Mortgages, Regulatory Requirements, Licensing Rules

Update on Maryland Licensing Guidance: A “Fix” In The Works?

Mayer Brown on 4/22/2025

In a prior Legal Update, we discussed the introduction of legislation in the Maryland General Assembly that would amend Maryland law to address guidance issued by the Maryland Office of Financial Regulation (“OFR”). That...more

Maryland Expands Licensing Requirements for Mortgage Loan Assignees

Sheppard Mullin Richter & Hampton LLP on 1/27/2025

On January 10, 2025, the Maryland Office of Financial Regulation (OFR) issued guidance significantly expanding licensing requirements for assignees of residential mortgage loans in Maryland. The guidance stems from an April...more

Maryland Guidance Applies Licensing Requirements to Assignees of Residential Mortgage Loans

Mayer Brown on 1/22/2025

On January 10, 2025, the Maryland Office of Financial Regulation (OFR) issued formal guidance asserting that assignees of residential mortgage loans—including certain “passive trusts” that acquire or obtain assignments of...more

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

Ballard Spahr LLP on 9/11/2023

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

Arkansas amends sponsorship licensing requirements under Fair Mortgage Lending Act

Orrick, Herrington & Sutcliffe LLP on 3/31/2023

On March 21, Arkansas enacted HB 1439 to clarify the sponsorship process and amend licensing requirements under the state’s Fair Mortgage Lending Act. The amendments modify the definition of a “transitional loan officer...more

The Twelve Days of Renewals

Bradley Arant Boult Cummings LLP on 12/8/2021

On the first day of renewals the NMLS brought to me, system issues and lock outs. Yes, the 2021 Renewal season brought no holiday joy to either regulator or industry users. The first twelve days did present challenges with...more

Will You Need a License to Hold MSRs in Maryland?

Miles & Stockbridge P.C. on 4/1/2021

The question of whether a state mortgage finance licensing obligation arises to acquire and hold mortgage loans or mortgage loan servicing rights has often generated confusion and raised questions among mortgage finance...more

Alaska Exempts Nonprofit Organizations From Mortgage Lender Licensing Requirements

Ballard Spahr LLP on 2/7/2020

The Alaska Department of Commerce, Community, and Economic Development recently adopted amendments to its mortgage lending regulations to exempt bona fide nonprofit organizations from the licensing requirement....more

New Jersey Mortgage Servicer License Applies to Holders of Mortgage Servicing Rights

Ballard Spahr LLP on 1/14/2020

The New Jersey Department of Banking and Insurance recently issued a bulletin to provide guidance relating to the licensing and registration of mortgage servicers under the New Jersey Mortgage Servicers Licensing Act. The...more

NMLS Reinstatement Period Now Open Through February 29

Ballard Spahr LLP on 1/13/2020

The NMLS Reinstatement Period began on January 2, 2020, and will end on February 29, 2020. This period allows individuals and companies that failed to renew their licenses by December 31 to request renewal. ...more

Georgia and Colorado Address MLO Temporary Authority to Operate

Ballard Spahr LLP on 1/10/2020

Following receipt and consideration of three written comments on proposed rules distributed on November 18, 2019, the Georgia Department of Banking and Finance adopted final rules on December 20, 2019, that establish...more

Michigan Adopts Temporary Authority Provisions

Ballard Spahr LLP on 12/20/2019

Michigan has joined a number of states that have amended its statutes to grant certain individuals temporary authority to act as a mortgage loan originator while a license application is pending, in conformity with the...more

Wisconsin Adopts Temporary Authority Provisions

Ballard Spahr LLP on 12/9/2019

Wisconsin is the latest state to pass legislation amending its statutes to add provisions addressing temporary authority to operate as a mortgage loan originator while a license application is pending pursuant to the federal...more

Washington State Adopts Temporary Authority Provisions

Ballard Spahr LLP on 12/2/2019

Washington State has enacted legislation amending its regulations to permit temporary authority to operate as a mortgage loan originator...more

NMLS Renewal Underway and Renewal Changes for Nevada Licensees

Ballard Spahr LLP on 11/11/2019

The NMLS renewal period for licensees began last week on November 1 and continues through December 31. For Nevada licensees, according to an update from the Nevada Division of Mortgage Lending...more

South Dakota Adds Non-Residential Mortgage Lender Licenses to NMLS

Ballard Spahr LLP on 7/29/2019

South Dakota Adds Non-Residential Mortgage Lender Licenses to NMLS - South Dakota added its Non-Residential Mortgage Lender License to NMLS on July 15, 2019. ...more

What's Old is New Again: The Future of Bank Partnership Programs from Small Dollar Installment Loans to Mortgages to Everything

Hudson Cook, LLP on 6/14/2019

Bank partnerships allow banks to offer loans to consumers and businesses by leveraging the resources of non-bank entities. The relationships between banks and their non-bank entity partners have existed for many years. In the...more

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