<?xml version="1.0" encoding="UTF-8"?><rss version="2.0"><channel><title><![CDATA[Integrity Mortgage Licensing]]></title><description><![CDATA[Articles]]></description><link>http://www.integritymortgagelicensing.com/</link><copyright><![CDATA[Copyright Integrity Mortgage Licensing]]></copyright><generator>sNews CMS</generator><item><title><![CDATA[July 2008 Mortgage Licensing Update]]></title><description><![CDATA[  States are finally starting to finish off their attempts to legislate the housing problem.  There are still many proposed foreclosure rescue plans in the state and federal legislatures, but most state licensing bills have been either passed or voted against.  There is still some talk of a federal licensing requirement for mortgage companies if the state has not complied with the federal governments minimum requirements.  There is also a lot of discussion about FHA Reform, which could affect FHA Licensing, and RESPA and GSE Reform.  Be ready for some major changes.  Their still appears to be more to happen before the end of this congressional session.
    
  NMLS Transition Deadlines (Nationwide Mortgage Licensing System)    
Very important!  See transition deadlines for NMLS transitions starting July 1,   http://www.stateregulatoryregistry.org/AM/Template.cfm?Section=Participating_States1&Template=/CM/ContentDisplay.cfm&ContentID=16302  
    

  HUD Reminds Lenders of FHA Rules for Dealing with Mortgage Brokers    
HUD recently issued a mortgagee letter reminding lenders of various payment and service restrictions when dealing with non-FHA-approved mortgage brokers for forward mortgage. The letter states that although a borrower may engage a non FHA-approved mortgage broker for counseling services, loan origination services may not be performed by the broker and the FHA-approved mortgagee may not compensate the broker for the counseling services. Such a payment would violate RESPA's prohibition on duplicative fees and may even be considered an illegal referral fee. To the extent a borrower receives counseling from a non-FHA-approved mortgage broker, the services must constitute "meaningful counseling" and the fees must be paid from the borrower's own available assets and disclosed on the HUD-1. In addition, a copy of the service contract must be included in the loan file submitted for insurance endorsement. For a copy of the mortgagee letter, please see   http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/08-17ml.doc  
    

  Maryland New Surety Bond and Net Worth Requirements    
There are two new provisions of law governing Maryland mortgage lender licensees ("Licensees") that went into effect June 1, 2008. The first is an amendment to Md. Code Ann., Fin. Inst. ("FI") § 11-508 which increases the amount of the surety bond, letter of credit or trust account required to be maintained by Licensees. The second is a new minimum net worth requirement that must be maintained by Licensees which is codified at FI § 11-508.1.Surety Bond, Letter of Credit, or Trust AccountThe new required surety bond, letter of credit, or trust account amounts are as follows:     
 
  $50,000 Bond:  	Required where the aggregate principal amount of mortgage loans is $3,000,000 or less for the preceding twelve (12) months;    
 	
  $100,000 Bond:  	Required where the aggregate principal amount of mortgage loans is more than $3,000,000 but not more than $10,000,000 for the preceding (12) months;    
 	
  $150,000 Bond:  	Required where the aggregate principal amount of mortgage loans is more than $10,000,000 for the preceding twelve (12) months;    
 	
  $750,000 Bond:  	Required blanket surety bond when an applicant files five (5) or more original or renewal applications at the same time and chooses to submit a blanket bond.    
 
Under Maryland law, surety bond, letter of credit, trust account amounts are based on the volume of the Licensee's mortgage business for the preceding twelve (12) months.    

	Effective June 1, 2008, the new surety bond, letter of credit, or trust account requirements apply to each applicant for a new license or for the renewal of a license. These new requirements apply to applicants for original and branch location licenses. Any addition of a new branch location to an existing blanket bond will require the blanket bond to be increased to the new $750,000 bond amount or the option to post an individual bond for the new branch in the new amount required by law. Minimum Net WorthAnother new provision of law requires Licensees to meet and maintain a specified minimum net worth. A summary of the required amounts are as follows:    
 
  $25,000 Minimum Net Worth:  	No lending activity;    
 	
  $25,000 Minimum Net Worth:  	Not more than $1,000,000 in lending secured by residential real property for the preceding 12 months;    
 	
  $50,000 Minimum Net Worth:  	More than $1,000,000 but not more than $5,000,000 in lending secured by residential real property for the preceding 12 months;    
 	
  $100,000 Minimum Net Worth:  	More than $5,000,000 in lending secured by residential real property for the preceding 12 months.    
 
The foregoing minimum net worth requirements take effect June 1, 2008. An additional net worth requirement of $250,000 where a licensee has engaged in more than $10,000,000 in lending secured by residential real property for the preceding 12 months will take effect January 1, 2009. Please review Chapters 7 and 8 of the 2008 Laws of Maryland (codified at FI § 11-508.1) for important additional information regarding the new net worth requirements, including rules governing the use of lines of credit by Licensees that lend money to satisfy up to 75% of their minimum net worth requirements.This office will require proof from Licensees that they meet the minimum net worth at the time of application for a new or renewal license and at the time of a compliance examination.    

  Alaska Finally Adopts Mortgage Lending Licensing Regulations     
The much-awaited regulations implementing Alaska’s Mortgage Lending Regulation Act have finally been adopted. The regulations implement new licensing and registration requirements for persons engaged in mortgage lending activities, requiring that any non-exempt person acting as a mortgage lender must be licensed and any non-exempt person acting as a small mortgage lender be registered with the state. The regulation also includes application, competency testing, and continuing education requirements on licensees and registrants. Other obligations imposed by the regulations include annual reporting, record-keeping, and supervision requirements. The regulations also enumerate a number of practices that are considered unfair or deceptive advertising or mortgage lending practices, and provide for disciplinary action taken by the Department. Finally, the regulations provide for the establishment and operation of an originator surety fund. The new regulations become effective on July 1.
    

If you are already operating as a mortgage lender, mortgage broker, or originator, you do not have to be licensed under the AMLRA until March 1, 2009.  This means that if you are operating as a mortgage lender, mortgage broker, or originator in AK on June 30, 2008, you are not required to be licensed until March 1, 2009. The Division of Corporations, Business, and Professional Licensing will consider a person to be operating in AK on June 30, 2008, if the person is engaging in business as a mortgage lender, mortgage broker, or originator pursuant to a current AK business license issued for that purpose. For example, if an AK business license has been issued to a mortgage company prior to June 30, 2008, that would indicate the company was doing business prior to July 1, 2008.     
 
If you enter the mortgage business as a lender, broker, or originator in AK after June 30, 2008, you are subject to the AMLRA that takes effect on July 1, 2008.     
 
Some highlights of the new law are:     
 
All mortgage brokers or lenders that make or provide mortgage loans to AK residents shall be required to obtain a license.  This includes all companies that operate on the internet or provide remote lending from another state by mail, or telephone. All mortgage originators will be required to pass a background investigation and a competency test prior to providing service to AK residents. All mortgage originators will be required to complete 24 hours of continuing education every biennial licensing period. All mortgage originators will be required to pay into a surety fund. The fund will be used to compensate consumers for losses they may incur due to unethical or illegal behavior on the part of an originator. The division will conduct examinations of licensed entities on a three-year cycle, or sooner if a complaint is made by a consumer. Under the AMLRA, mortgage lenders and mortgage brokers must obtain a "mortgage license" and individual originators must obtain an "originator license." An individual who is the principal owner or legally authorized manager of the applicant may apply for a dual license as a mortgage licensee and the single designated originator for the mortgage licensee.     

