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

Montana Amends Mortgage Licensing Provisions

Among the state mortgage law changes made, the terms "mortgage lender," "mortgage broker," "mortgage servicer," and "mortgage loan originator" were amended to include entities that hold themselves out to the public as being...more

Special Alert: USDA-RHS Proposes Its Own QM Rule

On March 5, 2015, the USDA-RHS released a proposed rule to amend the regulations for the Single Family Housing Guaranteed Loan Program (SFHGLP) to provide that a loan guaranteed by USDA-RHS is a QM if it meets certain...more

CFPB supervisory report highlights violations in debt collection, consumer reporting, overdraft practices, mortgage origination,...

In its Winter 2015 Supervisory Highlights, which covers supervision work generally completed between July and December 2014, the CFPB highlights legal violations resolved using non-public supervisory actions involving debt...more

Supreme Court Update: Perez V. Mortgage Bankers ASS'n (13-1041), Dep't Of Transportation V. ASS'n Of American Railroads (13-1080)...

It's been a great week for admin-law junkies; maybe not so much for the D.C. Circuit, which suffered two unanimous reversals in Perez v. Mortgage Bankers Ass'n (13-1041) and Dep't of Transportation v. Ass'n of American...more

Supreme Court Rejects Notice and Comment Rulemaking Requirement for Agency Interpretations

In a case we labeled one of the “cases to watch” this term, a relatively unified Supreme Court decided in Perez v. Mortgage Bankers Association that a federal agency does not need to engage in notice-and-comment rulemaking...more

The Supreme Court Sides with the Department of Labor in "Rulemaking" Challenge

The U.S. Supreme Court handed the U.S. Department of Labor (DOL) a victory in a battle over whether the agency's reversal of its stance on the exempt status of mortgage loan officers was subject to public notice and comment....more

Supreme Court Holds Federal Agencies May Reverse Their Positions Through Informal Guidance

On March 9, 2015, the U.S. Supreme Court issued its decision in Perez v. Mortgage Bankers Ass’n, No. 13-1041 (Mar. 9, 2015), holding federal administrative agencies may amend or repeal interpretive rules without following...more

Supreme Court Blesses Comment-Free Rulemaking by Administrative Agencies

On March 9, 2015, the Supreme Court held that agencies such as the Department of Labor (DOL) are not required to provide a public notice-and-comment period before implementing new interpretive rules, which includes agency...more

SCOTUS: Federal Agencies Can Change Interpretive Rules Without Formal Process

Federal agencies are not required to follow formal notice-and-comment rulemaking when making significant changes to interpretive rules, according to a unanimous U.S. Supreme Court. In Perez v. Mortgage Bankers Association,...more

Unanimous Supreme Court Yesterday in Mortgage Bankers: Notice-and-Comment Not Required for Interpretive Rulemaking

On March 9th, 2015 the U.S. Supreme Court unanimously reversed the D.C. Circuit's opinion on federal agency rulemaking in Perez, Secretary of Labor v. Mortgage Bankers Association, holding that federal agencies need not issue...more

High Court Sides with DOL, Holding that Agencies May Flip-Flop on Regulatory Interpretations Without Engaging in...

In June, we wrote that the U.S. Supreme Court agreed to address whether a federal agency (in this case, the Department of Labor) must engage in formal notice-and-comment rulemaking in order to significantly alter its...more

News Flash: Courts Still Defer to an Agency’s Interpretation of Its Own Rules

The Supreme Court today ruled that, when an agency revises its interpretive rules, it need not go through notice-and-comment rulemaking. Although the decision, in Perez v. Mortgage Bankers Association, required the court to...more

Supreme Court Paralyzes Paralyzed Veterans Doctrine, Affords Greater Deference To Federal Agencies

Monday, in a 9-0 decision, the U.S. Supreme Court abolished a precedent on which the regulated community has relied to keep federal agencies in check for nearly 20 years. This precedent, commonly referred to as the Paralyzed...more

California Amends Mortgage Originator Testing and Education Requirements

The state of California has made significant changes to the testing and education requirements for its mortgage loan originators licensed under the California Finance Lenders Law and the California Residential Mortgage...more

Fraud Verdict Against Countrywide & BofA Upheld

BofA’s “hustling” attempt to overturn a $1.27 billion judgment against it and Countrywide—along with the individual defendant identified in the next paragraph, the “Defendants”—in the U.S. District Court for the Southern...more

CFPB Proposes Changes to Mortgage Rules for Small Lenders

On January 29, the CFPB announced a proposed rule that would provide regulatory relief to more small lenders. Among other things, the proposed rule would (i) increase the loan origination limit to qualify for “small creditor”...more

Michigan Exempts Loss Mitigation Specialists from MLO Licensing

Michigan has updated its mortgage loan originator (MLO) licensing provisions to expressly exempt from licensure certain individuals involved in loss mitigation and modification services. The revision makes Michigan law...more

CFPB finalizes amendments to TILA/RESPA integrated disclosures rule and loan originator rule

On Tuesday, January 20, the CFPB promulgated its first final rule of 2015, a series of minor amendments to the TILA/RESPA integrated disclosures (TRID) rule. The substantive changes to the TRID rule are (1) an extension of...more

Aggressive Regulators and the Plaintiffs’ Lawyers Who Follow Them

As soon as a putative class action complaint hits the clerk’s office alleging a new theory of liability, plaintiffs’ lawyers rush to sign up potential class representatives and file copycat suits in as many jurisdictions as...more

South Carolina Announces Increased Criminal Background Check Fees

The South Carolina Board of Financial Institutions has increased the fees required for a criminal background check for mortgage loan officers (MLOs) and control persons. Note that the South Carolina criminal background check...more

NMLS Releases MLO and Lender Numbers

The NMLS recently released its NMLS Mortgage Industry Report 2014 Q3 Update. According to the report, there were 343,800 state-licensed mortgage loan originators (MLOs) during the 2014 third quarter, a 10 percent increase...more

How Borrower Got 'Free House' In NJ Bankruptcy Case

The United States Bankruptcy Court for the District of New Jersey recently held in In re Washington, No. 14-14573-TBA, (Bankr. D.N.J. Nov. 5, 2014) that the mortgagee and mortgage servicer (“the creditors”) are time-barred...more

UDAAP Council Weekly UDAAP Standards Report - 12/10/2014

Every week, courts around the United States issue decisions addressing aspects of civil UDAAP claims. In an effort to illuminate the UDAAP standards, below is a sampling of some of this week’s UDAAP decisions on the...more

ResCap’s Claims Against Mortgage Originators in Minnesota Will Proceed

On November 12, Judge Susan Richard Nelson of the United States District Court for the District of Minnesota declined to dismiss claims by the Residential Capital LLC (ResCap) bankruptcy trust against six mortgage...more

CFPB Fines Mortgage Lender for Violating Loan Originator Compensation Rule

On November 13, the CFPB ordered a residential mortgage lender to pay $730,000 for violating the Loan Originator Compensation Rule. According to the complaint filed by the CFPB, from June 2011 to October 2013, the mortgage...more

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