Montana Temporarily Reduces Licensing Renewal Fees

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Montana has adopted a temporary rule to reduce certain licensing renewal fees by 50 percent for the period of January 1, 2016 through December 31, 2016. The Department of Administration believes that adopting the Uniform State Testing has increased the number of mortgage loan originator applicants, and thus, creating surplus revenue. The reduced fee applies to the following licenses--Mortgage Broker Entity, Mortgage Broker Branch, Mortgage Lender Entity, Mortgage Lender Branch, Mortgage Loan Originator, Mortgage Servicer, and Mortgage Servicer Branch.

The provisions are effective on September 25, 2015 and will expire on March 17, 2016.

Colorado Amends Definitions and Disclosure Requirements to Reflect TRID and MLO Compensation Rule

Colorado has amended the definitions and disclosure requirements for mortgage loan originators and mortgage companies licensed under Mortgage Loan Originator Licensing and Mortgage Company Registration Act.

The amendment adds a definition for “TILA-RESPA Integrated Disclosure Rule,” referring to the CFPB’s integrated mortgage disclosure final rule set forth in Regulation X of the Real Estate Settlement Procedures Act, effective October 3, 2015. A definition for “MLO Compensation Rule,” referring to the CFPB loan originator compensation rule set forth in Regulation Z of the Truth in Lending Act, effective January 10, 2014, has also been added. In addition, the amendment replaces the prior disclosure requirements with the disclosure requirements as set forth in the TILA-RESPA Integrated Disclosure Rule and MLO Compensation Rule.

The provisions are effective on October 3, 2015.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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