Monthly Archives: July 2007

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13 07, 2007

Grey Areas in Mortgage

July 13th, 2007|Mortgage Licensing News|

I have been considering writing this article for a long time. I've heard the term grey area all my life, but it really all started when I began working in the compliance department of the mortgage industry. When I began dealing with licensing, compliance, and other legal issues relating to the mortgage industry, I would [...]

13 07, 2007

Aapex Mortgage Loses Another License

July 13th, 2007|Mortgage Companies, Mortgage Licensing News|

North Carolina state regulators suspended the operating license of national broker Aapex Mortgage after the Florida-based operation was hit by sanctions in six other states. The action came June 28 in a written filing from North Carolina Commissioner of Banks Joe Smith, who licenses mortgage lenders in the state. The order came on the heels [...]

5 07, 2007

Montana Adopts Residential Mortgage Lender Licensing Act

July 5th, 2007|Mortgage License, Mortgage Licensing News|

You may remember the Mortgage Broker Licensing Act that took place back in 2005. Now the state of Montana will be regulating Mortgage Lenders too. Up until now, you were only required to be licensed if you were brokering loans. There was a brick'n'mortar requirement that restricted most companies outside the state from brokering since [...]

5 07, 2007

Mississippi Eliminates License Exemption for Registered Wholesale Lenders

July 5th, 2007|Mortgage License, Mortgage Licensing News|

If you're a wholesale lender and doing business in Mississippi, you may want to pay attention. Up until now you were able to do business under a registration, but Mississippi just changed the law. Effective July 1, 2007, Mississippi ammended the Mortgage Consumer Protection Law, which regulates Mortgage Companies. The ammendment eliminates the licensing exemption [...]

5 07, 2007

Arkansas Ammends Fair Mortgage Lending Act

July 5th, 2007|License Updates, Mortgage Licensing News|

The General Assembly in Arkansas made some changes to the Fair Mortgage Lending Act effective July 31, 2007. Most of these changes were made to give the Commissioner at the Securities Department authorization to implement a multi-state automated licensing system. Examples of such authorization is the ability for the Commissioner to require background and fingeprint [...]