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Oregon to Add Licenses to NMLS and Adopts Electronic Surety Bonds

Starting on November 1, 2017, the Oregon Division of Financial Regulation will accept applications for the Mortgage Servicer License and the Debt Buyer License on NMLS. The checklists for these licenses will be available here...more

Illinois Revises Residential Mortgage License Act Provisions

The Illinois Department of Financial and Professional Regulation adopted rules to repeal and amend parts of the Residential Mortgage License Act, including, but not limited to...more

California Makes Changes to the Finance Lenders Law

Recently, several changes were made to the California Finance Lenders Law with various effective dates. Effective immediately, the California Finance Lenders Law has been renamed the "California Financing Law."...more

D.C. and California Issue Student Loan Servicing Regulations, Join Other States in Migrating Licenses to NMLS

As we reported last month, the District of Columbia Department of Insurance, Securities and Banking (DISB) started accepting applications and transition filings for the Student Loan Servicer License on the Nationwide Mortgage...more

California and Washington, D.C. issue student loan servicing regulations

California and the District of Columbia have recently released regulations under their respective student loan servicing laws. Each is taking comments on its regulations, but whereas California has merely issued proposed...more

Iowa Transitions Division of Banking Licenses to NMLS

On October 1, 2017, the Iowa Division of Banking will require the following licensees to submit a license transition request via NMLS...more

Arkansas Requiring Amended Surety Bonds

Prior to the approval of their renewal request for the 2018 calendar year, Arkansas licensed mortgage companies and money transmitters must reissue their surety bonds to reflect the amended bond requirements adopted in March...more

The CFPB Settles Litigation And Enforcement Action With Lead Aggregator, Zero Parallel, And Its CEO

On September 5, 2017, the CFPB entered into a consent order with Zero Parallel, LLC (“Zero Parallel”), an online lead aggregator based in Glendale, California. At the same time, it submitted a proposed order in the U.S....more

Minnesota Adds Non-Depositor Licenses to NMLS

On October 1, 2017, the Minnesota Department of Commerce will start accepting new applications and transition fillings on NMLS for the following licenses...more

Michigan Using NMLS MSB Call Report

Starting in Q3 2017 (July 1, 2017 to September 20, 2017), the Michigan Department of Insurance and Financial Services is requiring Money Transmitter licensees...more

Louisiana Adds Check Casher License to NMLS

On September 1, 2017, the Louisiana Office of Financial Institutions will start accepting new applications and transition fillings on NMLS...more

D.C. Adds Student Loan Servicer License to NMLS

On August 10, 2017, the District of Columbia Department of Insurance, Securities and Banking started accepting applications and transition fillings for the Student Loan Servicer License and Student Loan Servicer Branch...more

Did You Know? Connecticut Revises Several Secured and Unsecured Lending Provisions

Connecticut has revised several provisions involving secured and unsecured lending laws, including, but not limited to, the following...more

Did You Know?

NMLS Release 2017.2.1 - The NMLS Release 2017.2.1 has been targeted for July 24, 2017. ...more

Mortgage Banking Update: Did You Know?

Arizona Adds Consumer Finance and Debt-Related Licenses to NMLS - On July 1, the Arizona Department of Financial Institutions will start receiving new applications for the following licenses on NMLS...more

Did You Know?

Colorado Revises MLO Exemption - Colorado has revised an exemption from mortgage loan originator licensure. More specifically, an individual who acts as a mortgage loan originator, without compensation or gain to the...more

Did You Know? NMLS Release 2017.2

NMLS Release 2017.2 will include the following updates, including, but not limited to, the following: - Addition of the “Returned to Surety by Regulator” functionality - Updates to the MSB Call Report -...more

Did You Know? Georgia Revises Residential Mortgage Act Provisions

Georgia revised provisions under the Residential Mortgage Act, including, but not limited to, the following: An applicant for a mortgage lender license must provide a bond of $250,000, previously $150,000. This will...more

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