  Massachusetts Adopts Regulations for New Mortgage Loan Originator Law    
The Massachusetts Division of Banks recently adopted implementing regulations to establish procedures and requirements for licensing under its new mortgage loan originator law. Under the new regulations, loan originator applicants are required to submit documentation of their financial responsibility, character and fitness and proof of completion of pre-licensing coursework. In addition, under the new regulations, a loan originator must disclose his/her mortgage loan originator license number in writing to all potential borrowers and residential mortgage loan applicants at the time a fee is paid or when a mortgage loan application is accepted. The implementing regulations became effective on May 30, 2008. For the full text of the new regulations please see   href="http://www.mass.gov/Eoca/docs/dob/cmr41053008.pdf  
    

All individuals currently working as loan originators for a Massachusetts licensed Mortgage Lender or Mortgage Broker must submit a Mortgage Loan Originator license application filing to Massachusetts through the NMLS before Monday, June 30th at 11pm, in order to continue to operate in the capacity of a loan originator.    
 
Please note that all individuals who meet the definition in M.G.L. c. 255F, section 1 must be licensed.  Control persons, owners, executive officers and directors of licensed mortgage lenders or mortgage brokers must also obtain licensure as mortgage loan originators, if they meet the definition.     
 
Prior to becoming licensed, applicants must complete a residential mortgage lending course that has been approved by the Division of Banks.  However, individuals may submit their application filings to Massachusetts through NMLS prior to completing a course.  Individuals who submit an application before July 1st will have until August 31, 2008 to complete a residential mortgage lending course.  If such an individual fails to complete a course prior to September 1, 2008, his/her mortgage loan originator license application will be terminated.    

For information regarding the educational requirements for Mortgage Loan Originator license applicants, please see:   http://www.mass.gov/?pageID=ocaterminal&L=7&L0=Home&L1=Business&L2=Banking+Industry+Services&L3=Banking+Legal+Resources&L4=Laws+%26+Regulations&L5=Division+of+Banks+Regulatory+Bulletins&L6=Licensees+Only&sid=Eoca&b=terminalcontent&f=dob_5_1-105  
    

Click here for a list of approved courses:   http://www.mass.gov/?pageID=ocaterminal&L=7&L0=Home&L1=Licensee&L2=License+Types%2c+Forms+%26+Requirements&L3=Banks+%26+Banking&L4=Application+Forms&L5=Apply+for+or+Amend+a+License&L6=Mortgage+Companies+and+Mortgage+Loan+Originators&sid=Eoca&b=  
    
 
Please be advised that the effective licensing date of mortgage loan originators is July 1, 2008.  Mortgage lender and mortgage broker licensees may not employ or retain any mortgage loan originator on and after July 1st unless the individual has an application pending with or approved by the Division of Banks.
    

  Connecticut House Bill 5577 Becomes Effective July 1, 2008    
Increases the bond requirements for lenders and brokers from $40,000 to $80,000 starting on August 1, 2009.    

Moves up the effective date of the National Mortgage Licensing System provisions of PA 07-156 and changes the name of the system to the Nationwide Mortgage Licensing System (“NMLS”). 
    

The bill converts existing “first” and “second” mortgage professional licenses to the combined license on July 1, 2008. The bill requires those licensed on that date to transition to the NMLS before October 1, 2008. All filings must be submitted exclusively through the system starting on July 1, 2008. (Initial applications submitted on the system between October 1 and December 31, 2008 cannot be approved before January 1, 2009.)
    

Changes the expiration date for licenses and designates licensing fees. Under PA 07-156, starting October 1, 2008, all licenses must expire on December 31st of the year following issuance and all licensees must pay the required licensing and processing fee to the national system. For lender and broker licenses that expire on September 30, 2008, the bill extends the expiration to December 31, 2008. Starting on July 1, 2008, lender and broker licenses must expire at the close of business on December 31st of the year in which they are approved, unless the license is renewed. However, licenses approved after November 1st expire on December 31st of the following year. The bill requires a renewal application to be filed between November 1st and December 31st of the year in which the license expires, provided a licensee may file a renewal application by March 1st of the following year together with a late fee of $100. Any filing by that date with the fee is deemed timely and sufficient.]]></description><pubDate>Tue, 01 Jul 2008 13:04:27 +0000</pubDate><link>http://www.integritymortgagelicensing.com/mortgage-licensing-news/july-2008-mortgage-licensing-update/</link><guid>http://www.integritymortgagelicensing.com/mortgage-licensing-news/july-2008-mortgage-licensing-update/</guid></item><item><title><![CDATA[June 2008 Mortgage Licensing Update]]></title><description><![CDATA[The activity in the states continues to rise.  Numerous states are considering legislation to curb the foreclosure crisis.  Nothing of course can stop it at this point, but the states seem to feel that increased regulation of mortgage companies will at least help the situation.  Mortgage Licensing is one of the hotly debated topics in the states.  Consumer groups feel that there should be increased licensing, education, and bonding requirements for the mortgage companies and their employees.  Many people think that too many requirements may increase the difficulty of a borrower to find the right loan for the right price as mortgage companies have to spend more money to comply with these requirements.  Let's take a look at the recent regulatory activity as it relates to mortgage licensing.  
  
  
  Washington Mortgage Lender Licensing    
What activities can a licensed mortgage broker engage in under the Mortgage Broker Practices Act (MBPA) without triggering the license requirements of the Consumer Loan Act (CLA)?  As a licensed mortgage broker you may act in these capacities:    

Broker – assisting borrowers, or holding yourself out as able to assist borrowers, in obtaining a residential mortgage loan. Loans close in the name of the lender.     

Table Fund – "Table-funding" means a settlement at which a mortgage loan is funded by a contemporaneous advance of loan funds and an assignment of the loan to the person advancing the funds. The mortgage broker originates the loan and closes the loan in its own name with funds provided contemporaneously by a lender to whom the closed loan is assigned. WAC 208-660-006.     

Non-delegated Correspondent – You close loans in your name with funds provided by a lender through a line of credit. The lender provides the underwriting criteria the borrower must meet and makes the final underwriting decision.     

  http://dfi.wa.gov/cs/sb_6471_faq.htm      

  Masachussetts Loan Originator Licensing      
WHO IS REQUIRED TO HAVE A MORTGAGE LOAN ORIGINATOR LICENSE?  
Any natural person who: (a) is employed by or associated with one (1) and not more than 1 mortgage lender or mortgage broker licensee regulated by the Division; and (b) negotiates, solicits, arranges, provides or accepts residential mortgage loan applications on real property located in Massachusetts, or assists consumers in completing such applications.
Sole proprietors licensed as mortgage brokers or mortgage lenders by the Division, as well as owners, officers and directors or entities licensed as mortgage lenders or mortgage brokers, are required to be licensed as mortgage loan originators in Massachusetts if they meet the definition above.    

