Mortgages, Regulatory Requirements, State and Local Government

Tennessee enacts new home loan rate

Orrick, Herrington & Sutcliffe LLP on 5/12/2025

On April 28, the governor of Tennessee signed into law HB 908 to amend the maximum effective interest rate for home loans originated in the state. The new law sets the rate at four percentage points above the average prime...more

Maryland Enacts Law Exempting Passive Trusts from Mortgage and Installment Loan Licensing Requirements

Sheppard Mullin Richter & Hampton LLP on 4/28/2025

In January 2025, the Maryland Office of Financial Regulation (the “OFR”) issued a guidance stating that assignees of residential mortgage loans, including certain passive trusts, were required to hold a Maryland mortgage...more

Consumer Finance State Roundup

Alston & Bird on 4/11/2025

The latest edition of the Consumer Finance State Roundup highlights recently enacted measures of potential interest from three states: Arkansas: House Bill 1184, which we expect to take effect on or about August 8, amends...more

Maryland OFR Responds to Market Concerns Over Licensing Requirements for Mortgage and Installment Loan Assignees

Sheppard Mullin Richter & Hampton LLP on 3/10/2025

On February 18, the Maryland Office of Financial Regulation (OFR) issued an alert to address industry concerns regarding its January guidance on licensing requirements for assignees of residential mortgage and installment...more

Maryland Update on Licensing Guidance

Mayer Brown on 2/28/2025

AT A GLANCE - In response to market concerns regarding licensing guidance for assignees of certain residential mortgage loans and installment loans released by the Maryland Office of Financial Regulation in January, 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

2025 Updates to Georgia’s Notary Laws: What You Need to Know

Nelson Mullins Riley & Scarborough LLP on 1/14/2025

Starting January 1, 2025, Georgia’s notaries public must comply with new provisions enacted by House Bill 1292. The law introduces updates to the obligations of notaries, focusing on journal-keeping, identity verification,...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

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

Foreclosure and Receiver Issues in the United States during COVID-19

BCLP on 6/23/2020

Updated as of June 22, 2020. The following memorandum provides an overview of the responses of courts and local and state governments of certain jurisdictions in the United States, as well as of the United States federal...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 York Issues Final Mortgage Servicing Regulations

Ballard Spahr LLP on 1/27/2020

On December 18, 2019, the New York Department of Financial Services (DFS) issued its Final Regulations detailing the business conduct rules for mortgage loan servicers. ...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

Minnesota Revises Licensing Requirements Effective August 1, 2019

Ballard Spahr LLP on 5/30/2019

Minnesota has revised its Residential Mortgage Originator and Servicer Licensing Act to provide an exemption from residential mortgage originator licensure requirements for a "manufactured home dealer" and "manufactured home...more

Short-Term Rental Update: Short-term rental operator Lyric raises $160m; Fannie Mae-backed mortgages allowed for short-term...

Foster Garvey PC on 5/3/2019

This week’s Short-Term Rental Update features a number of interesting topics, including these highlights...more

North Dakota Modifies Surety Bond Requirements

Ballard Spahr LLP on 3/22/2019

North Dakota has modified the surety bond requirements under the Money Brokers Act. Presently, the law requires a surety bond in an amount not less than $25,000. N.D. Cent. Code Section 13-04.1-04.01(1). Effective August 1,...more

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