<?xml version="1.0" encoding="UTF-8"?><rss version="2.0"><channel><title><![CDATA[Integrity Mortgage Licensing - FHA Licensing and State Li]]></title><description><![CDATA[Articles]]></description><link>http://www.integritymortgagelicensing.com/</link><copyright><![CDATA[Copyright Integrity Mortgage Licensing - FHA Licensing and State Li]]></copyright><generator>sNews CMS</generator><item><title><![CDATA[Hawaii delays NMLS Mortgage Company and LO Licensing]]></title><description><![CDATA[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 delays the deadline for licensure of mortgage loan originators via the Nationwide Mortgage Licensing System (NMLS) until January 1, 2011. Also, mortgage loan originators who are licensed with Hawaii as of December 31, 2010 have until November 30, 2011 to be licensed via NMLS. Additionally, The law requires certain independent contractors (including mortgage loan originators, processors and underwriters) to be licensed as "mortgage loan originators." Finally, the law replaces an existing surety bond requirement with the Mortgage Loan Recovery Fund, which assesses a fee to licensees based on the number of registered offices and mortgage loan originators. For a copy of the bill, please see   http://www.capitol.hawaii.gov/session2010/bills/SB2603_CD1_.pdf.  ]]></description><pubDate>Mon, 14 Jun 2010 11:31:47 +0000</pubDate><link>http://www.integritymortgagelicensing.com/mortgage-licensing-news/hawaii-delays-nmls-mortgage-company-and-lo-licensing/</link><guid>http://www.integritymortgagelicensing.com/mortgage-licensing-news/hawaii-delays-nmls-mortgage-company-and-lo-licensing/</guid></item><item><title><![CDATA[Colorado Mortgage Companies must now be Licensed]]></title><description><![CDATA[Colorado now requires Mortgage Companies to be licensed by the state.  On May 26, 2010, Colorado Governor Bill Ritter, Jr. signed a bill (H.B. 10-1141) that (i) creates a new state mortgage regulatory division, the Board of Mortgage Loan Originators, and (ii) establishes registration deadlines for mortgage loan originators and mortgage companies via the Nationwide Mortgage Licensing System (NMLS). Mortgage companies, as well as individual mortgage loan originators, must be licensed via NMLS by January 1, 2011.    

The law establishes a new licensing category of "mortgage company," defined as entities that take residential mortgage loan applications or offer or negotiate the terms of a residential mortgage loan. The new law exempts from mortgage company licensing requirements banks, savings associations, subsidiaries owned and controlled by a bank or savings association, employees of bank or savings association or its subsidiaries, credit unions, and employees of credit unions. Mortgage companies will be overseen by the newly-created Board of Mortgage Loan Originators, which will, among other things, have the authority to impose fines and deny license applications or renewals.  For a copy of the bill, please see   http://www.leg.state.co.us/CLICS/CLICS2010A/csl.nsf/fsbillcont3/91997519A6EFDCBB872576A80054E840?Open&file=1141_enr.pdf  ]]></description><pubDate>Mon, 14 Jun 2010 11:21:55 +0000</pubDate><link>http://www.integritymortgagelicensing.com/mortgage-licensing-news/colorado-mortgage-companies-must-now-be-licensed/</link><guid>http://www.integritymortgagelicensing.com/mortgage-licensing-news/colorado-mortgage-companies-must-now-be-licensed/</guid></item><item><title><![CDATA[The SAFE Mortgage Licensing Act]]></title><description><![CDATA[The SAFE Mortgage Licensing Act (Title V of P.L. 110-289, the Secure and Fair Enforcement for Mortgage Licensing Act of 2008) was signed into law in July 2008. It requires every loan originator taking a residential mortgage loan application from a consumer to obtain a mortgage loan originator (MLO) license from the State Agency in which the subject property is located. And the States are required to set certain minimum requirements for obtaining the MLO License. So what are these minimum requirements? How does it affect loan originators in the mortgage business? And how are states implementing this federal mandate?    

  Education      

Twenty (20) hours of education is one of the major requirements. In order to get a license, a mortgage loan originator must complete 20 hours of pre-licensing education that is offered by an approved education provider. Completion of one 20 hour course complies with this requirement for all states. The course will usually cost around $299 to $399. However, some states also require an additional 1 to 5 hours of state-specific education in addition to the federally mandated 20 hour course. Always keep in mind when trying to understand these new requirements, that each state is under a federal mandate to meet certain minimum requirements for licensing MLOs, but the state always has the right to set their standards higher than the federal mandate. Any states where you have done previous education to maintain a loan originator license prior to these new requirements may allow you to certify those past hours to meet this new requirement.    

