News & Analysis as of

CSBS Announces Four More State Agencies Transitioning To Uniform Mortgage Test

On January 7, the CSBS announced that, as of January 1, four additional state or U.S. territorial agencies began using the National SAFE MLO test. With the addition of these four agencies—the Nevada Department of Business &...more

NMLS Expansion Update

As noted in prior editions of the Mortgage Banking Update, states are transitioning non-mortgage licenses to the NMLS. Most recently, the Wyoming Division of Banking began receiving new applications for Money Transmitter...more

Oklahoma Issues Guidance on New Mortgage Lender License

The State of Oklahoma provided guidance regarding implementation of a recent amendment to its Secure and Fair Enforcement for Mortgage Licensing Act (Oklahoma SAFE Act)....more

Ten More States Adopt Uniform MLO Test

On July 1, the CSBS announced that ten additional state agencies will use the new National SAFE MLO test....more

CFPB Bulletin Supports Uniform State Test For Mortgage Loan Originators

On May 20, the CFPB issued Bulletin 2013-05, which clarifies that the Uniform State Test (UST) developed by the NMLS may constitute a qualified written test under the federal SAFE Act for state-licensed mortgage loan...more

CFPB issues guidance on Uniform State Test for mortgage loan originators

The CFPB has issued guidance that provides states may use the Uniform State Test (UST) developed by the Nationwide Mortgage Licensing System and Registry (NMLSR) to satisfy the testing requirement of the Secure and Fair...more

CFPB Adopts Rules To Prevent Loan Originators From Steering Consumers Into Risky Mortgages

The CFPB has issued rules to prevent mortgage lenders from steering borrowers into risky and high-cost loans. According to the CFPB, the rules ban certain incentives that loan originators had to sell unsafe loans to consumers...more

Many States Switching to Uniform MLO Test

In 2013, three New England states will no longer require the state-specific test component for licensing mortgage loan originators (MLOs) due to the implementation of the new National SAFE MLO Test with a uniform state...more

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