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

HUD Announces Disability Income Fair Housing Conciliation Agreement

On August 13, HUD announced that a nonbank mortgage lender agreed to pay $104,000 to resolve allegations that the lender’s underwriting practices resulted in discrimination against mortgage applicants who rely on disability...more

Mortgage Lending: Important Lessons about Advertising, Affiliates, and Authorizations

On August 12, the Consumer Financial Protection Bureau (CFPB or Bureau) entered into a consent order with an online mortgage company, its affiliated appraisal company, and its chief executive officer; they agreed to pay $20.8...more

California Amends Education Requirements for Mortgage Loan Originators

California recently amended its pre-licensing and continuing education requirements for mortgage loan originators (MLOs) licensed under the California Finance Lenders Law and the California Residential Lending Act. The...more

Several New States Adopt the National SAFE MLO Test with Uniform State Component

New York, Ohio, Oklahoma, and Connecticut are the latest states to announce that they will be adopting the National SAFE Mortgage Loan Originator (MLO) Test with Uniform State Content. The New York Department of Financial...more

FHFA Wins Summary Judgment That It Did Not Have Actual Knowledge of RMBS Misrepresentations

On July 30, Judge Denise Cote of the United States District Court for the Southern District of New York granted the motion for partial summary judgment brought by FHFA, as conservator for Fannie Mae and Freddie Mac. ...more

The State Regulatory Registry Proposes Pre-Licensure Education Expiration Policy

The State Regulatory Registry LLC, through NMLS, recently published a proposal to create a uniform time frame for the expiration of pre-licensure education (PE) for state licensed Mortgage Loan Originators (MLO). The comment...more

Massachusetts Regulators Cautions Lenders On Funding Of Mortgages, Third-Party Oversight

On July 2, the Massachusetts Division of Banks published an industry letter regarding mortgage lenders’ obligation to timely fund and disburse mortgage proceeds and oversee internal and third-party compliance with that...more

Hawaii Amends Mortgage Loan Origination Laws

Hawaii has amended and enacted provisions governing mortgage loan origination and licensed mortgage loan originator companies. Specifically, SB 2817, which was signed into law on July 3, 2014, makes numerous changes to the...more

Maine Supreme Court Decision Limits Scope of MERS' Ability to Assign Mortgages

On July 3, 2014, the Maine Supreme Judicial Court issued a ruling in Bank of America, N.A. v. Greenleaf, 2014 ME 89 (Me. July 3, 2014), significantly affecting the ability of Mortgage Electronic Registration System, Inc....more

Supreme Court to Decide Paralyzed Veterans Doctrine

When the White House goes from a Democratic president to a Republican president, or vice versa, there are often changes in various federal agencies’ directives to reflect the priorities of the current administration. These...more

Supreme Court Agrees To Hear Trade Group Challenge To Mortgage Loan Officer Compensation Guidance

On June 16, the U.S. Supreme Court consolidated and agreed to hear two related cases regarding the Department of Labor’s (DOL) 2010 interpretation of its regulations under the Fair Labor Standards Act that mortgage loan...more

Federal, State Authorities Announce Substantial Mortgage Settlement

On June 17 the DOJ, the CFPB, HUD, and 49 state attorneys general and the District of Columbia’s attorney general announced a $968 million consent judgment with a large mortgage company to resolve numerous federal and state...more

Eleventh Circuit Doubles Down on Lien Stripping

When the Fourth Circuit handed down its opinion in the case of In re Davis, which permitted lien stripping in “Chapter 20” proceedings, the stage was set for the Eleventh Circuit to expand debtor’s ability to escape from...more

SunTrust Settles with DOJ for US$968 Million

On June 17, the United States Department of Justice announced a US$968 million settlement with SunTrust Mortgage Inc. Other parties to the settlement are the Department of Housing and Urban Development, the Consumer Financial...more

Supreme Court to Review Cases Involving Overtime Exemption for Mortgage Loan Officers

On Monday, the U.S. Supreme Court accepted review of two lower court decisions of significant importance to the banking and financial services industries. The cases involve the question of whether mortgage loan officers are...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

Colorado Adds Mortgage Servicer Requirements

Recently, Colorado enacted legislation that requires servicers of residential loans, including lenders and other parties that offer a borrower a loss mitigation option or seek to enforce the power to foreclose and sell the...more

Connecticut Bill Revises Licensing Laws, Numerous Other Financial Services Laws

On June 3, Connecticut Governor Dannel Malloy signed HB 5353, which makes numerous unrelated changes to Connecticut’s laws governing financial services companies. For example, with regard to mortgage servicing, the bill: (i)...more

Maine Adopts New National SAFE MLO Test with Uniform State Component

Maine is the latest state to announce that it will be adopting the new National SAFE Mortgage Loan Originator (MLO) Test with the Uniform State Test (UST) component. The Maine Bureau of Consumer Credit Protection (the Bureau)...more

Maryland Expedites Licensing For Certain Mortgage Loan Originators

On May 15, Maryland Governor Martin O’Malley signed SB 1091, which expedites mortgage loan originator licensing in that state by requiring the Commissioner of Financial Regulation to waive the state’s criminal history records...more

A Review And Analysis Of The CFPB’s Focus And Enforcement Activity Related To Mortgage Origination And Servicing

Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“the Act”) created and authorized the Consumer Financial Protection Bureau (“CFPB” or “the Bureau”) to implement, examine for compliance with,...more

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

132 Results
|
View per page
Page: of 6