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States Issue Work-From-Home Guidance for Mortgage Lenders (UPDATED)

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

States Issue Work-From-Home Guidance for Mortgage Lenders (UPDATED)

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

States Issue Work-From-Home Guidance for Mortgage Lenders (UPDATED)

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

States Issue Work-From-Home Guidance for Mortgage Lenders (Updated)

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

States Issue Work-From-Home Guidance for Mortgage Lenders (UPDATED)

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

States Issue Work-From-Home Guidance for Mortgage Lenders (UPDATED)

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

States Issue Work-From-Home Guidance for Mortgage Lenders

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

Georgia and Colorado Address MLO Temporary Authority to Operate

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

CFPB Publishes FAQs on Temporary Authority

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

NMLS Resource Center Launches a ‘Temporary Authority to Operate’ Page

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

CSBS Publishes Latest Policy Paper in Series Examining Nonbank Supervision

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

CT Law Requires CT Attorney to Conduct Certain Mortgage Closings

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

National Mortgage Policy Summit Set for November

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

State of Washington Issues Notice Temporarily Waiving Certain Fees Under the Consumer Loan Act (CLA)

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

Alaska Expands Mortgage Licensing Exemptions

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 Supplements Recent Legislation

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 Revises Licensing Requirements Effective August 1, 2019

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

Minnesota Revises Its Residential Mortgage Originator and Servicer Licensing Act to Remove References to “Subprime”

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

Maryland Amends Mortgage Lender Law Effective October 1, 2019

Among other things, Maryland has amended its mortgage lender law as follows: Tangible Net Worth required by activity - Mortgage broker: $25,000...more

NMLS Ombudsman Meeting Summary Available

A summary of the Ombudsman Meeting held during the 2019 NMLS Annual Conference & Training is now available...more

Amendments to the Montana Mortgage Act

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

Temporary Authority Update

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

Connecticut Issues No Action Position Relating to Certain Licenses and the U.S. Location Requirement

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

The Maryland Financial Consumer Protection Act of 2018 significantly increases state regulation

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

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