News & Analysis as of

Mortgages Mortgage Loan Originators

The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and... more +
The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and uses that property as collateral for the loan. less -

D.C. Adds Student Loan Servicer License to NMLS

by Ballard Spahr LLP on

On August 10, 2017, the District of Columbia Department of Insurance, Securities and Banking started accepting applications and transition fillings for the Student Loan Servicer License and Student Loan Servicer Branch...more

Oregon Regulates Home Equity Conversion Mortgage Originators and Servicers in New Law

Oregon’s legislature continues to add state level regulations to the Home Equity Conversion Mortgage (“HECM,” more commonly known as a reverse mortgage) marketplace. In 2015, the state imposed a series of content and...more

New Hampshire Amends MLO Licensing Provisions

by Ballard Spahr LLP on

New Hampshire has amended provisions regarding the licensing laws of mortgage loan originators (MLO) from other states. The commissioner may conditionally approve an application for an MLO license if the applicant is...more

Montana Revises Licensing Provisions

by Ballard Spahr LLP on

The Montana Department of Administration has amended its regulations regarding mortgage broker and loan originator licensing, including, but not limited to, the following...more

Massachusetts Issues Industry Letter On Applicability of MLO Licensing to Individuals Employed by Nonprofit Entities

by Ballard Spahr LLP on

On June 15, 2017, the Massachusetts Division of Banks (Division) issued an industry letter to clarify when an employee of a nonprofit agency is required to obtain a mortgage loan originator (MLO) license. The Division...more

Hawaii Revises Mortgage Loan Origination Licensing Requirements

by Ballard Spahr LLP on

Hawaii revised the following mortgage loan origination provisions of the Secure and Fair Enforcement for Mortgage Licensing Act, including, but not limited to...more

Did You Know?

by Ballard Spahr LLP on

NMLS Release 2017.2.1 - The NMLS Release 2017.2.1 has been targeted for July 24, 2017. ...more

Treasury Department Report: Decreasing Regulatory Burdens, Increasing Regulatory Accountability and Fostering Economic Growth

On June 12, 2017, the U.S. Treasury Department released its report to the President, "A Financial System That Creates Economic Opportunities – Banks and Credit Unions," authored by Steven Mnuchin, Secretary, and Craig...more

Did You Know?

by Ballard Spahr LLP on

Colorado Revises MLO Exemption - Colorado has revised an exemption from mortgage loan originator licensure. More specifically, an individual who acts as a mortgage loan originator, without compensation or gain to the...more

Did You Know? NMLS Release 2017.2

by Ballard Spahr LLP on

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

Vermont Enacts Loan Solicitation License, Amends Other Financial Regulation Licensing Provisions

by Ballard Spahr LLP on

Entities engaged in the business of loan solicitation are now required to be licensed with the Vermont Department of Financial Regulation following the recent enactment of Act 22. Loan comparison websites, lead generators,...more

The Financial CHOICE Act, now closer to passage, would significantly impact the mortgage industry

by Ballard Spahr LLP on

On May 4 H.R. 10, the Financial CHOICE Act (the Act) introduced by House Financial Services Committee Chairman Jeb Hensarling, R-Texas, obtained enough votes to move the bill on to the House of Representatives floor.  The Act...more

CFPB Spring 2017 Supervisory Highlights focuses on mortgage origination/servicing, student loan servicing deficiencies, service...

by Ballard Spahr LLP on

The CFPB’s newly-released Spring 2017 edition of Supervisory Highlights covers supervisory activities generally completed between September and December 2016. The report indicates that supervisory resolutions resulted in...more

Curing Consumer Finance Overreach

A legacy of the financial crisis a decade ago, Congress enacted the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (“SAFE Act”), which gave states one year to pass legislation requiring licensure of mortgage...more

CFPB unveils Consumer Credit Trends web-based tool

by Ballard Spahr LLP on

The CFPB has unveiled “Consumer Credit Trends,” which it describes as “a web-based tool to help the public monitor developments in consumer lending and forecast potential future risks.”...more

California Amends RMLA: Federal Agency Approval Not Required For Processing and Underwriting Companies

by Ballard Spahr LLP on

Effective January 1, 2017, the definition of lender under the California Residential Mortgage Lending Act (RMLA) will be amended to include third-party processors and/or underwriters who do not solicit loan applicants,...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

So, it turns out that all of the Brexit-style market freefalling was reserved for overnight trading. US markets actually closed up yesterday after modest opening losses....more

CFPB issues Fall 2016 Supervisory Highlights

by Ballard Spahr LLP on

In its Fall 2016 Supervisory Highlights, which covers supervision work generally completed between May and August 2016, the CFPB highlights violations found by its examiners involving origination and servicing of auto...more

Tennessee District Court Orders Discovery Of Reinsurance Agreements, But Denies Discovery Of Reinsurance-Related Communications,...

by Carlton Fields on

Plaintiffs sought coverage from the insurer Defendants for a $212.5 million dollar settlement of a claim of violation of the False Claims Act relating to errors and omissions in underwriting and origination of HUD mortgage...more

Your daily dose of financial news - The Brief – 9.26.16

by Robins Kaplan LLP on

The Deal Professor weighs in on Yahoo’s announcement last week of the hack of roughly 500 million of its customers’ data and the specter of the MAC (material adverse change) that Verizon may choose to invoke to dance away...more

Florida to Streamline Testing Requirements for Mortgage Loan Originator Licensure

by BakerHostetler on

On August 16, Florida announced via the National Mortgage Licensing System (NMLS) Resource Center that it was adopting the Uniform State Test (UST) for mortgage loan originators. With this announcement, the Florida Office of...more

GAO issues report on CFPB SBREFA panels

by Ballard Spahr LLP on

The Government Accountability Office has issued a report on the CFPB’s use of Small Business Regulatory Enforcement Fairness Act (SBREFA) panels in its rulemaking process. The report, “Observations from Small Business Review...more

CFPB Issues Proposed Amendments to TRID Rule

Last week, the Consumer Financial Protection Bureau (CFPB) released its proposed amendments to the “Know Before You Owe” mortgage disclosure rule, commonly known as the Truth in Lending Act-Real Estate Settlement Procedures...more

FHFA Request for Input on Single-Family Credit Risk Transfer – Certain Salient Matters

In its request for input on single-family credit risk transfer RFI, FHFA expresses a strong preference for large, economically efficient, repeatable transactions, as well as programs that create a level playing field for both...more

CFPB issues Summer 2016 Supervisory Highlights

by Ballard Spahr LLP on

In its Summer 2016 Supervisory Highlights, which covers supervision work generally completed between January and April 2016, the CFPB highlights violations found by its examiners involving automobile origination, debt...more

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