On March 26, the Governor of West Virginia signed into law SB 613, a bill that amended certain statutes regarding mortgage broker, lender, and loan originator licensing requirements. The bill updated definitions relating to...more
Hosted by the Canadian Institute, the 23rd Annual Canadian Forum on Anti-Money Laundering and Financial Crime returns for another exciting year. The event features carefully curated programming providing practical guidance...more
A&B Abstract: On January 24th, the Washington Department of Financial Institutions (the “DFI”) conducted its first Mortgage Industry Webinar of 2024 and provided updates in the areas of licensing, examination, and...more
In November 2023, S.B. 668 was introduced in the Wisconsin Senate. S.B. 668 would make sweeping changes to the state laws governing financial service providers. The bill creates a pathway for the Wisconsin Department of...more
In an amendment to the Safeguards Rule of the Gramm-Leach-Bliley Act (GLBA), which was officially announced on October 27, 2023, the Federal Trade Commission (FTC) will mandate that a wide array of nonbank financial...more
On January 17, 2023, House Bill No 2389 was offered to re-enact sections 6.2-1600 (Definitions) and 6.2-1607 (Licenses; places of business; changes) of the Code of Virginia with proposed amendments that would permit employees...more
Le 18 août 2022, l’Autorité ontarienne de réglementation des services financiers (l’« ARSF ») – l’organisme de réglementation du secteur des services financiers de l’Ontario – a adopté la directive de cybersécurité du Conseil...more
On August 18, 2022, the Financial Services Regulatory Authority of Ontario (FSRA) – Ontario’s financial sector regulator – adopted the Mortgage Broker Regulators' Council of Canada's Cybersecurity Guidance (Guidance). The...more
2021 provided some long-awaited new exit ramps off the long and winding road of business vs. business residential mortgage litigation stemming from the 2007–08 financial crisis. A multitude of recent settlements has left that...more
To date, the licensing and disclosure obligations for lenders and brokers of commercial loans, (including commercial mortgage loans and non-real estate-secured commercial or business purpose loans) have not received the...more
State regulators in Washington and Connecticut the financial services industries are beginning to issue guidance to address questions about licensees working at home due to the coronavirus (COVID-19) outbreak....more
Attend the only forum designed to help you navigate the Residential Mortgage Industry’s evolving landscape. Now in its 26th installment, ACI’s Residential Mortgage forum has become a premier gathering of the key industry...more
As part of recently enacted legislation (HB 199) authorizing the Delaware State Bank Commissioner to participate in a multi-state automated licensing system to administer licenses for mortgage loan brokers, licensed lenders,...more
Vermont enacted legislation pertaining to initial and renewal applications and setting licensing fees to supplement legislation enacted earlier this year. Effective July 1, 2019, the following application fees apply in...more
Among other things, Maryland has amended its mortgage lender law as follows: Tangible Net Worth required by activity - Mortgage broker: $25,000...more
Effective July 1, 2019, the definition of “mortgage broker” is revised to exclude certain retailer or retail brokers of a manufactured or mobile home or a residential industrialized building, as those terms are further...more
As originators and brokers of mortgage loans continue to get served with new lawsuits (or threatened with potential suits) related to loans that they conveyed to aggregators prior to the financial crisis of 2008, questions...more
The North Carolina Commissioner of Banks Office has begun receiving new and converted Electronic Surety Bonds (ESB) through NMLS for its mortgage broker, mortgage lender, and mortgage servicer licenses....more
When the topic of data privacy and cyber security comes up, most people automatically think of data breaches, especially given the high-profile nature of so many of them. Breaches and hacks are certainly an issue about which...more
The Montana Department of Administration has amended its regulations regarding mortgage broker and loan originator licensing, including, but not limited to, the following...more