Also, eight (8) hours of continuing education is required each year to renew your license. Completion of one 8 hour course complies with this requirement for all states. However, just like the pre-licensing education, some states require an additional 1 to 5 hours of state-specific education each year as well.    

  Testing      

The SAFE Act also requires that MLOs complete a test to obtain a mortgage loan originator license. To comply with this requirement, the states have worked together to make a National Test that covers federal laws and regulations for mortgage origination. This test is only required to be passed once for all states. However, each state has also developed their own state-specific test component. So the National Test and the State Test must be completed to obtain a license. Any states where you have done previous testing to obtain a loan originator license prior to these new requirements may allow you to certify those past tests to meet this new requirement. The National Test would still be required, but you could be exempt from having to take the state test. The National Test costs $92 and the State Tests cost $69 each. The tests only need to be passed once to obtain the license and never need to be taken again. And make sure to study for the tests. Only Sixty-Seven Percent (67%) of applicants are passing the National test.    

  Criminal Background Check      

Each state is required under the SAFE Act to complete a criminal background check on MLO License applicants. To implement this there is a federal fingerprinting that can be paid for when you submit an MLO License application. When fingerprints are taken, they are sent to the FBI and the FBI reviews them and puts together a report of any criminal convictions that match your record. These criminal background check reports are then sent to the state to review. Because the federal fingerprinting only checks the FBI database, some states have decided to also require their own fingerprinting that would check their state criminal database. So you will definitely have to complete the Federal Fingerprinting once, but you also may have to complete a state fingerprinting requirement in some states. The federal fingerprinting costs $39 and the state fingerprinting ranges from $25 to $60.    

The minimum requirements under SAFE Act state that no one can obtain a Mortgage Loan Originator (MLO) License if they have had any felonies in the last 7 years or if they have ever had a felony that was financial services related, such as fraud, theft, bribery, check forgery, etc.    

  Credit Background Check      

Under the SAFE Act, each state is required to review a credit report. Unfortunately, unlike the specific nature of the minimum criminal background requirements, the SAFE Act is not specific as to what the minimum credit requirements are.    

Mosts states have not released details on what they will be looking at on the credit reports and most states are not reviewing credit reports at this time. Every state that is currently requiring credit reports to be mailed to them is setting different standards, but there are basically 3 different ways I am seeing states handle it.    


1. Some states are not telling applicants the minimum credit required, but are declining apps for credit issues (This is the worst situation, because you don't know if the state will accept the credit until you apply)  
2. Some states are telling applicants the minimum credit required. For example they are saying any one with a score lower than 580 must provide a letter of explanation about how they are fixing their credit issues and will be financially stable going forward. (This is still not good, but at least you know if the LO will possibly have an issue if they apply)  
3. Some states are just keeping a copy of the credit report in their file, but they are not looking at it.    


My hope is that the federal government issues regulations that define what the states need to look at on the credit. Then we will know for sure whether someone meets those standards or not. At this time, most states have not issued any details on what they will be looking at.    

  Application    

States are required to obtain a license application with certain minimum information. All states have a license fee associated with the application that ranges from $50 to $500. Completion of the application is required to be completed through a system called the Nationwide Mortgage Licensing System (NMLS), which now takes us to the final question. How are the states implementing these new requirements?    

  Nationwide Mortgage Licensing System (NMLS)      

This system is a privately owned website that was created for the sole purpose of handling all of the states new mortgage licensing requirements all in one place. Most states have also decided to handle company and branch license applications through this system along with the Mortgage Loan Originator (MLO) License applications. The system is just a website that the states use to receive applications and comply with this new federal mandate under the SAFE Act. The NMLS does not review or approve license applications. The system allows for submitting a license application to a state electronically, it has a function to pay for the National and State Tests, a function to pay for the federal fingerprinting, and will soon also have a function to pay for the credit report to be sent to each state you want to obtain a license in. It also tracks the status of each MLO License and shows when education, test, and fingerprinting have been completed. And the states use the system to post deficiencies for a license when the state needs additional information.    