WHEN CAN AN INDIVIDUAL APPLY FOR A MORTAGE LOAN ORIGINATOR LICENSE?  
LOAN ORIGINATORS WHO WERE WORKING FOR A LICENSED MORTGAGE LENDER OR MORTGAGE BROKER PRIOR TO NOVEMBER 30, 2007:  
Applications must be submitted to Massachusetts through NMLS before May 28, 2008. The requirement for applicants to have completed a residential mortgage lending course does not apply to any individual who was working for a licensed Mortgage Lender or Mortgage Broker prior to November 30, 2007. Individuals who have changed employers since November 30th are also not required to complete a course prior to becoming licensed. Please note that any individual who meets these dates of employment standards and who does not file a license application with the Division of Banks prior to May 28th must complete a residential mortgage lending course prior to becoming licensed.  
LOAN ORIGINATORS WHO FIRST BEGAN WORKING FOR A LICENSED MORTGAGE LENDER OR MORTGAGE BROKER AFTER NOVEMBER 29, 2007:  
Applications must be submitted to Massachusetts through NMLS before July 1, 2008. Prior to becoming licensed, all applicants must complete a residential mortgage lending course that has been approved by the Division of Banks. However, applicants may submit their application filings to Massachusetts through NMLS prior to completing a course. Individuals who are presently working as loan originators may continue to operate after June 30th only if they have submitted a mortgage loan originator license application to Massachusetts through NMLS. Beginning July 1st, any individual who does not have a license application pending with the Division of Banks may not continue to originate loans in Massachusetts. Any individual who submits an application before July 1st will have until August 31, 2008 to complete a residential mortgage lending course. If such an applicant fails to complete a course prior to September 1, 2008, his/her mortgage loan originator license application will be terminated.    

For information regarding the educational requirements for Mortgage Loan Originator license applicants, please see   Regulatory Bulletin 5.1-105  . The Division of Banks currently accepting applications for the approval of Mortgage Loan Originator educational courses.    

  Oklahoma Amends the Education Requirements for Mortgage Brokers and Mortgage Loan Originators    
Effective November 1, 2008, new applicants for a mortgage broker license in Oklahoma will be required to have completed 20 hours of approved education during the three years immediately preceding the date of application, and new applicants for a mortgage loan originator license will be required to have completed 16 hours of approved education during the three years immediately preceding the date of application.      
 
  Tennessee Amends Mortgage Licensing Requirements    
Effective January 2009, applicants for a license as a mortgage lender, mortgage loan broker, mortgage loan servicer, or mortgage loan originator will be required to complete an educational training course.  Criminal background checks will also be required for mortgage lender, mortgage loan broker, mortgage loan servicer, or mortgage loan originator applicants, and for registered mortgage loan originators seeking to continue registration.     
 
  Minnesota Adds Commercial Loans to Definition of Residential Loans    
Effective August 1, 2008, the definition of "residential mortgage loan" under the Residential Mortgage Originator and Servicer Licensing Act (the "Act") will expand to include commercial loans secured by 1-4 family residential real estate. The bill also expands the definition of "residential real estate" to include non-owner-occupied property, and extends certain record-retention requirements from 26 to 60 months.    

  Colorado Adopts Emergency Rule Making Initial and Continuing Education Mandatory for Mortgage Brokers    
Effective January 1, 2009 all mortgage broker applicants must complete the 40 hours of licensing education and pass the two-part exam prior to applying for a mortgage broker license.      

All mortgage brokers who currently maintain a Colorado mortgage broker’s license must complete 40 hours of licensing education and pass the two-part licensing exam by January 1, 2009.    

  http://www.dora.state.co.us/real-estate/licensing/education/MB/brokereducation.htm      

  Illinois Anti-Predatory Lending Database Registration for Mortgage Brokers and Loan Officers    
On May 15, Illinois began registration of mortgage brokers and loan officers on the Anti-Predatory Lending Database. The Anti-Predatory Lending Database Program, pursuant to Public Act 95-0691, will become operational on July 1, 2008. In order to record any mortgage against Cook County property, a Certificate of Compliance or Certificate of Exemption must be attached to the mortgage. Property located outside of Cook County is not subject to the act. A mortgage broker or loan originator that takes a loan application will be required to enter certain information into the database. The database will first determine whether the property is exempt. If it is not exempt, the database will then determine if it will be necessary for the borrower(s) to obtain counseling. If counseling is not required, the loan may proceed to closing. If counseling is required, the borrower(s) will be notified and given a list of all participating counseling agencies. The act aims to reduce predatory lending practices by assisting the borrower in understanding the terms and conditions of the loan for which he or she has applied. The act does not prohibit any type of loan. For more information regarding mortgage broker and loan originator registration, please see   http://www.obre.state.il.us/RESFIN/NEWS/SB1167RegistrationBrokers.pdf  .    

  Connecticut Eliminates Secondary Lenders and Brokers Act    
Effective July 1, 2008, new legislation essentially does away with the Secondary Mortgage Lenders, Brokers and Originators Act by consolidating all regulation of mortgage lenders and brokers under one act.  The bond amount for lender and broker licensees will also increase and the mortgage license application procedures and requirements will be modified.    

  Iowa Amends Code Chapters Administered By Division of Banking    
Effective January 1, 2009, new legislation establishes initial education and examination requirements for persons subject to registration under the Mortgage Bankers and Brokers Act.  Effective July 1, 2008 the required surety bond amounts will increase and the annual license and registration expiration dates will change from June 30 to December 31 for mortgage banker and broker licensees. 
]]></description><pubDate>Mon, 02 Jun 2008 11:39:26 +0000</pubDate><link>http://www.integritymortgagelicensing.com/mortgage-licensing-news/june-2008-mortgage-licensing-update/</link><guid>http://www.integritymortgagelicensing.com/mortgage-licensing-news/june-2008-mortgage-licensing-update/</guid></item><item><title><![CDATA[May 2008 Mortgage Licensing Update]]></title><description><![CDATA[  FHA Licensing    
US Congress is continuing to lag on any FHA Modernization Bill.  Hopes of FHA Licensing becoming easier are slowly fading.    


  Maryland Bond Increase    
MD surety bond increases are effective 6/1/08.  Notices will be sent out soon. Bonds will need to be increased. It depends on loan volume.     

  Idaho Eliminates Loan Officer Bonding Requirement    
Idaho loan officers no longer need to carry the $10K bond effective July 1, 2008. Notices should be sent out around May.    

  Michigan Enacts Law Requiring Loan Officer Registration    
On April 2nd, 2008 H.B. 5288 was approved, which will require the registration of "loan officers." Under these new laws, loan officers employed by licensees or registrants will be required to complete 24 hours of pre-licensure education (unless employed as a loan officer during 4 ½ of the previous five years) and pass an initial examination. Loan officers will also be required to complete six hours of continuing education each year. Loan officer registration will begin on January 1, 2009.    

Note – Under the new rules, Michigan 1st bonds now needs to expire on 12/31 just like the MI 2nd in preparation for joining the NMLS.  Many bond riders will need to be completed.    
 
  Indiana Enacts First Lien Mortgage Lending Act    
On March 24, the "First Lien Mortgage Lending Act" (the "Act") was approved as part of H.B. 1359. The Act requires the licensure of first-lien mortgage lenders and places requirements on a lender's origination and servicing activities. Also, as part of new legislation, the Indiana Loan Brokers Act was amended to exclude first-lien mortgage lenders. The First Lien Mortgage Lending Act will become effective January 1, 2009.    
 
  Wisconsin Enacts Bill Removing Commercial Loans from Licensing Act    
On April 7, Wisconsin Governor James Doyle signed S.B. 517. This Act amends the definition of "loan" under the Mortgage Bankers, Loan Originators and Mortgage Brokers Act (the "Act"). Currently under the Act, a "loan" is broadly defined to include loans made for commercial purposes. S.B. 517 narrows the definition of "loan" to mean "a loan for personal, family, or household purposes that is secured by a lien or mortgage, or equivalent security interest, on real property [consisting of 1 to 4 dwelling units, including individual condominium units] located in this state." S.B. 517 will go into effect on April 22, 2008.    

