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

CFPB Report Addresses Need for a Compliance Management System

The CFPB's Supervisory Report Provides Important Insight into the CFPB's Supervision and Enforcement Priorities and Desired Business Practices. HIGHLIGHTS: - The Consumer Financial Protection Bureau (CFPB)...more

CFPB supervisory report highlights violations in consumer reporting, debt collection, student loan servicing, mortgage origination...

In its Summer 2015 Supervisory Highlights, which covers supervision work generally completed between January and April 2015, the CFPB highlights legal violations resolved using non-public supervisory actions involving...more

CFPB Jolts Loan Originator Over Mortgage Origination

On June 4, 2015, the Consumer Financial Protection Bureau (CFPB) filed a complaint in the United States District Court for the Northern District of California against RPM Mortgage, Inc. (RPM), and its CEO, Erwin Robert Hirt....more

Loan Originator Compensation: CFPB Grabs the “Steering” Wheel

The CFPB took action against two mortgage companies for violations of the Loan Originator Compensation Rule (“LO Comp Rule”), which prohibits compensation to loan originators based on loan terms, claiming that the companies’...more

Texas Adds Exemptions to Texas SAFE Act Licensing Requirements

Texas has amended its provisions relating to exemptions from the applicability of the Texas SAFE Act for certain nonprofit organizations and their residential mortgage loan originators (MLOs). Under the amendment, a nonprofit...more

Company that entered into CFPB consent order loses motion to dismiss class action

A California federal judge has rejected the attempt of Castle & Cooke Mortgage, LLC, the mortgage company that entered into a consent order with the CFPB in November 2013 to settle charges that it violated the Regulation Z...more

New Rhode Island Banking Regulations to Promote Uniformity

Rhode Island has repealed certain banking regulations and replaced them with new regulations in order to promote uniformity. Banking Regulations 98-14 “Licensees”, 98-14.1 “Lenders and Loan Brokers”, and 98-14.4 “Check...more

Mid-2015 Mortgage Crisis Update – The Repurchase Demands Continue

In the aftermath of the financial crisis, Fannie Mae and Freddie Mac aggressively demanded Wall Street and big bank aggregators (“aggregators”) repurchase millions of defaulted and distressed loans, due to purported breaches...more

CFPB Issues First Appellate Ruling

In affirming its own decision, the Consumer Financial Protection Bureau (CFPB) leaves few protections for targets in its administrative enforcement proceedings. If you are subject to a CFPB administrative proceeding, or...more

CFPB takes aim (again) at loan originator compensation

Two days after announcing a proposed consent order with a mortgage company and its CEO to settle charges that the company paid bonuses and higher commissions to loan officers in violation of the Regulation Z loan originator...more

CFPB Enforcement Actions Take on LO Comp and Fair Lending

Over the past couple of weeks, the CFPB has kept itself busy in the mortgage origination enforcement arena. In one complaint, the CFPB ordered a residential mortgage lender and its CEO to each pay a $1 million civil penalty...more

Special Alert: CFPB Consent Order Applies Loan Originator Compensation Rule to Marketing Services Agreements

On Friday, the CFPB announced a consent order against Guarantee Mortgage Corporation, resolving allegations that the company paid loan originators based on the terms of their mortgage loans in violation of the Loan Originator...more

CFPB Orders Mortgage Originator to Pay $19 Million for Steering Violations – CEO to Pay $1 Million

The CFPB filed a complaint in federal district court against RPM Mortgage, Inc. and its CEO, Erwin Robert Hirt, for illegally paying bonuses and higher commissions to loan originators to incentivize them to steer consumers...more

CFPB settles loan originator compensation case

The CFPB has entered into a proposed consent order with a mortgage company and its CEO to settle charges that the company paid bonuses and higher commissions to loan officers in violation of the Regulation Z loan originator...more

Shelby Draft Regulatory Relief Bill Addresses Various Residential Mortgage Issues

Senator Richard Shelby (R-AL) released a draft of a regulatory reform bill titled “The Financial Regulatory Improvement Act of 2015” on May 12, 2015. The draft bill addresses various residential mortgage lending issues...more

Oklahoma HB 1123 Shortens the Time to File Mortgage Releases

Last month, Oklahoma Governor Mary Fallin signed into law a variety of bills affecting mortgage loan servicers. One bill of note, Oklahoma HB 1123, decreases the time in which a mortgage release must be filed after a mortgage...more

Senator Shelby Moves Forward with Major Dodd-Frank Reforms

On May 12, 2015, U.S. Senator Richard Shelby (R-Ala.), Chairman of the United States Senate Committee on Banking, Housing, and Urban Affairs, released the text of draft legislation intended to reform the regulatory framework...more

CFPB Updates Mortgage Origination Examination Procedures to Include Requirements of TILA-RESPA Integrated Disclosure Rule

On May 4, the CFPB updated its Supervision and Examination Manual’s Mortgage Origination examination procedures to include guidance on how its compliance examiners will examine loan disclosures and terms of closed-end...more

Dodd Frank and Seller Financing

While there has been much attention given to the wide variety of new rules and regulations imposed on lenders under Dodd-Frank, those of us not in the business of regularly making mortgage loans may not be aware that we could...more

2014 Reports Forecast Regulatory Compliance Challenges for Licensed Financial Services Companies

Mortgage companies and other financial services entities should carefully heed messages provided by their regulatory agencies in three recently released reports. Specifically, on April 27, 2015, three working groups comprised...more

CSBS Announces $5.2 Million Multi-State Enforcement Action Against Maryland-Based Mortgage Lender To Resolve Allegations Of...

On April 13, the Conference of State Bank Supervisors (“CSBS”) announced a settlement agreement and consent order following a coordinated enforcement action launched by 43 states against a non-bank mortgage lender after...more

North Dakota Creates Exemptions from MLO License

The state of North Dakota has amended sections of the North Dakota Century Code relating to money brokers, collection agencies, money transmitters, and mortgage loan originators. Notably, the modifications create an exemption...more

Winter 2015 Supervisory Haiku-lights

Spring has sprung, technically speaking, but Old Man Winter is dragging his feet on the way out here on the East Coast. Maybe he was hanging around waiting for the Winter 2015 edition of Supervisory Highlights, which came out...more

Northern District of California Denies Motion to Dismiss Claims of Negligent Oversight of Loan Origination Employee

On March 31, the Northern District of California denied a Michigan-based mortgage company’s motion to dismiss a Louisiana resident’s amended complaint alleging that the company was negligent in hiring and supervising a branch...more

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

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