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Mortgages › Mortgage Loan Originators

The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and... more +
The term "mortgage" typically refers to a mortgage loan.  A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and uses that property as collateral for the loan. less -
Orrick, Herrington & Sutcliffe LLP

RegFi Episode 45: Challenges and Opportunities in Banking Today: An Economist’s Perspective

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NYU economics professor Larry White joins RegFi co-hosts Jerry Buckley and Caroline Stapleton to discuss a range of current issues facing the financial services industry. Professor White provides data on the significant...more

Cooley LLP

Federal Regulators Act to Enhance Property Valuations During Mortgage Origination Process

Cooley LLP on

On July 17 and 18, 2024, federal financial regulators adopted rules and guidance setting forth expectations in the mortgage industry that originators properly oversee use of automated valuation models (AVMs) and entertain...more

Ballard Spahr LLP

CSBS to Release Enhancements to Nationwide Multistate Licensing System & Registry (NMLS) on July 20.

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The Conference of State Bank Supervisors (CSBS) will release the first phase of major enhancements to the Nationwide Multistate Licensing System & Registry (NMLS) on July 20....more

Orrick, Herrington & Sutcliffe LLP

RegFi Episode 39: Technological Innovation in the Mortgage Industry

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Bob Broeksmit, President and CEO of the Mortgage Bankers Association, joins RegFi co-hosts Jerry Buckley and Caroline Stapleton to discuss the transformative impact of technology on the mortgage industry. Bob highlights the...more

Orrick, Herrington & Sutcliffe LLP

Agencies finalize new standards for AVMs

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On June 20, the CFPB, OCC, Fed, FDIC, NCUA and FHFA (the financial services regulators) issued a final rule implementing new provisions governing the use of automated valuation models (AVMs), which are commonly used by...more

Nutter McClennen & Fish LLP

Nutter Bank Report: June 2024

Nutter McClennen & Fish LLP on

The CFPB, as part of its initiative to accelerate the shift to open banking in the United States, issued a final rule on June 5 that outlines the qualifications to become a recognized industry standard setting body, which can...more

Goodwin

CFPB Settles with Nonbank Mortgage Originator for $4 Million

Goodwin on

On June 18, 2024, the Consumer Financial Protection Bureau (CFPB) announced that it has filed a proposed order that would require a Florida-based nonbank mortgage loan originator to pay a $3.95 million penalty for allegedly...more

Ballard Spahr LLP

FHA Seeks Comment on Third Party Originator Fraud With Short Comment Timeframe

Ballard Spahr LLP on

On June 17, 2024, FHA announced in draft Mortgage Letter 2024-12 a proposed revision to its Defect Taxonomy to clarify that fraud or material misrepresentation involving a sponsored Third-Party Originator (TPO) is a Tier 1...more

Brownstein Hyatt Farber Schreck

FHFA Asks for Input on FHLBanks

Brownstein Hyatt Farber Schreck on

In May 2024, the Federal Housing Finance Agency (FHFA) published a Request for Input (RFI) titled “Federal Home Loan Bank Core Mission Activities and Mission Achievement” with comments due to the FHFA on July 15, 2024. This...more

Goodwin

Increased Industry Attention on RESPA Section 8: Escue v. United Wholesale Mortgage, LLC

Goodwin on

On April 2, 2024, a putative class action was brought against United Wholesale Mortgage (UWM) alleging, among other claims, violations of Section 8(a) of the Real Estate Settlement Procedures Act (RESPA). The lawsuit contains...more

Venable LLP

CFPB Homes in on Mortgage "Junk Fees"

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Recent releases from the Consumer Financial Protection Bureau (CFPB) show that the mortgage industry is in the crosshairs of the CFPB's campaign against so-called junk fees. Earlier this year, the CFPB indicated its interest...more

GeoDataVision

New CRA Retail Lending Test Benchmarks

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The Retail Lending Test in the new CRA will measure bank performance against “market” benchmarks (lending activity reported by other lenders) and “community” benchmarks” (community demographics). Many bankers, although not...more

