Monthly Archives: August 2007

Home » Mortgage Licensing News » Archives for August 2007
31 08, 2007

New South Dakota Licensing

August 31st, 2007|Loan Originator Licensing, Mortgage Broker Licensing, Mortgage Lender Licensing, Mortgage Licensing News, NMLS|

South Dakota has passed SB165, which requires loan officers to be licensed as Mortgage Brokers if brokering and licensed as loan originators if working for a direct lender The bill is effective December 1, 2007. Mortgage Lenders Requires current licensees to have a $25,000 surety bond by August 31, 2007 and for new licensees it [...]

9 08, 2007

Texas Now Requires Company Licensing

August 9th, 2007|Mortgage Broker Licensing, Mortgage Lender Licensing, Mortgage Licensing News|

Texas legislature has passed House Bill 2783 ammending the Mortgage Broker Licensing Act to require company licensing, to allow for expedited provisional loan officer licensing, to increase the loan officer license fee from $100 to $275, and to clarify the 5 or less exemption for unlicensed companies or individuals. Company licensing will be required by [...]

9 08, 2007

Nevada Rescinds Friends and Family Exemption

August 9th, 2007|License Updates, Licensing Requirements, Mortgage Licensing News|

Nevada has always allowed individuals without a Nevada mortgage broker or solicitors license to originate loans on residential property in Nevada if the loan was not solicited and the borrower was a previous client, a friend, or a family member. Due to the passage of AB375 in the 2007 Legislative Session, effective 10/1/07 the provisions [...]