Temporary LO Authority went into effect on 11/24/2019. It gives the Loan Originator 120 days from when they apply and obtain Temporary Authority to complete Education and Testing while still being able to originate loans. The State may allow you to gather required documents during that time as well; however, some states may take away [...]
Here is the NMLS Policy on the definition of Control Person. But keep in mind that each state can make their definition broader than this if they desire. Owners of 10% or moreSenior Executive Officers/Directors/LLC Managers On page 37 of the NMLS Policy Handbook, there is a definition of Executive Officers: https://mortgage.nationwidelicensingsystem.org/slr/common/policy/NMLS%20Document%20Library/NMLS%20Guidebook%20October%202019%20Current%20Online.pdf Corporate Governance – as [...]
An LO License is only active if BOTH the License Status and the Sponsorship Status are Active Statuses. Therefore, it's important when verifying an LO's license status to check both statuses and keep record of this in your employee files before allowing an LO to conduct business in a State. It is also important to [...]
When the SAFE Act was passed by the US Congress in 2008, it mandated that all States require that Mortgage Loan Originators meet certain minimum requirements to obtain and maintain a Mortgage Loan Originator License. Once of those requirements was Pre-License Education and Continuing Education. The SAFE Act mandated 20 hours of Pre-License Education in [...]
Every Mortgage Loan Originator licensed in the United States must complete Pre-License Education in order to obtain a license and Continuing Education each year in order to renew the license. There is a federal mandate that each state require at least 20 hours of Pre-License Education and at least 8 hours of Continuing Education each [...]
Before discussing how to get a California Mortgage Company License, we need to first discuss what type of mortgage license you should get. There are three (3) different types of Mortgage Company Licenses offered in California. The Bureau of Real Estate offers the California Department of Real Estate (DRE) Corporate License with the Nationwide [...]
On June 17, Texas Governor Rick Perry signed into law S.B. 17, the Residential Mortgage Loan Servicer Registration Act, which requires all residential mortgage loan servicers in Texas to register with the Commissioner of the Texas Department of Savings and Mortgage Lending (Commissioner). The Mortgage Servicer Registration is required for companies acting purely in a [...]
Florida law previously required persons acting solely as loan processors to secure a loan originator license. On May 31, the Governor of Florida signed into law a bill to relieve in-house loan processors from individual licensing in Florida. Specifically, the bill excludes in-house loan processors from individual licensure, so long as the individual (i) is [...]
On May 5, 2011, Montana adopted House Bill No. 90, which made numerous revisions to the Montana Mortgage Broker, Mortgage Lender, and Mortgage Loan Originator Licensing Act (Act) and changed its title to the Montana Mortgage Act. The revisions included requirements for the licensing and regulation of mortgage servicers. The effective date of the changes [...]
Hawaii has Amended the SAFE Act Compliance Legislation and extended the Deadline for Mortgage Loan Originator Registration. On May 7, the Governor of Hawaii, Linda Lingle, signed into law legislation (S.B. 2603) to amend Hawaii's Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) compliance law, which was passed last year. The new law [...]