  Mississippi Requires Mortgage Licensees to Use Multistate Licensing System    
On April 7, 2008 S.B. 2605 became law, amending the Mississippi Mortgage Consumer Protection Law (MMCPL), Miss. Code Ann. §§ 81-18-1 et seq., to clarify the statute and require the use of a multistate licensing system. The new law requires any entity or individual licensed under the MMCPL to use the multistate licensing system for application, renewal, surrender and any other activity required by the Commissioner of the Department of Banking and Consumer Finance. Finally, S.B. 2605 allows mortgage loan originators to work at any licensed location in Mississippi of the licensed company for which he/she works and creates a de minimis exemption from the MMCPL for persons who enter into no more than 12 residential mortgage loan transactions per calendar year. S.B. 2605 also requires individuals who own or acquire more than 10% of a licensed entity, down from 25%, to file an application for a license. S.B. 2605 became effective on April 7, 2008.    
 
  Massachusetts Loan Originator Applicants Must Complete 24 Hour Education Course    
The Massachusetts Division of Banks (the Division) recently finalized and released Regulatory Bulletin 5.1-105 outlining the educational requirements that loan originator applicants must satisfy before securing licensure. Most notably, within 2 years of approval of individual licensure, Massachusetts loan originator applicants must complete an approved educational course consisting of at least 24 hours of classroom-based instruction. In addition, licensed loan originators must annually complete at least 8 hours of continuing residential mortgage lending education. Individuals are not required to fulfill the 24 hour course requirement if they (i) met the definition of mortgage loan originator prior to November 30, 2007, and (ii) apply for licensure prior to May 27, 2008. The Division instituted the new education requirements to ensure that applicants are knowledgeable about mortgage lending concepts, applicable law and regulations specific to the mortgage origination profession. We note that the Bulletin also outlines the requirements for a company seeking the Division's approval of its mortgage loan origination educational courses.    


  NMLS First Quarter Operations are Successful    
The Nationwide Mortgage Licensing System (NMLS) has concluded its first quarter of operations successfully. Events of note in the first quarter:    

·	Seven states with an estimated 83,144 licenses are participating on NMLS.   
·	MA Division of Banks is implementing its new loan originator licensing law through NMLS.   
·	Two states, Nebraska and Rhode Island, had transition deadlines during the first quarter. It is estimated that 78% of Nebraska company licensees and 74% of Rhode Island company licensees transitioned onto NMLS.   
·	Additional functionality was added to NMLS on March 31st that included data download capabilities for regulators and the first phase of reporting. The next release of the system is schedule for June 30th.   
·	The NMLS call center was instrumental in assisting licensees get onto and navigate through the system, handling an average of 400 calls a day.     



  NY Banking Department begins Company/Branch licensing on NMLS    
Companies and sole proprietors that currently hold a NY Mortgage Broker Registration or a NY Mortgage Banker License, have from April 1, 2008 to September 1, 2008 to complete and submit through NMLS all necessary Form MU1s, Form MU2s and Form MU3s. Companies that have established their company record on NMLS can begin to submit licensing applications on behalf of their loan officers, as required under the New York law that went into effect on January 1st of this year.    


  Washington State DFI begins Consumer Loan Company Licensing on NMLS on May 1st    
Companies holding a Washington State Consumer Loan Company License have from May 1, 2008 to September 1, 2008 to complete and submit through NMLS all necessary Form MU1s, Form MU2s, Form MU3s, and Form MU4s. WA-DFI will no longer accept Consumer Loan Company License applications via paper after April 18, 2008.      

The following state agencies are expected to begin participating in NMLS in 2008.    

  May 1st    
Washington Department of Financial Institutions (Consumer Loan Company Licenses)    

  July 1st    
Connecticut Department of Banking   
Louisiana Officer of Financial Institutions   
Mississippi Department of Banking & Consumer Finance   
New Hampshire State Banking Department   
North Carolina Office of Commissioner of Banks   
Vermont Department of Banking, Insurance, Securities, and Health Care Administrations   
Washington Department of Financial Institutions (Mortgage Broker Licenses)    

  November 1st    
Arkansas Securities Department   
Indiana Department of Financial Institutions   
Pennsylvania Department of Banking   
Wyoming Division of Banking    

Note: These lists are an indication of intent. Official announcements of participation will be made by each agency in a communication to each of their licensees.
]]></description><pubDate>Thu, 01 May 2008 13:46:25 +0000</pubDate><link>http://www.integritymortgagelicensing.com/mortgage-licensing-news/may-2008-mortgage-licensing-update/</link><guid>http://www.integritymortgagelicensing.com/mortgage-licensing-news/may-2008-mortgage-licensing-update/</guid></item><item><title><![CDATA[April 2008 Mortgage Licensing Update]]></title><description><![CDATA[The April Mortgage Licensing Update includes the following updates:    

  
  
          
&#149; FHA Licensing Bond - Will it ever pass?  
&#149; Alaska Mortgage Licensing - July 1, 2008  
&#149; New York Mortgage Licensing - Transition to NMLS  
&#149; Surety Bond Issues - Massachusetts, District of Columbia, and New York  
&#149; HUD Exempt States - This is really interesting            

  FHA Licensing Bond    
Congress has been working on reconciling the FHA Modernization Act for months now and although it appears every week that they are making progress, it is still very unclear whether a bond provision will be in the new law.  If you are looking to do FHA loans and you don't meet the $63,000 net worth requirement, I recommend looking into other options. There are many companies out there that will allow you the independence you desire while operating under their HUD approval.    

  Alaska Mortgage Licensing    
Although you won't find anything on Alaska's website, mortgage broker and lender licensing are required by July 1, 2008.  The contact is Roger Prince at (907) 269-8144.  My recommendation is to contact him as soon as possible if you desire to originate in Alaska after July 1, 2008.    

  New York Mortgage Licensing    
The transition for New York Mortgage Brokers and Bankers to the NMLS has started.  Beginning April 1, 2008 you can now submit your company information into the NMLS.  The deadline for transition is September 1, 2008.  With the complete incompetence of the New York Banking Departments Mortgage Licensing Division, there is great concern that they will be able to handle this in a professional manner.  It could turn out very bad for many companies if this does not go smoothly, but it is possible that the NMLS will eventually streamline the process of getting licensed in New York, which at this time is the most difficult state for licensing in the nation.  My hope is that they clean house over there and get rid of the people that are uncooperative and rude.    

  Surety Bond Issues    
Massachusetts, District of Columbia, and New York are becoming very difficult states to place bonds in.  Hartford issued a letter that they would not be renewing any Massachusetts bonds.  District of Columbia has made some changes to the way they interpret the bond increasing the liability for the carrier, and New York has been making so many claims on the bonds that no surety carrier wants to write them anymore.  My recommendation to you is to contact these states if you are licensed in them and complain.  They need to make some changes to their surety bonds and the way they use them or the mortgage companies in these states are going to lose their licenses or be forced to pay a lot of money to get the bonds.  Let your voices be heard.    

  HUD Exempt States    
HUD approval allows you to do FHA loans, but it also has another added benefit:  HUD exemptions.  About 10 years ago, you could be exempt in most states if you were approved to broker FHA loans, but slowly the states have taken away these exemptions.  Here is the list of states that still have some form of exemption in their laws.  Keep in mind that some of these exemptions will not apply to you and some lenders do not accept exemptions.    

