We have been following closely efforts by state regulators, state legislatures and the courts to restrict, or in some cases prohibit, bank model lending programs, so the recent guidance from the Vermont Department of...more
10/9/2018
/ Banking Sector ,
Consumer Financial Products ,
Exemptions ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
Lenders ,
Licensing Rules ,
Regulatory Oversight ,
Regulatory Requirements ,
Solicitation/Distribution Policies ,
State and Local Government
Effective immediately, Illinois Residential Mortgage licensees will no longer be required to include the phrase "Illinois Residential Mortgage Licensee" in advertisements...more
Significant changes to Connecticut’s licensing laws for consumer financial services providers will take effect on October 1, 2018. In addition to changes impacting mortgage-related licensees (e.g. mortgage lenders,...more
On July 30, 2018, an updated version of the NMLS Policy Guidebook was posted to the NMLS Resource Center. The announcement posted on the Resource Center home page states that "The updated NMLS Policy Guidebook does not...more
The NMLS Mortgage Industry Report for the first quarter of 2018 has been made available on the NMLS website (NMLS Reports). The report compiles data on mortgage companies, branches, and mortgage loan originators. ...more
In connection with the 2018 American Association of Residential Mortgage Regulators (AARMR) Annual Conference to be held in Boston, an open meeting with the NMLS Ombudsman will be held Tuesday, July 31, 2018, from 9:00 a.m....more
The North Carolina Commissioner of Banks Office has begun receiving new and converted Electronic Surety Bonds (ESB) through NMLS for its mortgage broker, mortgage lender, and mortgage servicer licenses....more
6/11/2018
/ Financial Services Industry ,
Licensing Rules ,
Money Transmitter ,
Mortgage Brokers ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
NMLS ,
Regulatory Oversight ,
Regulatory Requirements ,
Surety Bonds
The Indiana Department of Financial Institutions (Department) has issued its Questions & Answers (Q&A) related to upcoming changes in various statutes administered by the Department that become effective as of July 1, 2018. ...more
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
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
The NMLS Policy Guidebook has been updated effective February 1, 2018, replacing the version issued on July 23, 2012. The announcement accompanying publication of the Guidebook notes that the updates are intended to align the...more
The Conference of State Bank Supervisors has announced that the launch of NMLS 2.0 originally scheduled for September 2018 has been pushed to the second quarter of 2019. ...more
The Conference of State Bank Supervisors (CSBS) announced last week that seven states have agreed to a multi-state compact that, according to the CSBS, “standardizes key elements of the licensing process for money services...more
The Conference of State Bank Supervisors (CSBS) announced Tuesday that seven states have agreed to a multi-state compact that, according to the CSBS, “standardizes key elements of the licensing process for money services...more
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
6/5/2017
/ Banking Sector ,
Financial Services Industry ,
Licensing Rules ,
Loan Guarantee Solicitation ,
Money Transmitter ,
Mortgage Loan Originators ,
Mortgage Servicers ,
Mortgages ,
New Legislation ,
Solicitation Provisions ,
Virtual Currency
The New York Department of Financial Services (DFS) announced last week that it is migrating the administration of its non-mortgage related licenses to the Nationwide Multistate Licensing System (NMLS), joining more than 60...more
On May 10, the Conference of State Bank Supervisors (CSBS) announced a series of initiatives (branded as Vision 2020) designed to modernize state regulation of non-banks. The announcement specifically calls out financial...more
The Conference of State Bank Supervisors issued a press release this week in which it announced the April 1 release of a new tool within the Nationwide Multistate Licensing System (NMLS) to streamline reporting by money...more
The New York Senate has approved Bill 982, which amends state law to expressly allow for execution of a mortgage loan by electronic signature. In connection with this amendment, the term “consummation of a mortgage loan” also...more
The Office of the Comptroller of the Currency (OCC) has taken another step toward implementing its proposal to allow financial technology (fintech) companies to apply for a special purpose national bank (SPNB) charter,...more
Phone calls made by a lawn care company after the termination of a customer's contract were beyond the scope of the parties' agreement to arbitrate any claim "arising from or relating to" their contract, the U.S. Court of...more
2/22/2017
/ Arbitration ,
ATDS ,
Auto-Dialed Calls ,
Class Action ,
Consumer Contracts ,
Contract Terms ,
Federal Arbitration Act ,
Mandatory Arbitration Clauses ,
Right to Privacy ,
Robocalling ,
TCPA
Proposed legislation to implement New York Governor Andrew Cuomo's 2018 Fiscal Year Executive Budget would amend the New York Licensed Lender Law to significantly extend its licensing requirements. The proposal threatens to...more
2/15/2017
/ Banking Sector ,
Consumer Lenders ,
Financial Services Industry ,
FinTech ,
Lenders ,
Licensing Rules ,
Loans ,
National Bank Charters ,
NYDFS ,
Proposed Legislation ,
Regulatory Oversight
We are pleased to invite you to the 22nd Annual Consumer Financial Services Institute, sponsored by the Practising Law Institute, March 27-28, 2017, in New York City (and by live webcast and groupcast in Atlanta and...more
1/27/2017
/ Banking Sector ,
Class Action ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Data Privacy ,
Data Security ,
Debt Collection ,
Fair Credit Reporting Act (FCRA) ,
Fair Lending ,
Financial Services Industry ,
Mortgages ,
Regulatory Oversight ,
TCPA
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
12/2/2016
/ Banking Sector ,
Fannie Mae ,
Federal Housing Administration (FHA) ,
Freddie Mac ,
Mortgage Lenders ,
Mortgage Loan Originators ,
Mortgage Servicers ,
Mortgages ,
Real Estate Market ,
Third-Party Service Provider ,
Underwriting ,
Veterans Administration
Fannie Mae and Freddie Mac have announced that they have published redesigned versions of their Uniform Residential Loan Application Form (URLA), the first substantial revision to the form in more than 20 years. The update to...more