1 02, 2008

February 2008 Mortgage Licensing Update

2017-01-23T19:53:18-08:00February 1st, 2008|License Updates, Mortgage Licensing News|

With the mortgage industry in turmoil and state legislatures in session, we can expect a lot of changes to occcur in the next 2 quarters. The Nationwide Mortgage Licensing System debuted last month and is already going strong in 7 states. FHA is expected to change dramatically with the US Congress compromising on a new [...]

1 01, 2008

January 2008 Mortgage Licensing Update

2017-01-23T19:53:18-08:00January 1st, 2008|License Updates, Mortgage Licensing News|

There have been a lot of changes in 2007, and we can expect even more in 2008. With the state legislators gathering together and the current market conditions influencing their legislative decision-making power, we can expect numerous new laws relating to the mortgage industry from each state. Especially if the US Congress decides to pass [...]

1 12, 2007

December 2007 Mortgage License Update

2015-05-24T20:57:52-07:00December 1st, 2007|License Updates, Mortgage Licensing News|

The bills in the Senate are just sitting there, the state legislative sessions are starting up and business is slowing down. Here's the latest news for mortgage licensing Colorado - E&O Insurance now required for Mortgage Broker Individuals Massachusetts - Surety Bond is not available FHA Reform - New Bills still on hold in the [...]

7 11, 2007

Update on Mortgage Reform Legislation

2017-01-23T19:53:19-08:00November 7th, 2007|License Updates, Mortgage Licensing News, NMLS|

Press Release from the House Committee on Financial Services: For Immediate Release: November 6, 2007 Financial Service Committee Approves Comprehensive Mortgage Reform and Anti-Predatory Lending Legislation Washington, DC - The House Committee on Financial Services today approved historic bipartisan mortgage reform legislation and anti-predatory lending practices by a vote of 45 to [...]

9 08, 2007

Nevada Rescinds Friends and Family Exemption

2017-01-23T19:53:19-08:00August 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 [...]

5 07, 2007

Arkansas Ammends Fair Mortgage Lending Act

2015-05-23T08:18:29-07:00July 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 [...]

30 05, 2007

West Virginia Passes New Loan Originator License Requirements

2017-01-23T19:53:19-08:00May 30th, 2007|License Updates, Loan Originator Licensing, Mortgage Licensing News|

West Virginia passed a new bill [HB 2776], which requires Licensees Holding either Mortgage Lender and/or Broker Licenses to license its individual loan originators if the majority of the licensee's residential mortgage loan transactions are brokered transactions. Got to: http://www.legis.state.wv.us/Bill_Text_HTML/2007_SESSIONS/RS/BILLS/HB2776%20Enr%20SUB.htm to review the bill.

27 05, 2007

Chairman of MBA Calls for New Licensing System

2015-05-23T08:19:21-07:00May 27th, 2007|License Updates, MBA, Mortgage License, Mortgage Licensing News|

May 23, 2007 Mortgage leader blames some lenders for meltdown John Robbins, chairman of the Mortgage Bankers Association, says he is "mad as hell" at "a few unethical actors" that have sullied his profession's reputation, amid increasing evidence of financial distress for homeowners with weak, or subprime, credit histories. In prepared remarks for a lunchtime [...]


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