  Alabama    
  Hawaii   under Foreign lender exemption (some banks don't take it though - most do)  
  Oklahoma   if you have a FHA nationwide direct lending branch or a FHA approved branch with a lending area that includes OK.  
  Ohio   if you only originate HUD loans.  
  Missouri    
  Indiana   if you originate 25 FHA loans per year in IN as of 1/1/08 OR if you have a Full-Eagle.  
  Kentucky   if you originate 12 FHA loans per year in KY.  
  Tennessee   will allow you to register instead of license, which removes the $90,000 bond requirement, however, if you are already licensed, you will be required to keep the bond for 2 years after changing from licensee to registrant.  
  Texas   as a full-eagle under the mortgage banker registration (Must have DE Underwriter on staff)  





]]></description><pubDate>Fri, 04 Apr 2008 16:19:56 +0000</pubDate><link>http://www.integritymortgagelicensing.com/mortgage-licensing-news/april-2008-mortgage-licensing-update/</link><guid>http://www.integritymortgagelicensing.com/mortgage-licensing-news/april-2008-mortgage-licensing-update/</guid></item><item><title><![CDATA[March 2008 Mortgage Licensing Update]]></title><description><![CDATA[With the Economic Stimulus bill passed, it looks like the FHA modernization bill has been held up once again.  The President asked Congress to move forward with the latter bill during the signing of the Economic Stimulus bill, and many are hoping it will pass this month.    

Massachusetts finally released the new bond format.  The previous format released about 6 months ago has made it virtually impossible for anyone to get a bond without posting $75,000 in a business line of credit. Hartford, one of the largest surety carriers in the world, still has declined to issue the new bond stating in a press release that "the State now intends to be able to look to the bond to recover any "past due Division costs, assessments, penalties, and other obligations...all of which were outside the obligations of the prior bond form."  Most surety companies still find it too risky to issue a bond in this State, which will make it difficult for those trying to start new business and those trying to renew in the state.

      FHA Licensing Update    
Everyone seems to have their own opinion on the FHA modernization bill.
&nbsp;There are those who are very optimistic, somewhat optimistic,
and pessimistic. Some think the bill will definitely pass on March 15,
some think it will hopefully pass by August 15, and some don't think it
will ever pass this year. &nbsp;I am of the persuasion that we have
no idea what Congress intends on doing so we need to move forward with
hope that it passes soon but expectation that it may never pass.
&nbsp;With this in mind, if you are planning on getting FHA
licensing this year and you meet the net worth requirement ($63,000
company net worth), I recommend starting the process now. &nbsp;If
you don't meet the net worth requirement, I recommend looking for an
employment relationship with a company that will allow you to originate
FHA loans. &nbsp;There are numerous small companies that will give
you the flexibility of working as if you are running your own mortgage company while being an
employee of theirs. &nbsp;Hopefully we'll know more in two weeks,
but don't delay. &nbsp;Act now to start taking part in the FHA loan
market.  
  
  
  Massachusetts
Issues FAQs on Licensing Law
    
The Massachusetts Division of Banks just released answers to frequently
asked questions (FAQs) in regards to recent changes to that
state's mortgage lending laws and regulations. The FAQs discuss newly
established (i) loan originator
licensing provisions, (ii) 90-day Right to Cure for residential
mortgages, and (iii) a requirement to provide counseling to subprime
borrowers. To view the FAQs in full, take a look at     http://www.mass.gov/dob    .
  
  
MORTGAGE LOAN ORIGINATOR LICENSE APPLICATIONS ACCEPTED
THROUGH NMLS BEGINNING FEBRUARY 19TH  
Individuals who were employed by their current employer
prior to November 30, 2007 may submit a license application to the
Division through the Nationwide Mortgage Licensing System (NMLS)
between February 19, 2008
and May 27, 2008.       

  New Colorado Licensing Requirements    
1. Pre-Licensing Education - All mortgage brokers will need to complete the pre-licensing education requirements and the requisite test. This will need to be completed by all mortgage brokers prior to January 1, 2009. Mortgage brokers who fail to complete the pre-licensing and test requirement are subject to disciplinary action regarding their license. The Director, Erin Toll, appointed a 10 member Mortgage Broker Education Task Force to help develop and determine the number of pre-licensing hours required, course content, course approval, the pre-licensing test and continuing education.    

2. All mortgage brokers will need to complete a minimum of nine (9) hours of continuing education every three years.   

    
  Alaska Proposes Mortgage
Lender, Loan Originator Rules    
On February 12, the Alaska Department of Commerce published a notice
proposing rules implementing the Mortgage Lending Regulation Act,
requiring licensure of mortgage lenders, brokers, and loan originators.
&nbsp;Fortunately the Alaska legislature gave ample time for the
state to prepare the new licensing requirements.
The act was passed last summer, but does not go into effect until July
1, 2008.
The proposed rules cover (i) lender and broker licensing obligations
and procedures, (ii) loan originator licensure and education
requirements, (iii) record retention format and requirements for
regulated entities, (iv) outlines specific deceptive advertising
practices, and (v) enforcement powers and procedures of the Department
of Commerce. It also details applicable fees for licensure,
registration, and renewals. Full text of the rules can be found at   http://www.commerce.state.ak.us/occ/pub/MTG0208.pdf  .
  
]]></description><pubDate>Tue, 04 Mar 2008 09:19:04 +0000</pubDate><link>http://www.integritymortgagelicensing.com/mortgage-licensing-news/march-2008-mortgage-licensing-update/</link><guid>http://www.integritymortgagelicensing.com/mortgage-licensing-news/march-2008-mortgage-licensing-update/</guid></item><item><title><![CDATA[FHA Licensing]]></title><description><![CDATA[    FHA LICENSING Now Only $899            

  FHA Licensing Service  
    
  QC Plan   - Fully prepared with all FHA requirements.  
  Audited Financials   - Assist your CPA with preparation of audit.  
  Facilities Requirements   - Prepare documentation to prove that your facilities meet FHA Requirements.  
  Credit Reports   - Review credit reports on company and owners to make sure they meet FHA Requirements.  
  Sponsor   - Coordinate with your Sponsor Lender. (if broker)  
  Funding Program   - Compile documentation evidencing Funding program. (if lender)  
  Direct Lending Nationwide Call Center Branch   - Complete application for nationwide branch so you can originate in all states that you are licensed in.  
  Application   - Fully complete the entire application.  
  
    Contact us today for FHA Licensing Assistance            




    FHA Licensing Requirements  
  FHA Licensing Frequently Asked Questions    

  FHA Licensing Frequently Asked Questions for Mortgage Brokers    

  FHA Branch Licensing Frequently Asked Questions      ]]></description><pubDate>Tue, 12 Feb 2008 15:49:42 +0000</pubDate><link>http://www.integritymortgagelicensing.com/fha-licensing/fha-licensing/</link><guid>http://www.integritymortgagelicensing.com/fha-licensing/fha-licensing/</guid></item><item><title><![CDATA[February 2008 Mortgage Licensing Update]]></title><description><![CDATA[With the mortgage industry in turmoil and state legislatures in session, we can expect a lot of changes to occcur in the next 2 quarters.  The Nationwide Mortgage Licensing System debuted last month and is already going strong in 7 states.  FHA is expected to change dramatically with the US Congress compromising on a new bill.  Many states are likely going to be proposing bills to require the lender to verify the ability of the borrower to repay their loan.  This means stated income will likely be a program of the past.  States will be increasing their regulations dramatically in an industry that is already over regulated.  This will mean more states requiring loan officer licensing and branch licensing.    

