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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)

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

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

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loan” set forth in Subdivision 27 of Section 58.02 of the Residential Mortgage Originator and Servicer Licensing Act is repealed.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

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

North Dakota Modifies Surety Bond Requirements

North Dakota has modified the surety bond requirements under the Money Brokers Act. Presently, the law requires a surety bond in an amount not less than $25,000. N.D. Cent. Code Section 13-04.1-04.01(1). Effective August 1,...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

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