Goodwin

2023 Year in Review: Mortgage Origination and Servicing

Goodwin on

Welcome to the Mortgage Origination and Servicing chapter of our annual report Consumer Financial Services 2023 Year in Review. Looking Ahead to 2024 - Enforcement efforts are expected to increase in 2024 and will...more

Goodwin

CFPB Files Complaint Against Mortgage Originator For Allegedly Inaccurate HMDA Reporting

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On October 10, 2023, the Consumer Financial Protection Bureau (CFPB) announced that it filed a complaint​ against a residential mortgage loan originator and servicer alleging that the company violated the Home Mortgage...more

Hudson Cook, LLP

In Latest "Repeat Offender" Salvo, CFPB Sues Mortgage Company for Alleged HMDA Reporting Violations

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The complaint, filed in the U.S. District Court for the Southern District of Florida, alleges that a non-bank residential mortgage loan originator violated the Home Mortgage Disclosure Act ("HMDA") by submitting inaccurate...more

Hudson Cook, LLP

Are Your Employees Taking Loan Applications? The Reach and Consequence of Mortgage Loan Originator Licenses

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One of the more nuanced licensing issues that can arise under state credit laws is the need for individual mortgage loan originators (MLOs) to be licensed. On its face, the MLO license seems relatively straightforward....more

Ballard Spahr LLP

Amendments to Ohio’s Administrative Rules Relating to Residential Mortgage Lending

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The Ohio Department of Commerce, Division of Financial Institutions is amending the rules that implement the state’s Residential Mortgage Lending Act. The Division is seeking preliminary feedback on the administrative rules,...more

Goodwin

CFPB Enters into Consent Orders with Mortgage Loan Originator and Real Estate Brokerage Firm for Illegal Kickbacks

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On August 17, 2023, the Consumer Financial Protection Bureau (CFPB) announced that it had taken action against a residential mortgage loan originator that provided illegal incentives to real estate brokers and agents in...more

Orrick, Herrington & Sutcliffe LLP

Key Takeaways from the CFPB’s First Public Enforcement Action Alleging Violations of RESPA Section 8 Since 2017

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The Consumer Financial Protection Bureau (CFPB) has issued a consent order to a residential mortgage loan originator to resolve allegations that it provided illegal incentives to real estate brokers and agents in exchange for...more

Hudson Cook, LLP

CFPB Fines Residential Mortgage Loan Originator $1.75 Million for Kickbacks Involving Referrals to Originator by Brokers

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The Real Estate Settlement Procedures Act prohibits mortgage loan originators from offering incentives to other companies in exchange for referring homebuyers to them for mortgage loans. The Bureau alleged that the...more

Hinshaw & Culbertson - Consumer Crossroads

Nationwide Multistate Licensing System Adds New License Types

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Several new licenses will be managed on the Nationwide Multistate Licensing System and Registry (NMLS) in Kentucky, North Dakota, and Wisconsin beginning August 1, 2023. These new license types will affect consumer finance...more

Troutman Pepper

CFPB’s 2022 Fair Lending Report Focuses on Bias in Mortgage Lending, Redlining, Home Appraisals, Small Business Lending, and Shows...

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As shown by a new report, the Consumer Financial Protection Bureau (CFPB or Bureau) is focusing its fair lending work on mortgage origination and pricing, small business lending, redlining, and the use of artificial...more

Orrick, Herrington & Sutcliffe LLP

Illinois amends mortgage licensing provisions

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On June 30, HB 2325 (the “Act”) was signed by the Illinois governor to amend The Residential Mortgage License Act of 1987. According to the amendments, residential mortgage licensees in Illinois must register every physical...more

Goodwin

Notice of Proposed Rulemaking for Quality Control Standards for Automated Valuation Models (AVMs) Published

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On June 21, 2023, the Office of the Comptroller of the Currency (OCC), Treasury, Board of Governors of the Federal Reserve System (Board), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration...more

Orrick, Herrington & Sutcliffe LLP

Indiana will allow certain licensees to sponsor non-employee mortgage loan originators

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On May 4, the Indiana governor signed SB 452 to amend Indiana code governing financial institutions. Among other things, the Act amends a provision to require the Department of Financial Institutions to adopt emergency rules...more

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