As of August 18, 2007 there have been 35 states that have signed the statement of intent to take part in the National Licensing Database. Currently 12 states are using the Uniform MU Forms for license applications and more are expected to come on board. Each state still however has their own addendum to the [...]
Texas legislature has passed House Bill 2783 ammending the Mortgage Broker Licensing Act to require company licensing, to allow for expedited provisional loan officer licensing, to increase the loan officer license fee from $100 to $275, and to clarify the 5 or less exemption for unlicensed companies or individuals. Company licensing will be required by [...]
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 [...]
The Louisiana House just passed a bill requiring all licensed mortgage companies except wholesale lenders to maintain a physical office in the state of Louisiana. If passed by the house, the bill will be effective by August 15, 2007. Anyone already licensed in the state will have to show that they comply with this requirement [...]
I have been considering writing this article for a long time. I've heard the term grey area all my life, but it really all started when I began working in the compliance department of the mortgage industry. When I began dealing with licensing, compliance, and other legal issues relating to the mortgage industry, I would [...]
North Carolina state regulators suspended the operating license of national broker Aapex Mortgage after the Florida-based operation was hit by sanctions in six other states. The action came June 28 in a written filing from North Carolina Commissioner of Banks Joe Smith, who licenses mortgage lenders in the state. The order came on the heels [...]
You may remember the Mortgage Broker Licensing Act that took place back in 2005. Now the state of Montana will be regulating Mortgage Lenders too. Up until now, you were only required to be licensed if you were brokering loans. There was a brick'n'mortar requirement that restricted most companies outside the state from brokering since [...]
If you're a wholesale lender and doing business in Mississippi, you may want to pay attention. Up until now you were able to do business under a registration, but Mississippi just changed the law. Effective July 1, 2007, Mississippi ammended the Mortgage Consumer Protection Law, which regulates Mortgage Companies. The ammendment eliminates the licensing exemption [...]
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 [...]
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 [...]