The Nevada Commissioner of Mortgage Lending established new regulations regarding requirements and application procedures for mortgage servicers and supplemental mortgage servicers, such as licensing, application, qualified employee, bond, change of control, renewal, and record-keeping requirements.
A mortgage servicer license is required for the following: a person who directly services a mortgage loan secured by real property in Nevada; a person who interacts with borrowers or manages a Nevada mortgage loan account daily; or a person providing these services by contract as a subservicer. A supplemental mortgage servicer license is required for anyone currently licensed as a mortgage broker or mortgage banker and providing any of the services of a mortgage servicer licensee in relation to one or more mortgage loans that the person did not make or arrange under their qualifying license.
The regulations were effective on January 1, 2016. The NMLS started receiving new applications for the mortgage servicer and supplemental mortgage servicer license on December 24, 2015.
Oregon Revises Record-keeping Requirements to Comply With TRID
The Oregon Department of Consumer and Business Services, Division of Finance and Corporate Securities, amended its record-keeping requirements to include the Loan Estimate and Closing Disclosure, as required by the TILA-RESPA Integrated Disclosure Requirement (TRID) rule which became effective of October 3, 2015. In Oregon, licensed mortgage bankers and mortgage brokers must preserve a copy of federally mandated disclosures. This amendment specifies that mortgage bankers and mortgage brokers must maintain the Loan Estimate and Closing Disclosure in loan files.
This requirement is effective immediately.
CA-DBO Will Add Money Transmitter License to NMLS
The California Department of Business Oversight will start accepting money transmitter license applications via the NMLS on January 15, 2016. More information can be found here.
