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 [...]
When SB 6471 was passed during the 2008 legislative session and became effective June 12, 2008, the definition of mortgage broker under the MBPA was amended to remove references to making a loan. The net effect of the amendment was to prohibit lending under the MBPA. SB 6471 also expanded the Consumer Loan Act (CLA) [...]
With the S.A.F.E. Mortgage Licensing Act passing on June 30, 2008, there are a lot of changes expected to happen soon in mortgage licensing. At this time, only about one third of the states are in compliance with the federal law, and since most states are not going to want to hand over their licensing [...]
North Carolina Passes New Mortgage Laws, Banning YSP and Requiring Licensing for Servicers Effective October 1, 2008, House Bill 2188 amends the Rate Spread Home Loan Law to prohibit the payment of a yield spread premium on rate spread home loans. Make sure to look at the definition of a rate spread home loan. Effective [...]
With the federal government passing the Housing and Economic Recovery Act on July 31, 2008, we can expect to see a lot more laws passed by the states. The Housing and Recovery Act contained the S.A.F.E. Mortgage Licensing Act. That portion of the bill requires the states to put in place a Loan Originator Licensing [...]
States are finally starting to finish off their attempts to legislate the housing problem. There are still many proposed foreclosure rescue plans in the state and federal legislatures, but most state licensing bills have been either passed or voted against. There is still some talk of a federal licensing requirement for mortgage companies if the [...]
The activity in the states continues to rise. Numerous states are considering legislation to curb the foreclosure crisis. Nothing of course can stop it at this point, but the states seem to feel that increased regulation of mortgage companies will at least help the situation. Mortgage Licensing is one of the hotly debated topics in [...]
FHA Licensing US Congress is continuing to lag on any FHA Modernization Bill. Hopes of FHA Licensing becoming easier are slowly fading. Maryland Bond Increase MD surety bond increases are effective 6/1/08. Notices will be sent out soon. Bonds will need to be increased. It depends on loan volume. Idaho Eliminates Loan Officer Bonding Requirement [...]
The April Mortgage Licensing Update includes the following updates: • FHA Licensing Bond - Will it ever pass? • Alaska Mortgage Licensing - July 1, 2008 • New York Mortgage Licensing - Transition to NMLS • Surety Bond Issues - Massachusetts, District of Columbia, and New York • HUD Exempt States - This is really [...]
With the Economic Stimulus bill passed, it looks like the FHA modernization bill has been held up once again. The President asked Congress to move forward with the latter bill during the signing of the Economic Stimulus bill, and many are hoping it will pass this month. Massachusetts finally released the new bond format. The [...]