  Conclusion      

Unfortunately, all of this new licensing is costing companies and mortgage loan originators a lot of money. It is creating a huge burden on mortgage companies that is then mostly being passed down to consumers. The system has had many difficulties in working with states existing laws to transition everyone onto the system. Hopefully, going forward, these new requirements will set accountability in the mortgage industry and benefit consumers. However, we are more likely to see the cost of obtaining a mortgage go up and the amount of oversight by state agencies diminish as the states now have less resources to enforce state laws and instead must focus their attention to all of the complexities of meeting these new licensing requirements. If you are in the mortgage industry, do not wait start the steps to meet these new requirements. It is a long and burdensome process, so start as soon as you can.    ]]></description><pubDate>Wed, 05 May 2010 09:41:13 +0000</pubDate><link>http://www.integritymortgagelicensing.com/mortgage-licensing-news/the-safe-mortgage-licensing-act/</link><guid>http://www.integritymortgagelicensing.com/mortgage-licensing-news/the-safe-mortgage-licensing-act/</guid></item><item><title><![CDATA[California DRE now requires Mortgage Loan Originator Endorsement through NMLS]]></title><description><![CDATA[California Department of Real Estate now requires Salespersons and Brokers to obtain an endorsement to their license through the NMLS if they want to use their license to originate residential mortgage loans.

By January 31, 2010, or within 30 days of commencing the activity whichever is later, all licensees must report to the Department of Real Estate if they make, arrange or service loans secured by real property. This requirement applies to both residential and commercial businesses. The report must be completed online using Form RE 866- Mortgage Loan Activity Notification. Future business activity reporting will also be required.    

Penalty fees can apply for failure to submit this required notification. Penalties are fifty dollars ($50) per day for the first 30 days the report is not filed and one hundred dollars ($100) per day for every day thereafter not to exceed a maximum of $10,000.        



The following steps must be completed in order to comply with SB 36 and the SAFE Act by January 1, 2011:    

Register on the Nationwide Mortgage Licensing System and Registry (NMLS&R)    

The NMLS&R will contain a single license record for each mortgage loan lender, broker, branch and mortgage loan originator (MLO). A fee is not required to create this initial NMLS&R base record, however, this first registration step is needed to initiate the necessary examination process.    


Satisfy the federal requirements for MLO licensure. Requirements include new qualification assessments, federal and state examinations, and background checks. There are no exceptions to or exemptions from these requirements for existing licensees.    


By January 1, 2011, be issued an MLO endorsement on your real estate license. Endorsement applications for qualified MLO registrants must be submitted electronically to the NMLS&R by September 15, 2010 to be issued by January 1, 2011. Review the qualification and examination requirements before you initiate the electronic application process.    

The initial MLO license endorsements will expire on December 31, 2011. MLO endorsements are issued annually and expire December 31st each year. The endorsement will carry a nationwide identification number known as a “unique identifier” which will be assigned by the NMLS&R. The term and license identification number of the “base” real estate license will not change. Real estate licensees will continue to be responsible for filing the necessary renewal and record update requirements to maintain their four year real estate license separate from the MLO endorsement.     

Penalty fees can apply for failure to obtain a license endorsement. Penalties are fifty dollars ($50) per day for the first 30 days the report is not filed and one hundred dollars ($100) per day for every day thereafter not to exceed a maximum of $10,000.    ]]></description><pubDate>Tue, 04 May 2010 13:32:42 +0000</pubDate><link>http://www.integritymortgagelicensing.com/mortgage-licensing-news/california-dre-now-requires-mortgage-loan-originator-endorsement-through-nmls/</link><guid>http://www.integritymortgagelicensing.com/mortgage-licensing-news/california-dre-now-requires-mortgage-loan-originator-endorsement-through-nmls/</guid></item><item><title><![CDATA[Washington Adds Servicing Licensing Through NMLSR]]></title><description><![CDATA[Washington Mortgage Loan Services must obtain a consumer license by July 1, 2010.  The state of Washington added additional requirements of servicer licensing and reporting responsibilities under the Consumer Loan Act and clarification of loan modification services regulated by the Department of Financial Institutions under both the Consumer Loan Act and the Mortgage Broker Practices Act. It additionally added fee assessment, disclosure/notification and escrow account requirements for servicers, as well as, advance fee restrictions and model fee agreements for loan modifications; including third-party loan modification providers. These provisions become effective July 1, 2010.]]></description><pubDate>Tue, 04 May 2010 12:50:25 +0000</pubDate><link>http://www.integritymortgagelicensing.com/mortgage-licensing-news/washington-adds-servicing-licensing-through-nmlsr/</link><guid>http://www.integritymortgagelicensing.com/mortgage-licensing-news/washington-adds-servicing-licensing-through-nmlsr/</guid></item><item><title><![CDATA[Pennsylvania Surety Bond Mortgage Licensing Requirements]]></title><description><![CDATA[SURETY BOND INFORMATION REGARDING THE MORTGAGE LICENSING ACT    