Here is an update on Mortgage Licensing items to be aware of:    
    
  
        
&#149; Colorado Clarifies Trigger for Licensing  
&#149; Nebraska Branch Licensing  
&#149; New York Loan Originator Licensing  
&#149; Nationwide Mortgage Licensing System (NMLS) Update  
&#149; FHA Update            

  Colorado Clarifies Trigger for Licensing    
On January 7, the Colorado Division of Real Estate issued a position statement seeking to resolve “uncertainty… in the market place regarding who is required to be licensed.” The guidance specifies that “persons who directly supervise individuals that negotiate, originate, or offer or attempt to negotiate or originate for a borrower, and for a commission or other thing of value, a residential mortgage loan to be consummated and funded by a mortgage lender” must become individually licensed as mortgage brokers. The Division goes on clarify that persons performing only administrative tasks are not required be individually licensed as mortgage brokers. The position statement defines administrative tasks to include: (i) receipt, collection, distribution, and analysis of information common for the processing or underwriting of a mortgage; and (ii) communicating with a consumer to obtain the information necessary for the processing or underwriting of a loan, to the extent that such communication does not include offering or negotiating loan rates or terms, or counseling consumers about rates or terms.    

  Nebraska Branch Licensing    
Nebraska is the first state to transition to the Nationwide Mortgage Licensing System (NMLS) with a transition deadline of February 28, 2008.  Included in that deadline is new branch licensing requirements for the state.  Make sure to add all branch locations that you want to be able to do business in Nebraska by that deadline.    

  New York Loan Originator Rules    
On December 19, the New York State Banking Department (NYSBD) issued rules implementing the state’s new mortgage loan originator licensing statute (NY CLS Bank Article § 599-a et seq.) which goes into effect on January 1, 2008. Under the rules, originators who have not worked previously in New York will be required to apply for approval prior to April 1, 2008, but originators employed by or affiliated with a New York banker or broker prior to 2008 are not required to file an application until July 1, 2008. The authorization process will utilize the Nationwide Mortgage Licensing System (NMLS) which becomes operational on January 2, 2008. Applicants will also be required to submit fingerprints, credit histories, and documentation of their financial and criminal history disclosures.    

  Nationwide Mortgage Licensing System (NMLS) Update    
With the release of the new Nationwide Mortgage Licensing System on January 2nd, 2008, there has been much speculation about whether the system would stand up to it's goals to unify the licensing process, make license maintenance easier for licensees and regulators, and help regulators to track down the bad companies.  Still being in the transition stage, we haven't seen whether the last goal has been met, but we have had a chance to see what the system does and how easy it is to use.  So far, I have found the system to unify the process quite dramatically.  Much of the time of applying in multiple states before was the process of filling out the same information over and over for each state.  The system has been created fairly user friendly to allow multiple users to access company, branch, and loan originator information to update it and ammend for each state at the same time.  Another thing that has worked well for the system is the call center.  The people working there are very helpful, answer the phones promptly, and try their best to answer all questions as thoroughly as possible.  Personally, I have had a run in with the state where they were still not very cooperative as most states are, but the system forced them to follow protocol and move forward whereas they would have let it go in the past.  Altogether, I see the system bringing much needed changes to a major problem with the current way mortgage licensing is handled in many states.    

  FHA Update    
FHA is one of the most intersting items to speak of this month.  The House has passed a bill that will raise the FHA loan limits to as high as 125% of the median house price, which would be around $775,000 in California.  The House bill also has a provision for a surety bond in lieu of audited financials when applying for or renewing an FHA Loan Correspondent (Mini-Eagle) Approval.  The Senate bill only proposed to raise the FHA limit to the Fannie Mae Conforming Loan Limit, which is at $417,000 right now.  The Senate bill also did not include the surety bond provision.  At this moment, the Senate and the House are in Committee working on a compromise on these two bills.  To add to the excitement, the House, Senate, and Administration signed an Economic Stimulus Agreement last week that called for the FHA bill to move forward quickly as well as a number of other major changes to specifically help the ailing housing market.  This means that the House and Senate bill will be likely compromised on in a couple of weeks if not sooner.  The pressure is very great right now as we may be heading into a recession.  Expect to see some major changes to FHA in the very near future.]]></description><pubDate>Fri, 01 Feb 2008 00:01:00 +0000</pubDate><link>http://www.integritymortgagelicensing.com/mortgage-licensing-news/february-2008-mortgage-licensing-update/</link><guid>http://www.integritymortgagelicensing.com/mortgage-licensing-news/february-2008-mortgage-licensing-update/</guid></item><item><title><![CDATA[FHA Mortgage Broker Licensing FAQ]]></title><description><![CDATA[        Most
Commonly Asked FAQs from            
        Mortgage
Brokers About Being a FHA Approved Lender            
        (Revised
January 7, 2008)            
        &nbsp;        
        1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
What kind of FHA lender approval can a mortgage broker apply for?            
        2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Can a mortgage brokerage company (or a mortgage lending company) that
also operates as a real estate company be approved as a FHA lender?            
        3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Are there any employment restrictions?            
        4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Can a FHA approved lender share officers and/or owners with other
entities?            
        5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Can a loan officer who has a real estate license originate FHA loans?            
        6.&nbsp;&nbsp;&nbsp;&nbsp;
Does a mortgage broker or lender need to be a FHA approved lender to
originate a single family loan that is subsequently insured by FHA?            
        7.&nbsp;&nbsp;&nbsp;&nbsp;
Can a non-FHA approved mortgage broker be paid a mortgage broker fee on
a FHA forward mortgage?            
        8.&nbsp;&nbsp;&nbsp;&nbsp;
Can a non-FHA approved mortgage broker be paid a mortgage broker fee on
a FHA reverse mortgage, also known as a HECM mortgage?            
        9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Are referral fees allowed in the origination of FHA Insured single
family loans?            
        10.&nbsp;&nbsp;&nbsp;
Does FHA allow Net Branches?            
        11.&nbsp;&nbsp;&nbsp;
What does a mortgage broker need to submit to get approved as a FHA
nonsupervised loan correspondent?            
        &nbsp;        
        &nbsp;        
        1.&nbsp;
What kind of FHA lender approval can a mortgage broker apply for?            
        &nbsp;        
      Mortgage brokers can
only apply for approval as a nonsupervised loan correspondent (aka
mini-eagle).&nbsp; Since the FHA single family loan programs (203b,
203k, 234c, Reverse Mortgage or HECM, etc) are Title II, they normally
only apply for Title II approval.&nbsp; FHA Title I approval in
only needed to do Title I property improvement loans and manufactured
(mobile) housing loans.          
        &nbsp;        
        2.&nbsp;
Can a mortgage brokerage company (or a mortgage lending company) that
also operates as a real estate company be approved as a FHA lender
(either nonsupervised mortgagee or nonsupervised loan correspondent)?            
        &nbsp;        
      Yes as long as the
company meets the &ldquo;principal activity&rdquo; part of the
definition of a nonsupervised lender.          
        &nbsp;        
        Principal
Activity          :&nbsp; FHA required all
non-federally supervised applicants to have as their principal activity
their mortgage business.&nbsp; This requirement is contained in the
definitions of a nonsupervised mortgagee and nonsupervised loan
correspondent.          
        &nbsp;        
        Nonsupervised
Mortgagee (aka as Full Eagle):           &nbsp;&nbsp;Nondepository
financial entities that have as their     principal activity    
the origination, underwriting, funding, servicing and/or holding of
real estate mortgages.&nbsp; They are commonly known as mortgage
bankers, correspondent lenders or mortgage lenders in the industry           
        &nbsp;        
        Nonsupervised
Loan Correspondent (aka as Mini-Eagle):&nbsp;           Nondepository
financial entities that have as their     principal activity    
the origination of real estate mortgages.&nbsp; They are commonly
known as mortgage brokers in the industry.&nbsp; They must sale or
transfer their FHA originations to the FHA approved mortgagee who
underwrote the loan and can have multiple mortgagees that underwrite
their loans.&nbsp; These underwriting mortgagees are referred to as
&ldquo;sponsors&rdquo; in the FHA loan programs and are also
known as DE mortgagees.          
        &nbsp;        
      These definitions are
in paragraph 1-2 in Chapter 1 of t        he FHA
Title II Mortgagee Approval Handbook 4060.1, Rev-2 at:&nbsp;       http://www.hud.gov/offices/adm/hudclips/handbooks/hsgh/4060.1/40601handbookHSGH.doc                
        &nbsp;        
      Compliance with the
principal activity requirement is determined by gross income and at
least 50% of a company&rsquo;s gross income must come from its
mortgage business for a company to be approved as a FHA lender and
renew its approval each year.          
        &nbsp;        
        3.&nbsp;
Are there any employment restrictions?            
        &nbsp;        
      Any employee of a FHA
lender who earns compensation on FHA loans cannot have other employment
including self employment and outside employment in the mortgage
lending, real estate, or a related field.&nbsp;
&nbsp;&nbsp;The most common related fields are financial
planning and insurance. Their income earned on FHA loans must be
reported to the IRS on a W-2.&nbsp; This restriction does not apply
to employees of a FHA lender who do not do any FHA loans.&nbsp;           
        &nbsp;        
      This restriction is in
paragraph 2-9(G) of t        he Title II Mortgagee Approval Handbook
4060.1, Rev-2 at:&nbsp;       http://www.hud.gov/offices/adm/hudclips/handbooks/hsgh/4060.1/40601handbookHSGH.doc      .&nbsp;
          
