News & Analysis as of

Mortgage Loan Originators

Mortgage Loan Originators are individuals who are paid to assist borrowers with residential mortgage transactions by taking applications and offering or negotiating terms.

FDIC Penalizes Two Banks for Flood Insurance Violations

by Weiner Brodsky Kider PC on

The FDIC recently assessed civil money penalties against a Michigan-based and a Wisconsin-based bank for allegedly violating the Flood Disaster Protection Act and the National Flood Insurance Act. Specifically, the FDIC...more

Comments Requested on Proposed Changes to the Mortgage Call Report

by Weiner Brodsky Kider PC on

As part of efforts to modernize the NMLS, both the State Regulatory Registry LLC (SRR) and the regulators of the Mortgage Call Report Working Group intend to improve reporting functionality, and the SRR, on behalf of the...more

Fourth Circuit Asked to Rule on Whether Mortgage Retroactively Incorporates Federal Servicing Requirements

A recent appeal to the Fourth Circuit may shed light on whether Virginia borrowers can assert federal mortgage servicing requirements as a defense to foreclosure when the mortgage instrument pre-dates the federal requirement....more

OCC Seeks Comments on SAFE Act’s MLO Information Collection Requirement

by Weiner Brodsky Kider PC on

The Office of the Comptroller of the Currency (OCC) recently published a notice and request for comment regarding the Secure and Fair Enforcement for Mortgage Licensing Act’s (SAFE Act) mortgage loan originator (MLO)...more

Texas Adds Residential MLO Pre-Licensing Education Expiration Period

by Ballard Spahr LLP on

The Texas Finance Commission of Texas adopted a new provision requiring the following individuals to retake the 20 hours of pre-licensing education as required by the S.A.F.E. Mortgage Licensing Act:...more

Ohio Enacts Provisions Regarding Residential Mortgage Lending Act

by Weiner Brodsky Kider PC on

Ohio recently enacted House Bill 199 to amend the Ohio Mortgage Brokers Act and Ohio Mortgage Loan Act to establish the Ohio Residential Mortgage Lending Act in order to regulate all non-depository lending secured by...more

Texas Adopts Provisions Regarding Timeframes for Pre-Licensing Education and the Definition of Physical Office

by Weiner Brodsky Kider PC on

Texas has adopted two new rules in regards to the pre-licensing education requirements for residential mortgage loan originators. The first rule authorizes the Finance Commission of Texas to set the expiration period for...more

Michigan Using Uniform Authorized Agent Reporting

by Ballard Spahr LLP on

The Michigan Department of Insurance and Financial Services will start using the NMLS Uniform Authorized Agent Reporting functionality to fulfill agent reporting requirements. ...more

Federal Reserve Announces Consent Order Related to Bank’s Use of Discount Points

by Ballard Spahr LLP on

On November 28, 2017, the Federal Reserve Board announced a Consent Order with Peoples Bank (Peoples) in Lawrence, Kansas. The Order charges Peoples with violating Section 5 of the Federal Trade Commission Act (FTCA) by...more

Michigan Publishes Annual Licensing Fees

by Ballard Spahr LLP on

The Michigan Department of Insurance and Financial Services published its annual licensing fees under the Mortgage Loan Originator Licensing Act as follows...more

Federal Reserve Enters Consent Order With Kansas Bank Over Deceptive Mortgage Origination Practices

by Goodwin on

?On November 28, the Federal Reserve announced that it had entered into a consent order with a Kansas state bank, resolving allegations that the bank engaged in deceptive residential mortgage lending practices in violation of...more

Senate Banking Committee schedules Dec. 5 markup of regulatory reform bill

by Ballard Spahr LLP on

Last week, members of the Senate Banking Committee announced that they had reached bipartisan agreement on “legislative proposals to improve our nation’s financial regulatory framework and promote economic growth.” ...more

Nevada Converting to Electronic Surety Bonds on NMLS

by Ballard Spahr LLP on

On December 1, 2017, the Nevada Division of Mortgage Lending will start using the new Electronic Surety Bond...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

More on the Saudi crackdown initiated by Crown Prince Mohammed bin Salman over the weekend, including the government’s move to confiscate and freeze more than $800 billion in assets from the detailed princes and other...more

House Financial Services Committee Schedules Oct. 11 Mark-Up of "Madden fix" Bill

by Ballard Spahr LLP on

Among the more than 20 bills that the House Financial Services Committee was scheduled to mark up Wednesday, October 11, was a bill to provide a "Madden fix" as well as several others relevant to consumer financial services...more

House Financial Services Committee schedules Oct. 11 mark-up of “Madden fix” bill

by Ballard Spahr LLP on

Among the more than 20 bills that the House Financial Services Committee is scheduled to mark-up this Wednesday, October 11, is a bill to provide a “Madden fix” as well as several others relevant to consumer financial...more

Judicial Estoppel Defense in Bankruptcy Claims Likely to Get More Difficult

A recent decision from the Court of Appeals for the Eleventh Circuit has impaired a valuable defense for early dismissal or settlement with bankrupt plaintiffs. This decision will affect strategy for mortgage originators,...more

CFPB Releases Summer 2017 Supervisory Highlights

by Ballard Spahr LLP on

Earlier this week the CFPB released its Summer 2017 Supervisory Highlights, which covers supervisory activities generally completed between January through June of 2017. The report touts the $14 million total restitution...more

D.C. Adds Student Loan Servicer License to NMLS

by Ballard Spahr LLP on

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

Oregon Regulates Home Equity Conversion Mortgage Originators and Servicers in New Law

Oregon’s legislature continues to add state level regulations to the Home Equity Conversion Mortgage (“HECM,” more commonly known as a reverse mortgage) marketplace. In 2015, the state imposed a series of content and...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Big news in the streaming world late yesterday, with Disney announcing that was acquiring a 75 percent stake in BamTech and would be pulling all of its content from Netflix in anticipation of launching its own streaming...more

New Hampshire Amends MLO Licensing Provisions

by Ballard Spahr LLP on

New Hampshire has amended provisions regarding the licensing laws of mortgage loan originators (MLO) from other states. The commissioner may conditionally approve an application for an MLO license if the applicant is...more

Making A Mountain Of The Administrative/Production Dichotomy Molehill

by Seyfarth Shaw LLP on

Seyfarth Synopsis: Earlier this month, the Ninth Circuit chose to side with the Second Circuit, and not the Sixth Circuit, to opine that mortgage underwriters fail to meet the FLSA’s administrative exemption from overtime...more

Montana Revises Licensing Provisions

by Ballard Spahr LLP on

The Montana Department of Administration has amended its regulations regarding mortgage broker and loan originator licensing, including, but not limited to, the following...more

Massachusetts Issues Industry Letter On Applicability of MLO Licensing to Individuals Employed by Nonprofit Entities

by Ballard Spahr LLP on

On June 15, 2017, the Massachusetts Division of Banks (Division) issued an industry letter to clarify when an employee of a nonprofit agency is required to obtain a mortgage loan originator (MLO) license. The Division...more

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