On August 5, 2009, Governor Edward G. Rendell signed into law as Act 31 of 2009, House Bill 1654 (P.N. 2448), which amends Pennsylvania’s existing mortgage licensing law, 7 Pa.C.S. Chapter 61, now titled the Mortgage Licensing Act (“MLA”), in order to implement the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (the “SAFE Act”), 12 U.S.C. § 5101 et seq.  Act 31 became effective immediately.  The amendments contained in Act 31 implement the SAFE Act by merging its requirements into the MLA.     

This letter provides the mortgage industry with further details regarding the surety bond requirements for mortgage originators and mortgage companies.  Licensees will have until November 30, 2009 to provide the department with proof of surety bond coverage as prescribed by the MLA.        

Surety Bond Requirement:    

The MLA requires mortgage company licensees and applicants (including consumer discount companies and affiliates of banks and credit unions engaged in the mortgage loan business) to maintain a surety bond in an amount that reflects the volume of mortgage loans originated by the mortgage originators employed by the business.  The amount of the bond will be determined by the amount of mortgage loans originated and secured by Pennsylvania real property in a calendar year as indicated on the licensee’s annual report.  For initial mortgage business applicants, the amount of the bond will be determined by the anticipated amount of mortgage loans originated and secured by Pennsylvania real property in the first calendar year of licensing.    

Licensed mortgage originators will be responsible for maintaining an individual surety bond only if their employer is a business that is not required to be licensed by virtue of the MLA (i.e. agencies or instrumentalities of a federal, state or local government, or non-profit corporations) and elects not to maintain the required surety bond on behalf of its licensed mortgage originators.  Should individually licensed mortgage originators require individual bonding, the amount of the surety bond required will be determined by the amount of mortgage loan originations secured by Pennsylvania real property in the most recent complete calendar year.  For initial mortgage originator applicants, the amount of the bond will be determined by the anticipated amount of mortgage loans secured by Pennsylvania real property originated in the first calendar year of licensing.        


The following summarizes the bond requirements:    

Mortgage Lenders and Mortgage Loan Correspondents:  
Bond Amount        Anticipated or Actual Amount of PA Mortgage Loan Originations  
$100,000                $29,999,999.99 or less  
$200,000                $30,000,000 - $99,999,999.99  
$300,000                $100,000,000 - $249,999,999.99  
$500,000                $250,000,000 or more    

Mortgage Brokers   
Bond Amount        Anticipated or Actual Amount of PA Mortgage Loan Originations  
$50,000                $14,999,999.99 or less  
$75,000                $15,000,000 - $29,999,999.99  
$100,000              $30,000,000 - $49,999,999.99  
$150,000              $50,000,000 or more    

Mortgage Originators  
Bond Amount        Anticipated or Actual Amount of PA Mortgage Loan Originations  
$25,000                $7,499,999.99 or less  
$50,000                $7,500,000 - $14,999,999.99  
$75,000                $15,000,000 - $29,999,999.99  
$100,000              $30,000,000 - $49,999,999.99  
$150,000              $50,000,000 or more    

Note:  This separate volume based surety bond requirement does not replace the additional requirement for Mortgage Brokers and Mortgage Loan Correspondents who are accepting advanced fees to obtain a separate bond in the amount of $100,000.       

Transition Plan:    

Licensees and registrants are invited to visit the department’s website (www.banking.state.pa.us) in order to download the approved surety bond form. All licensees must use this form and obtain coverage from a surety company authorized to do business in PA in order to meet the new surety bond requirements.     

Licensees and registrants must submit the original and fully executed surety bond form to the department no later than November 30, 2009.        

