In response to the COVID-19 pandemic, state mortgage regulators are daily issuing guidance (1) about whether work from home arrangements are permissible under their existing licensing requirements and/or (2) are granting...more
Updated June 16, 2020 -
In response to the COVID-19 pandemic, state mortgage regulators are daily issuing guidance (1) about whether work from home arrangements are permissible under their existing licensing requirements...more
In response to the COVID-19 pandemic, state mortgage regulators are daily issuing guidance (1) about whether work from home arrangements are permissible under their existing licensing requirements and/or (2) are granting...more
6/7/2020
/ Business Continuity Plans ,
Business Interruption ,
Consumer Financial Products ,
Coronavirus/COVID-19 ,
Financial Services Industry ,
Licensing Rules ,
Mortgage Lenders ,
Mortgages ,
Popular ,
Remote Working ,
Telecommuting
In response to the COVID-19 pandemic, state mortgage regulators are daily issuing guidance (1) about whether work from home arrangements are permissible under their existing licensing requirements and/or (2) are granting...more
In response to the COVID-19 pandemic, state mortgage regulators are daily issuing guidance (1) about whether work from home arrangements are permissible under their existing licensing requirements and/or (2) are granting...more
In response to the COVID-19 pandemic, state mortgage regulators are daily issuing guidance (1) about whether work from home arrangements are permissible under their existing licensing requirements and/or (2) are granting...more
In response to the COVID-19 pandemic, state mortgage regulators are daily issuing guidance (1) about whether work-from-home arrangements are permissible under their existing licensing requirements and/or (2) are granting...more
3/17/2020
/ Best Practices ,
Business Continuity Plans ,
China ,
Consumer Financial Products ,
Coronavirus/COVID-19 ,
Crisis Management ,
Emergency Management Plans ,
Financial Services Industry ,
Flexible Work Arrangements ,
Health and Safety ,
Infectious Diseases ,
Mortgage Lenders ,
Public Health ,
Telecommuting ,
Workplace Safety
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
1/10/2020
/ Advertising ,
Consumer Financial Products ,
Consumer Lenders ,
Disclosure Requirements ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Licensing Rules ,
Limited Authority ,
Mortgage Lenders ,
Mortgage Loan Originators ,
Mortgage Servicers ,
Mortgages ,
New Amendments ,
Recordkeeping Requirements ,
Regulatory Requirements ,
Rulemaking Process ,
State and Local Government
The CFPB recently published SAFE Act FAQs addressing temporary authority.
The CFPB identifies the following categories of loan originators under the SAFE Act, as amended by the Economic Growth, Regulatory Relief, and...more
The NMLS Resource Center created a web page focused on Temporary Authority to Operate. The page features Frequently Asked Questions, a demonstration on how to obtain temporary authority to operate on the NMLS, links to NMLS...more
The Conference of State Bank Supervisors (CSBS) published the latest policy paper in its series examining the nonbank financial services industry and its supervision. In its press release, CSBS summarized the key findings...more
Public Act No. 19-88 requires an attorney admitted in Connecticut in good standing to “conduct” a “real estate closing.” It takes effect October 1, 2019. The term “conduct” is not defined. A “real estate closing” includes a...more
AARMR and CSBS are hosting a National Mortgage Policy Summit for policymakers, regulators, and the industry on November 13, 2019 in Washington, D.C. ...more
8/29/2019
/ Consumer Financial Products ,
CSBS ,
Fannie Mae ,
Financial Regulatory Reform ,
Financial Services Industry ,
Freddie Mac ,
GSE ,
Housing Market ,
Mortgages ,
Secondary Markets ,
Supervision
On July 8, 2019, the Department of Financial Institutions, Division of Consumer Services notified licensees that after review and analysis of its budget, it was implementing temporary fee waivers, as follows...more
As a result of a new Alaska law, HB 104, the following are exempted from mortgage loan originator requirements in the state:
Employees of federal, state, or local government agencies...more
Vermont enacted legislation pertaining to initial and renewal applications and setting licensing fees to supplement legislation enacted earlier this year.
Effective July 1, 2019, the following application fees apply in...more
Minnesota has revised its Residential Mortgage Originator and Servicer Licensing Act to provide an exemption from residential mortgage originator licensure requirements for a "manufactured home dealer" and "manufactured home...more
5/30/2019
/ Consumer Financial Products ,
Exemptions ,
Financial Services Industry ,
Licensing Rules ,
Manufactured Housing ,
Mortgage Servicers ,
Mortgages ,
Regulatory Oversight ,
Regulatory Requirements ,
SAFE Act ,
State and Local Government
Effective July 1, 2019, among other things, the definition of “subprime loan” set forth in Subdivision 27 of Section 58.02 of the Residential Mortgage Originator and Servicer Licensing Act is repealed.
...more
Among other things, Maryland has amended its mortgage lender law as follows:
Tangible Net Worth required by activity -
Mortgage broker: $25,000...more
A summary of the Ombudsman Meeting held during the 2019 NMLS Annual Conference & Training is now available...more
Effective October 1, 2019, the Montana Mortgage Act is amended to include the following:
Subject to certain exceptions:
- For approved servicers by a government sponsored enterprise (GSE), a requirement that it...more
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
4/5/2019
/ Consumer Financial Products ,
Financial Services Industry ,
Licensing Rules ,
Mortgage Loan Originators ,
Mortgages ,
New Legislation ,
NMLS ,
Regulatory Oversight ,
SAFE Act ,
State and Local Government ,
Statutory Authority
On August 22, 2018, Commissioner Perez issued a Memorandum setting forth a no action position relating to the U.S. Office location requirement that went into effect on October 1, 2018. As it relates to mortgage activity, the...more
Noting, among other things, “retrenchment” on the federal level, the Maryland Financial Consumer Protection Act of 2018 (HB 1634) was signed into law on May 15, 2018. ...more