        &nbsp;        
        4.&nbsp;
Can a FHA approved lender share officers and/or owners with other
entities?            
        &nbsp;        
      Yes.&nbsp; A FHA
lender may have officers and/or owners who represent other entities as
long as long as loan applicants and borrowers know which entity they
are doing business with.&nbsp; In addition, the FHA approved
lender&rsquo;s officer whose experience was used to meet the 3
years experience as part of the lender&rsquo;s approval by FHA
cannot represent other entities during normal business hours.&nbsp;
Branch managers are considered officers of a lender.          
        &nbsp;        
      See paragraph 2-9(C)
of t        he Title II Mortgagee Approval Handbook
4060.1, Rev-2 at:&nbsp;   http://www.hud.gov/offices/adm/hudclips/handbooks/hsgh/4060.1/40601handbookHSGH.doc  .&nbsp;
          
        &nbsp;        
        &nbsp;        
        5.&nbsp;
Can a loan officer who has a real estate license originate FHA loans?            
        &nbsp;        
      Yes, but it
can&rsquo;t be employment with 2 different companies or self
employment.&nbsp;   This restriction is in paragraph
2-9(G) of t      he Title II Mortgagee Approval Handbook
4060.1, Rev-2 at:&nbsp;   http://www.hud.gov/offices/adm/hudclips/handbooks/hsgh/4060.1/40601handbookHSGH.doc  .&nbsp;
          
        &nbsp;        
        6.&nbsp;
Does a mortgage broker or lender need to be a FHA approved lender to
originate a single family loan that is subsequently insured by FHA?            
          &nbsp;          
        Yes.          &nbsp;
Participation in the FHA mortgage insurance programs is limited to FHA
approved lenders.&nbsp; Non-FHA approved mortgage brokers can not
perform any of the duties and responsibilities of a lender on a FHA
loan.&nbsp; This includes:&nbsp; (1) taking a FHA loan
application, (2) processing it, (3) underwriting it, (4) closing it and
(5) funding the mortgage.          
        &nbsp;        
      Please see paragraph
2-1 of the         Title II Mortgagee Approval Handbook
4060.1, Rev-2 at:&nbsp;   http://www.hud.gov/offices/adm/hudclips/handbooks/hsgh/4060.1/40601handbookHSGH.doc  .&nbsp;
          
          &nbsp;          
        7.&nbsp;
Can a non-FHA approved mortgage broker be paid a mortgage broker fee on
a FHA forward mortgage?            
          &nbsp;          
        FHA
issued the following policy alert on 10-30-07 on this matter:            
        &nbsp;        
      THE
SUBJECT MESSAGE IS APPLICABLE ON FORWARD MORTGAGES ONLY          
        &nbsp;        
      POLICY
ALERT &ndash; RESPA/FHA EXISTING POLICY REGARDING NON FHA APPROVED
MORTGAGE BROKER FEES IN FHA MORTGAGE TRANSACTIONS          
        &nbsp;        
      The
subject alert reconfirms existing FHA policy regarding the use of non
FHA-approved mortgage brokers. FHA loan origination services must be
performed by a FHA-approved lender or FHA approved mortgage broker
(loan correspondent). A loan correspondent may be compensated for the
actual loan origination services it performs either directly by the
consumer or indirectly by the FHA approved lender without being in
violation of either the RESPA statute and regulations or FHA
regulations.          
        &nbsp;        
      In
transactions where the mortgage broker is not an FHA-approved broker,
the loan origination services cannot be performed. Under these
circumstances, RESPA would prohibit the payment to the non FHA-approved
mortgage broker because those services, under FHA regulations, would
have to be performed again by either an FHA-approved lender or loan
correspondent. The payment to the unapproved broker for duplicated
services amounts to an unearned fee in violation of section 8(b) of
RESPA. Further, this payment also acts as a disguised referral fee for
steering the borrower to the FHA-approved lender or loan correspondent
which is in violation of section 8(a) of RESPA. While a broker who is
not FHA-approved may assist a prospective FHA borrower in obtaining an
FHA loan, the non-approved broker cannot perform required FHA loan
origination services. In these instances, the fee charged must be paid
from the mortgagor&rsquo;s own available assets, must be disclosed
on the HUD-1 at closing and a copy of the contract included in the loan
file submitted for insurance endorsement.          
        &nbsp;        
      Under
no circumstances, may a borrower pay a fee that is not commensurate
with the amount normally charged for the similar services, goods or
facilities. If the payment or a portion thereof bears no reasonable
relationship to the market value of the goods, facilities or services
provided, the excess over the market rate may be used as evidence of a
compensated referral or unearned fee in violation of section 8(a) or
(b) of RESPA and 24 CFR 3500.14(g).          
        &nbsp;        
      RESPA
provided further guidance to industry regarding payments by lenders to
mortgage brokers in Policy Statement 1999-1. While the policy statement
specifically speaks of lender payments to mortgage brokers, those
payments are indirectly paid by the consumer and the policy statement
would apply equally to payments made directly by the consumer.          
        &nbsp;        
      Please
read this notice online at FHA&rsquo;s website at:       http://www.hud.gov/offices/hsg/sfh/lender/notaprbr.pdf      &nbsp;
          
