Department of Banking a $10 per loan fee if a...more

Federal Banking Agencies Issue Interagency Statement on Supervisory Approach to Qualified Mortgage Loans

The FDIC, OCC, NCUA and FRB issued an interagency statement on the supervisory approach to originating qualified mortgages under the CFPB’s ability-to-repay and qualified mortgage rule finalized in January 2013 and...more

Agencies Finalize Exemptions To Higher-Priced Mortgage Loan Appraisal Requirements

On December 12, the Federal Reserve Board, the CFPB, the FDIC, the FHFA, the NCUA, and the OCC, issued a final rule supplementing their January 2013 interagency appraisal rule. As described in detail in our Special Alert, the...more

Challenging FIRREA Subpoenas: The RMBS Working Group Faces Subpoena Fight

As the Justice Department has stepped up its pursuit of financial institutions, there has been a surge of civil fraud lawsuits brought by the government under FIRREA — the Financial Institutions Reform, Recovery, and...more

CFPB Sues Mortgage Insurer Over Illegal Kickback Scheme

It looks like yet another illegal kickback scheme involving mortgage insurance has been uncovered in the residential mortgage industry. Recently the Consumer Financial Protection Bureau (“CFPB”) filed a lawsuit in the U.S....more

Federal financial regulatory agencies finalize appraisal requirement exemptions

The CFPB, Fed, FDIC, FHFA, NCUA, and OCC have finalized a supplemental rule creating several exemptions to the appraisal requirements for higher-priced mortgage loans (HPML). Those requirements are contained in the final rule...more

Final Rules on Appraisal Exemptions for Higher-Priced Mortgages

On December 12, the Fed, FDIC, CFPB, FHFA, NCUA and OCC issued a final rule that creates exemptions from certain appraisal requirements for certain higher-priced mortgage loans....more

111 Results
|
View per page
Page: of 5