Mortgages, Mortgage Loan Originators, Licensing Rules

CSBS to Release Enhancements to Nationwide Multistate Licensing System & Registry (NMLS) on July 20.

Ballard Spahr LLP on 7/22/2024

The Conference of State Bank Supervisors (CSBS) will release the first phase of major enhancements to the Nationwide Multistate Licensing System & Registry (NMLS) on July 20....more

Are Your Employees Taking Loan Applications? The Reach and Consequence of Mortgage Loan Originator Licenses

Hudson Cook, LLP on 10/2/2023

One of the more nuanced licensing issues that can arise under state credit laws is the need for individual mortgage loan originators (MLOs) to be licensed. On its face, the MLO license seems relatively straightforward....more

Amendments to Ohio’s Administrative Rules Relating to Residential Mortgage Lending

Ballard Spahr LLP on 9/11/2023

The Ohio Department of Commerce, Division of Financial Institutions is amending the rules that implement the state’s Residential Mortgage Lending Act. The Division is seeking preliminary feedback on the administrative rules,...more

New Mortgage Licensing Requirements Come to the West

Bradley Arant Boult Cummings LLP on 7/10/2020

During this pandemic, both Idaho and South Dakota have been busy adding new mortgage licensing requirements. As discussed below, these new licensing requirements will materially impact mortgage lenders and servicers doing...more

New Jersey Mortgage Servicer License Applies to Holders of Mortgage Servicing Rights

Ballard Spahr LLP on 1/14/2020

The New Jersey Department of Banking and Insurance recently issued a bulletin to provide guidance relating to the licensing and registration of mortgage servicers under the New Jersey Mortgage Servicers Licensing Act. The...more

Georgia and Colorado Address MLO Temporary Authority to Operate

Ballard Spahr LLP on 1/10/2020

Following receipt and consideration of three written comments on proposed rules distributed on November 18, 2019, the Georgia Department of Banking and Finance adopted final rules on December 20, 2019, that establish...more

Michigan Adopts Temporary Authority Provisions

Ballard Spahr LLP on 12/20/2019

Michigan has joined a number of states that have amended its statutes to grant certain individuals temporary authority to act as a mortgage loan originator while a license application is pending, in conformity with the...more

Wisconsin Adopts Temporary Authority Provisions

Ballard Spahr LLP on 12/9/2019

Wisconsin is the latest state to pass legislation amending its statutes to add provisions addressing temporary authority to operate as a mortgage loan originator while a license application is pending pursuant to the federal...more

Washington State Adopts Temporary Authority Provisions

Ballard Spahr LLP on 12/2/2019

Washington State has enacted legislation amending its regulations to permit temporary authority to operate as a mortgage loan originator...more

NMLS to Release System Enhancements for MLO Temporary Authority

Ballard Spahr LLP on 11/26/2019

The Nationwide Multistate Licensing System & Registry (NMLS) is scheduled to release a system enhancement on November 24, 2019, which will allow qualified mortgage loan originators (MLOs) who are changing employment from a...more

DBO Proposes To Transition All CFL Licensees To NMLS

Allen Matkins on 11/19/2019

The State Regulatory Registry LLC, an affiliate of the Conference of State Banking Supervisors, developed and operates the Nationwide Multistate Licensing System (NMLS). In 2008, Congress enacted the Secure and Fair...more

Temporary Authority Update

Ballard Spahr LLP on 4/5/2019

Both Virginia and Utah have enacted legislation to permit temporary authority to operate as a mortgage loan originator in their respective states pursuant to the SAFE Act....more

New Jersey Improves and Clarifies Its Residential Mortgage Lending Act

Holland & Knight LLP on 8/28/2018

• The State of New Jersey, on Aug. 24, 2018, enacted Assembly Bill 2035 that makes significant and important amendments (Amendments) to the Residential Mortgage Lending Act (RMLA), which had not been amended since it was...more

Minnesota Adopts Uniform State Test

Ballard Spahr LLP on 5/11/2018

Effective August 1, 2018, the Minnesota Department of Commerce will adopt the National State MLO Test with Uniform State Content. Mortgage loan originator license applicants will no longer be required to take and pass a...more

Substitute House Bill No. 5490 Proposes Changes to Connecticut Banking Law

Ballard Spahr LLP on 5/2/2018

Substitute House Bill No. 5490, an Act Concerning Consumer Credit Licenses, proposes to make changes to the Banking Law in Connecticut that would expand the banking commissioner's existing authority in the mortgage arena to...more

West Virginia Adopts Uniform State Test

Ballard Spahr LLP on 4/13/2018

Effective June 1, 2018, the West Virginia Division of Financial Institutions will adopt the National State MLO Test with Uniform State Content. Mortgage loan originator license applicants will no longer be required to take...more

Texas Adds Residential MLO Pre-Licensing Education Expiration Period

Ballard Spahr LLP on 1/26/2018

The Texas Finance Commission of Texas adopted a new provision requiring the following individuals to retake the 20 hours of pre-licensing education as required by the S.A.F.E. Mortgage Licensing Act:...more

D.C. Adds Student Loan Servicer License to NMLS

Ballard Spahr LLP on 8/18/2017

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

New Hampshire Amends MLO Licensing Provisions

Ballard Spahr LLP on 8/1/2017

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

Ballard Spahr LLP on 7/31/2017

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

Ballard Spahr LLP on 7/27/2017

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

Ballard Spahr LLP on 7/26/2017

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?

Ballard Spahr LLP on 6/19/2017

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

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

Ballard Spahr LLP on 6/5/2017

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

NMLS Release 2016.1.2 Targeted for May 2, 2016

Ballard Spahr LLP on 5/6/2016

NMLS Release 2016.1.2 Targeted for May 2, 2016 - NMLS Release 2016.1.2 is targeted for delivery on May 2, 2016. The release contains general enhancements and system maintenance updates. For example, the MU2 section of...more

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