Effective June 1st, 2006 - Temporary Registration 1. Each and every mortgage broker including those who made a good-faith effort to comply with or who were exempt from the previous registration law, HB 06-1161, §§ 12-61-901 to 911, C.R.S. is hereby granted immediate, temporary registration through and including September 1, 2007, or until such date [...]
Effective July 1, 2008, mortgage lenders, mortgage brokers, loan originators, and other persons who engage in activities relating to mortgage lending in Alaska will be required to be licensed by the state. HB 162 sets up a fee schedule for the license and requires an applicant to pass an exam. The bill requires licensees to be [...]
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 [...]
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). [...]
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 [...]
Large Net Branch Company Closed for Not Licensing Loan Officers "Myron Miller, a former vice president at the company, told MortgageWire that Dana Capital was facing hefty fines in a handful of states because some loan officers at its net branch affiliates were unlicensed." May 08, 2007 Dana Capital closes, branch managers say they are [...]
Mortgage Licensing System Embraced By Some Slammed By Others Mortgage News Daily Late last week CBSB/AARMR announced that 28 states and the District of Columbia had signed a Statement of Intent indicating they will be participating in the Residential Mortgage Licensing System by the end of 2008. In signing the statement the 29 state agencies [...]