The NMLS issued the 2015 State Regulatory Registry (SRR) Annual Report on February 17, 2016. The Report provides 2015 highlights, including how the National Test with Uniform State Content (UST) was adopted by four additional state agencies during 2015. Fifty agencies have now adopted the UST. In addition, about 80,000 MLO test components were administered in 2015. The Report also includes additional highlights, an overview of the NMLS, resources, policies, developments and new enhancements, testing and education, legal and administrative issues, and the SRR financial perspective. The full Report can be found here.

Georgia Clarifies the Application of Its Disclosure Requirements

As we reported in November, the Georgia Department of Banking and Finance revised its disclosure requirements to reflect the TILA-RESPA Integrated Disclosure Rule (TRID). Since then, the Department has adopted rules to clarify that these disclosure requirements only apply to entities that are licensed, registered, or required to be licensed or registered under the Georgia Residential Mortgage Act. In addition, the Department clarified that these disclosure requirements do not apply to applicants seeking a home equity line of credit, a residential mortgage loan not secured by real property, such as a mobile home, or a residential mortgage loan related to a reverse mortgage.

These rule clarifications took effect on January 26, 2016.