Send original bonds to the following address:    

Pennsylvania Department of Banking  
Attention:  Compliance Division  
Marker Square Plaza  
17 North Second Street  
Harrisburg, PA 17101  


Conclusion:    

The Department’s licensing staff is committed to assisting you in this transition.  Should you have any questions regarding the MLA or the transition plan, feel free to contact the licensing staff at (717) 787-3717 or email at ra-asklicensing@state.pa.us.  For questions regarding NMLS and how to create a record on the system, please contact the NMLS Call Center at (240) 386-4444     

Thank you,  

 

Jamie Robenseifner  
Chief, Licensing Division  
Bureau of Compliance, Investigation, and Licensing  
]]></description><pubDate>Thu, 12 Nov 2009 16:40:02 +0000</pubDate><link>http://www.integritymortgagelicensing.com/mortgage-licensing-news/pennsylvania-surety-bond-mortgage-licensing-requirements/</link><guid>http://www.integritymortgagelicensing.com/mortgage-licensing-news/pennsylvania-surety-bond-mortgage-licensing-requirements/</guid></item><item><title><![CDATA[Rhode Island Mortgage Loan Originator Professional Requirements under SAFE]]></title><description><![CDATA[Sent on September 11, 2009    
Rhode Island Bill Numbers H 5704 A and S 0461 A were enacted into law on July 16, 2009 in order to bring the mortgage licensing laws of the State of Rhode Island into compliance with the federal Secure and Fair Enforcement for Mortgage Lending Act of 2008 (“SAFE Act”).  The SAFE Act requires all states to pass mortgage licensing laws and regulations that meet or exceed certain national standards.  More information about the SAFE Act can be found here:  
http://www.csbs.org/AM/Template.cfm?Section=SAFE_Act.    

All individuals meeting the definition in the law of a Mortgage Loan Originator (MLO) must meet new licensing requirements that are in compliance with the SAFE Act.    

An individual is acting as a MLO in Rhode Island under the following circumstances:    
•       The individual originates loans to be secured by real property located in Rhode Island; or    
•       The individual originates loans to be secured by real property located in any other state and the origination activity occurs in the state of Rhode Island;    

In order to comply with the new law, all individuals acting as MLOs in Rhode Island must do the following:    
MU4 filing with the Rhode Island Division of Banking    
All individuals acting as a MLO in Rhode Island should have filed a Form MU4 through NMLS with the Division of Banking.        

The SAFE Mortgage Loan Originator Test     
All MLOs must pass the SAFE Mortgage Loan Originator Test, which is comprised of two components: a National Component and a State Component.  MLOs must pass each Component with a score of 75% or higher.  This also applies to any MLO who had passed a test given by a course provider approved by the Division of Banking.          

National Component    
All Rhode Island licensed MLOs must pass the National Component prior to renewing their license for 2010. (Do I need to do this?)     
New entrants to the industry must pass the National Component before filing Form MU4 through NMLS and before filing the Rhode Island State Specific Requirements with the Division of Banking.      
If you have already passed the National Component of the SAFE Mortgage Loan Originator Test and your passing score is part of your MLO record in NMLS, you do not need to take it again.         

State Component    
All Rhode Island licensed MLOs must also pass the State Component prior to renewing their license for 2010.     
New entrants to the industry must pass the State Component before filing Form MU4 through NMLS and before filing the Rhode Island State Specific Requirements with the Division of Banking.         

Pre-Licensure Education Requirements     
As of July 31, 2009 MLOs must complete twenty (20) hours of pre-licensure education under   R. I. Gen. Laws § 19-14.10-7.     
Rhode Island licensed MLOs who have completed 20 or more hours of Rhode Island Division of Banking approved education (pre-licensure and/or continuing education) may be certified by the Division of Banking as having fulfilled the pre-licensure education requirements.  Rhode Island licensed MLOs who were subject to the lesser 12 hours requirement will need to take an additional 8 hours of Rhode Island Division of Banking approved courses to have their hours eligible for certification.    

In order to participate in the Certification process, a MLO must have an individual account in NMLS with a unique ID number and have completed the required 20 hours or more of pre-licensure education requirements under an education program approved by the Division of Banking.  Evidence of completion of 20 hours or more of pre-licensure education must be received by the Division in order for a MLO to renew a license for 2010.  The Division encourages MLOs to complete the education requirement by no later than October 31, 2009.  Certification details will be sent in a separate correspondence at a later date.    

