As published in Scotsman Guide Magazine, Titled: Know What's Needed to Cross State Lines The first thing to keep in mind when deciding to get licensed in multiple states is that every state is different. Mostly in the last 10 years, every state has come up with their own licensing scheme. The state congress passess [...]
Public comments on the FHA Reform Bill in the Senate is closed today, October 22, 2007. Already passed by the House with an overwhelming majority, it is expected to pass in the Senate by mid-November. The Expanding American Homeownership Act of 2007 will bring about many changes to FHA loan origination. The most important changes [...]
With the housing market collapsing in the last few months, are there any places in the United States left to originate mortgage loans? If you're asking this question, you're not alone. Every mortgage company in the nation is asking the same question. Fortunately the answer is yes. Here is a list of the top areas [...]
UPDATE: Texas is on the NMLS now Are you a licensed mortgage broker in the state of Texas? Does the compensation that you make on a loan go to your corporation or LLC? If so, you now need to get your mortgage corporation or LLC licensed. The applications just posted last week. If you're in [...]
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 [...]
Expanding American Homeownership Act of 2007 has been passed by the House and will most likely be passed by the Senate and signed by the President after a few minor adjustments. This is the biggest change to FHA that has occured since it inception. If the House has it's way, this would actually change the [...]
Massachusetts has now added new surety bond and financial requirements for mortgage broker and lender licensees. NOTICE - MORTGAGE LENDER AND MORTGAGE BROKER APPLICANTS Please note that the recent amendments to 209 CMR 42.00 et seq. have been finalized as of September 7, 2007. All mortgage lender and mortgage broker license applicants filing on or [...]
State mortgage regulators from around the country have been working since 2004 to develop a nationwide licensing system for the residential mortgage industry that will improve supervision of the mortgage industry, streamline the licensing process for mortgage companies and professionals, and enhance consumer protection. The Nationwide Mortgage Licensing System (NMLS) is a web-based system that [...]
Starting Jan. 2, 2008, the Office of Financial Institutions (OFI) will join with several other states across the country in participating in the Nationwide Mortgage Licensing System (NMLS). The NMLS was developed by state regulators through the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR). Important information about [...]
South Dakota has passed SB165, which requires loan officers to be licensed as Mortgage Brokers if brokering and licensed as loan originators if working for a direct lender The bill is effective December 1, 2007. Mortgage Lenders Requires current licensees to have a $25,000 surety bond by August 31, 2007 and for new licensees it [...]