Monthly Archives: November 2009

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12 11, 2009

Pennsylvania Surety Bond Mortgage Licensing Requirements

November 12th, 2009|Mortgage Licensing News, Surety Bond|

SURETY BOND INFORMATION REGARDING THE MORTGAGE LICENSING ACT On August 5, 2009, Governor Edward G. Rendell signed into law as Act 31 of 2009, House Bill 1654 (P.N. 2448), which amends Pennsylvania’s existing mortgage licensing law, 7 Pa.C.S. Chapter 61, now titled the Mortgage Licensing Act (“MLA”), in order to implement the federal Secure and [...]

6 11, 2009

Illinois Requires Licensing of Mortgage Loan Originators

November 6th, 2009|Loan Originator Licensing, Mortgage Licensing News|

Illinois passed a bill requiring the licensing of loan originators. Under the bill, mortgage loan originators and loan processors of underwriters acting as independent contractors must obtain a license under the Residential Mortgage License Act of 1987, unless exempt. The bill also establishes loan originator requirements with respect to education, exemptions, fees, renewals, bonds and [...]

6 11, 2009

Kansas Mortgage Broker Licensing becomes part of NMLS

November 6th, 2009|Mortgage Licensing News, NMLS|

Kansas adopted rules amending the Mortgage Business Act. Under the rules, mortgage loan originators are required to complete 20 hours of education and pass a written test prior to licensure. The rules also amend surety bond requirements, increase licensing fees for branch offices and establish additional record retention requirements for mortgage companies. Kansas also adopted [...]

5 11, 2009

Maryland NMLS-Approved SAFE Mortgage Loan Originator Test Available

November 5th, 2009|Loan Originator Licensing, Mortgage Licensing News, NMLS|

We are pleased to announce that NMLS-approved SAFE mortgage originator test components – both the national and the Maryland component – are now available for enrollment and scheduling. The first test appointments for the Maryland component will be available on October 22nd. The national component has been available since July 30, 2009. Registration is now [...]

5 11, 2009

California Enacts SAFE Act Legislation – NMLS Mortgage Broker Licensing

November 5th, 2009|Loan Originator Licensing, Mortgage Licensing News|

On October 11, California Governor Arnold Schwarzenegger signed into law S.B. 36, a bill that requires the employees of licensees under the California Finance Lenders Law (CFLL) and the California Residential Mortgage Lending Act (RMLA) that are engaged in the business of mortgage loan origination to be licensed, beginning July 1, 2010. The bill similarly [...]

5 11, 2009

North Carolina Annual Mortgage Broker License Renewal Notice

November 5th, 2009|License Updates, Mortgage Licensing News|

NC Commissioner of Banks Office Mortgage Licensing Division Location: 316 W. Edenton Street, Raleigh, NC 27603 Mailing Address: 4309 Mail Service Center, Raleigh, NC 27699-4309 Telephone: 919-733-0589 Fax: 919-733-2978 Internet: www.nccob.org October 16, 2009 Company Annual License Renewal Notice RENEW YOUR LICENSE ONLINE AT: www.stateregulatoryregistry.org/NMLS BEFORE DECEMBER 31, 2009 The Renewal Period will begin November [...]

5 11, 2009

Michigian Mortgage Licensing Education Requirements Clarification

November 5th, 2009|Education, Mortgage Licensing News|

TO: Mortgage Industry and Interested Parties SUBJECT: Discontinuance of Michigan Loan Officer Registration Examination, and Clarification of Michigan Pre-registration Education Requirement Effective today, October 22, 2009, the Michigan loan officer registration examination administered through Pearson VUE is discontinued and will no longer be available. Any individual who scheduled a new loan officer registration examination or [...]

5 11, 2009

CA Passes NMLS Loan Originator Licensing Requirements

November 5th, 2009|Licensing Requirements, Loan Originator Licensing, Mortgage Licensing News, NMLS|

California recently adopted several mortgage related bills. CA Senate Bill 36 became effective October 11, 2009 and includes the following revisions and adoptions: Adopts new sections covering: licensing requirements for loan processors and underwriters; application requirements including fingerprinting, personal history, and independent credit reports; minimum standards that must be met by mortgage loan originator licensing [...]