Individuals not eligible for Certification are required to complete twenty (20) hours of NMLS approved pre-licensure education, including three (3) hours of Rhode Island State content in order to act as a Rhode Island MLO.     

If you have already satisfied 20 hours of NMLS Approved Education in any state or have had your education certified by another state, you are required only to meet the three (3) Rhode Island State content hours prior to renewing a license for 2010    

As of December 1, 2009 the Division of Banking will accept only NMLS approved courses to meet MLO education requirements.  The Division of Banking will, however, for Rhode Island licensed MLOs who have earned less than 20 hours of education credit hours through Rhode Island approved courses, accept through November 30, 2009 the additional credit hours to be earned for the number of hours needed to obtain the required 20 hours.  All new applicants who have never taken Rhode Island approved education courses must take NMLS approved courses starting November 1, 2009.  The Division of Banking will no longer approve courses or education providers and MLOs will be required to take NMLS approved courses to satisfy either pre-licensure and/or continuing education requirements.           


Criminal Background Check    
All individuals acting as MLOs must authorize a fingerprint background check through NMLS for the purpose of conducting a national criminal history background check through the Federal Bureau of Investigation once functionality within the NMLS system is available. This requirement applies to all individuals, regardless of whether you are currently licensed in the state or if you have previously submitted fingerprints for licensure.     
NMLS will implement a comprehensive process which includes electronic fingerprint capture with locations throughout the state.      
 
The details will be sent in a separate correspondence at a later date.        


Credit Report    
All MLOs must provide authorization to obtain a credit report through NMLS.   The Division of Banking will review the credit report provided as part of its determination of financial responsibility for each MLO.    
NMLS will implement a comprehensive process to obtain the required authorization.
The details will be sent in a separate correspondence at a later date.        


Continuing Education Requirements    
Any MLO who has completed at least 20 hours of NMLS approved, or Rhode Island Division of Banking approved and certified pre licensing education including at least three (3) hours of RI content will be deemed to have satisfied the requirements for renewing their license for 2010.   In order to renew a license for 2011 all MLOs must complete eight (8) hours of NMLS approved Continuing Education during calendar year 2010.     
CE must include:    
        3 hours of Federal law and regulations;    
2 hours of ethics that shall include instruction on fraud, consumer protection, and fair lending issues;    
2 hours of training related to lending standards for the nontraditional mortgage product market; and    
        1 hour of Rhode Island law and regulations.        


Company Sponsorship of  MLO Licenses    
The license status of all MLOs will be considered “inactive” until the licensed MLO is sponsored by a licensed or registered company.  Sponsorship requests are submitted by the company through NMLS.          


Surety Bond/Recovery Fund     
Every MLO must be covered under a surety bond that reflects the dollar amount of loans originated on an annual basis.      
Satisfaction of this requirement can be met by the following:    
State Licensed MLOs or the companies sponsoring state-licensed MLOs must provide evidence of surety bond meeting Rhode Island requirements as part of their company license or registration.   The Division will be drafting regulations on the amount of the bond.      
The details will be sent in a separate correspondence at a later date.        


NMLS Call Report For Companies    
R. I. Gen. Laws §§ 19-14-22(a) and 19-14.10-18 requires that every company employing state-licensed MLOs must file a NMLS Mortgage Call Report through the NMLS.  The NMLS Mortgage Call Report is a statement of condition on the company and its operations including financial statements and production activity volumes reported on a per state basis.  Additional information concerning the NMLS Mortgage Call Report will be provided at a later date.        

