Assists a consumer in obtaining or applying to obtain a residential mortgage loan.
December 31, 2007, Loan Originators will be required to be registered with the state of South Dakota. The registration will be fairly simple. At this point it appears to be contact information and a fee. The new law will require mortgage brokers and lenders to have 2 years of documented experience as a loan originator [...]
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.
Following the current industry trend, New York has adopted the Registered Mortgage Loan Originators Act (MLO Act). The MLO Act, which although effective as of January 1, 2007 will not go into effect until January 1, 2008, requires that mortgage loan originators register with the New York Department of Banking (Department). See the rest of [...]