Loan Originator Licensing

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 [...]

Sent on September 11, 2009 Rhode Island Bill Numbers H 5704 A and S 0461 A were enacted into law on July 16, 2009 in order to bring the mortgage licensing laws of the State of Rhode Island into compliance with the federal Secure and Fair Enforcement for Mortgage Lending Act of 2008 (“SAFE Act”). [...]

The recently passed Housing and Economic Recovery Act included a provision called the S.A.F.E. Mortgage Licensing Act, which stands for the Secure and Fair Enforcement for Mortgage Licensing Act. The recent legislation passed by our US Congress and signed by the President requires every state to create mortgage licensing laws and regulations for loan originators [...]

NYSBD Issues Loan Originator Rules. On December 19, the New York State Banking Department (NYSBD) issued rules implementing the state’s new mortgage loan originator licensing statute (NY CLS Bank Article § 599-a et seq.) which goes into effect on January 1, 2008. Under the rules, originators who have not worked previously in New York will [...]

Massachusetts just recently passed legislation making additional requirements for prospective licensees. Among those changes were audited financial requirements, increased bond requirements, and other minor changes. This has made it difficult for smaller mortgage brokers to get licensed since they do not have they time or money to complete audited financials. Massachusetts has now passed another [...]

Loan Officer Licensing may be a required very soon in all states. Loan Officer Licenses among other things have been introduced to in the Congress as a may to reduce fraud and increase responsiblity nationwide. If passed, this bill would require all states that do not currently have a loan officer licensing scheme to set [...]

Effective June 5th, 2007 Washington Loan Originators are required to pass a test prior to licensing in the state. All loan originators licensed prior to that date will be required to pass the test by December 31st, 2007. The new Washington Loan Originator and Designated Mortgage Broker Licensing Test is now available. The Test will [...]

Effective July 1, 2007 all Georgia loan originators must be licensed to originate loans on properties in Georgia. HB 718 amended the Georgia Residential Mortgage Act to include the liensure of loans officers. Loan officer means a person who acts as an employee and not as an independent contractor to assist a licensee in performing [...]