For information and instructions regarding the Professional Requirements please visit the NMLS Resource Center at the following link:    
 http://www.stateregulatoryregistry.org/NMLS/AM/Template.cfm?Section=Professional_Requirements.    
Visit the following state link for updates to Rhode Island Professional Requirements:    
 http://www.dbr.ri.gov/divisions/banking/license.php    
]]></description><pubDate>Thu, 12 Nov 2009 16:34:04 +0000</pubDate><link>http://www.integritymortgagelicensing.com/mortgage-licensing-news/rhode-island-mortgage-loan-originator-professional-requirements-under-safe/</link><guid>http://www.integritymortgagelicensing.com/mortgage-licensing-news/rhode-island-mortgage-loan-originator-professional-requirements-under-safe/</guid></item><item><title><![CDATA[Illinois Requires Licensing of Mortgage Loan Originators]]></title><description><![CDATA[
Illinois passed a bill requiring the licensing of loan originators. Under the bill, mortgage loan originators and loan processors of underwriters acting as independent contractors must obtain a license under the Residential Mortgage License Act of 1987, unless exempt. The bill also establishes loan originator requirements with respect to education, exemptions, fees, renewals, bonds and notifications. In addition, the bill requires all application forms, solicitations and advertisements to contain the NMLS unique identifier of the person originating the mortgage loan. The bill became effective on July 31, 2009; however, mortgage loan originators and loan processors of underwriters acting as independent contractors have until July 31, 2010 to obtain a license.]]></description><pubDate>Fri, 06 Nov 2009 12:34:30 +0000</pubDate><link>http://www.integritymortgagelicensing.com/mortgage-licensing-news/illinois-requires-licensing-of-mortgage-loan-originators/</link><guid>http://www.integritymortgagelicensing.com/mortgage-licensing-news/illinois-requires-licensing-of-mortgage-loan-originators/</guid></item><item><title><![CDATA[Kansas Mortgage Broker Licensing becomes part of NMLS]]></title><description><![CDATA[Kansas adopted rules amending the Mortgage Business Act. Under the rules, mortgage loan originators are required to complete 20 hours of education and pass a written test prior to licensure. The rules also amend surety bond requirements, increase licensing fees for branch offices and establish additional record retention requirements for mortgage companies.     

Kansas also adopted rules amending the Uniform Consumer Credit Code. Under the rules, mortgage loan originators are required to complete 20 hours of education and pass a written test prior to licensure. The rules also require mortgage loan originators to annually complete at least 8 hours of continuing education. In addition, the rules amend surety bond requirements and establish additional record retention requirements for supervised lenders.     

The rules become effective October 2, 2009; however loan originators are not required to take a written test prior to licensure until on or after July 31, 2010.    ]]></description><pubDate>Fri, 06 Nov 2009 12:32:03 +0000</pubDate><link>http://www.integritymortgagelicensing.com/mortgage-licensing-news/kansas-mortgage-broker-licensing-becomes-part-of-nmls/</link><guid>http://www.integritymortgagelicensing.com/mortgage-licensing-news/kansas-mortgage-broker-licensing-becomes-part-of-nmls/</guid></item><item><title><![CDATA[Maryland NMLS-Approved SAFE Mortgage Loan Originator Test Available]]></title><description><![CDATA[We are pleased to announce that NMLS-approved SAFE mortgage originator test components – both the national and the Maryland component – are now available for enrollment and scheduling.  The first test appointments for the Maryland component will be available on October 22nd.  The national component has been available since July 30, 2009.  Registration is now open and we recommend that originators register now in order to be able to take the test in October.     

Effective January 1, 2010, applicants for a NEW Maryland Mortgage Loan Originator License will be required to complete the test PRIOR to licensure.      

Prior to January 1, 2010, the Commissioner of Financial Regulation will grant conditional approval with the requirement that the test be completed on or before January 1, 2010.    

Applicants who were exempt from licensure prior to July 1, 2009 and who applied for a NEW Mortgage Loan Originator License with Interim status will have until July 31, 2010 to complete the testing requirement.    

Existing licensees as of July 1, 2009 will transition to NMLS in conjunction with the renewal of their license and have until December 31, 2010 to complete the testing requirement.    

Please note that HUD recently issued guidance (FAQs) that addresses the issue of grandfathering existing licensees in connection with the testing requirement, as follows:  
Question: May a state’s SAFE legislation contain a grandfathering provision allowing mortgage brokers and others who have engaged in the business of originating loans for an extended period of time meet the SAFE Act’s testing and education requirements by some alternative means?   
Answer: “No. The SAFE Act does not allow alternative methods for meeting the testing and education requirements.”     

Based on this guidance, ALL existing Mortgage Loan Originator licensees as of July 1, 2009 must complete the testing requirement by December 31, 2010]]></description><pubDate>Thu, 05 Nov 2009 16:58:45 +0000</pubDate><link>http://www.integritymortgagelicensing.com/mortgage-licensing-news/maryland-nmlsapproved-safe-mortgage-loan-originator-test-available/</link><guid>http://www.integritymortgagelicensing.com/mortgage-licensing-news/maryland-nmlsapproved-safe-mortgage-loan-originator-test-available/</guid></item></channel></rss>