        &nbsp;        
      For
FHA technical support, please contact the     FHA     Resource     Center    :       http://answers.hud.gov      &nbsp;&nbsp;&nbsp;
Search our online knowledge base and find answers to our most commonly
asked questions.&nbsp; Use "live help" to get on-line technical
support.&nbsp; You can also get email technical support at:       hud@custhelp.com      &nbsp;&nbsp;
or phone FHA toll-free between 8:00 a.m. and 8:00 p.m. ET (5:00 a.m. to
5:00 p.m. PT) at: (800) CALLFHA or (800) 225-5342. Call FHA TDD at:
(877) TDD-2HUD (877) 833-2483).           
        &nbsp;        
        8.&nbsp;
Can a non-FHA approved mortgage broker be paid a mortgage broker fee on
a FHA reverse mortgage, also known as a HECM mortgage?            
        &nbsp;        
      Please see paragraph
6-13(I) of FHA Handbook 4235.1 Home Equity Conversion Mortgages and
Mortgagee Letters 00-10 and 06-07 on this issue.          
        &nbsp;        
      For FHA technical
support, please contact the     FHA     Resource     Center    :   http://answers.hud.gov  &nbsp;&nbsp;&nbsp;
Search our online knowledge base and find answers to our most commonly
asked questions.&nbsp; Use "live help" to get on-line technical
support.&nbsp; You can also get email technical support at:   hud@custhelp.com  &nbsp;&nbsp;
or phone FHA toll-free between 8:00 a.m. and 8:00 p.m. ET (5:00 a.m. to
5:00 p.m. PT) at: (800) CALLFHA or (800) 225-5342. Call FHA TDD at:
(877) TDD-2HUD (877) 833-2483).           
        &nbsp;        
        9.&nbsp;
Are referral fees allowed in the origination of FHA Insured single
family loans?            
          &nbsp;          
      No.&nbsp;
Paragraph 5-3(A)(4) of FHA Handbook 4000.2 prohibits payments to any
party for referring a loan (finder&rsquo;s fee).          
        &nbsp;        
      All mortgage
transactions, including FHA insured loans, must be in compliance with
RESPA.&nbsp; Information on RESPA can be found on:&nbsp;   http://www.hud.gov/offices/hsg/sfh/res/respa_hm.cfm  
          
        &nbsp;        
      Please contact the     FHA  
  Resource     Center     if
you have any questions about this handbook since they help consumers
and the industry with questions about the FHA loan programs.&nbsp;
Its home web page is:&nbsp;   http://www.hud.gov/offices/hsg/sfh/fharesourcectr.cfm  
.&nbsp; You can         eMail the     Resource     Center     at   hud@custhelp.com   or
call them Monday-Friday, 8 am to 8 pm ET at         (800)
CALLFHA or (800) 225-5342.          
        &nbsp;        
        10.&nbsp;
Does FHA allow Net Branches?            
          &nbsp;          
        No.&nbsp;
A FHA approved lender is prohibited from           engaging an
existing, separate mortgage company or broker to function as a branch
of the approved mortgagee and allowing that separate entity to
originate insured mortgages under the approved mortgagee&rsquo;s
FHA mortgagee number.&nbsp; This is sometimes called &ldquo;net
branching.&rdquo;          
          &nbsp;          
        A
FHA approved mortgagee must pay all of its operating expenses including
the compensation of all employees of its main and branch
offices.&nbsp; Other operating expenses that must be paid by the
FHA approved mortgagee include, but are not limited to, equipment,
furniture, office rent, utilities and other similar expenses incurred
in operating a mortgage lending business.            
          &nbsp;          
        A
branch compensation plan that includes the payment of operating
expenses by the branch manager, any other employee or by a third party
is a prohibited arrangement            
          &nbsp;          
        The
following includes some, but not all, examples of unacceptable
provisions in employment agreements:            
        &nbsp;        
        1.&nbsp;
Require all contractual relationships with vendors such as leases,
telephones, utilities, and advertising to be in the name of the
&ldquo;employee&rdquo; (branch) and not in the name of the FHA
approved mortgagee;            
          &nbsp;          
      2.&nbsp; Require
the &ldquo;employee&rdquo; (branch) to indemnify the FHA
approved mortgagee if it incurs damages from any apparent, express, or
implied agency representation by or through the
&ldquo;employee&rsquo;s&rdquo; (branch&rsquo;s)
actions; and          
        &nbsp;        
      3.&nbsp; Require
the &ldquo;employee&rdquo; (branch) to issue a personal check
to cover operating expenses if funds are not available from an
operating account.          
        &nbsp;        
      See paragraph 2-14 of
the Title II Mortgagee Approval Handbook 4060.1, Rev-2 at:           
        http://www.hud.gov/offices/adm/hudclips/handbooks/hsgh/4060.1/40601handbookHSGH.doc            
        &nbsp;        
        11.&nbsp;
What are the requirements to become a FHA approved nonsupervised loan
correspondent (aka as a FHA mini-Eagle approval)?            
          &nbsp;          
          Nonsupervised
Loan Correspondent (Mini-Eagle) Application Package Checklist              
              &nbsp;              
        Chapter
and Paragraph references in this checklist are to parts of the Title II
Mortgagee Approval Handbook 4060.1, Rev-2 which can be
downloaded:&nbsp;   http://www.hud.gov/offices/adm/hudclips/handbooks/hsgh/4060.1/40601handbookHSGH.doc  .&nbsp;
                            
      ____&nbsp;&nbsp;&nbsp;     FHA   Lender Approval   Application
Form 11701 (that can be downloaded at:&nbsp;     http://www.ginniemae.gov/guide/pdf/11701.pdf  )
that is correctly filled out, signed and dated.            
        &nbsp;        
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Common Errors in Application Form for Nonsupervised Loan Correspondent
Approval          
        &nbsp;        
      Section A          
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
_____&nbsp; Items&nbsp; 7, 8, 12 and/or 13 not filled in.          
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
_____&nbsp; Item 9:&nbsp; Can only check FHA Title I and FHA
Title II boxes           
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
_____&nbsp; Item 11:&nbsp; Did not check Mortgage Co./Finance
Co. Box          
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
_____&nbsp; Item 14:&nbsp; Did not include SSN and TAX ID
numbers which FHA uses to verify no officer or owner is debarred or
suspended by any Federal government agency or has defaulted on any
government assisted loan (includes FHA, VA and student loans)&nbsp;
          Paragraph&nbsp;2‑10                    
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
_____&nbsp; Item 14:&nbsp; Checked more than one officer in
charge of day-to-day operations.&nbsp; Please check only one
officer.          
        &nbsp;        
      Section C          
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
_____&nbsp; Item 5:&nbsp; Did not check box for Loan
Correspondent (Supervised/Nonsupervised)          
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
_____&nbsp; Item 6:&nbsp; Did not check box for Mortgage
Co./Finance Co. box           
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
_____&nbsp; Items 8, 9 or 11 not filled in          
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
_____&nbsp; Item 10.&nbsp;&nbsp; Can only check boxes for
Title I originations and/or Title II 1-4 Family Mortgages.          
        &nbsp;        
        If
only applying for Title I approval, please see the Title I   Lender Approval   Handbook
4700.2, Title I Letters 469, 478 and 2003-01 available at   http://www.hud.gov/offices/adm/hudclips/index.cfm  .&nbsp;
For Title I there is no liquidity requirement.            
        &nbsp;        
      ____&nbsp;&nbsp;&nbsp;
Copy of $1,000 Application Fee Check:&nbsp; Made payable to HUD and
mailed to the HUD/FHA lockbox --     PO Box 198619  ,   Atlanta  ,   GA  &nbsp;
  30384    .&nbsp;
          Paragraph
2-7.          
                  
        &nbsp;        
      ____&nbsp;&nbsp;&nbsp;
Copy of LLC Articles of Organization and Operating Agreement, if
applicable:&nbsp; Must have 2 members, minimum 10 year term and
provide for succession.&nbsp;           Paragraphs
2-2(C) and 3-3(B)            
          &nbsp;          
      ____&nbsp;&nbsp;&nbsp;
Partnership Agreement Information, if applicable:&nbsp; Must
include names and TAX IDs of general partners, names and SSNs of
managing general partner&rsquo;s officers and directors, evidence
that principal business activity of managing general partner meets FHA
requirements and minimum of 10 year term.&nbsp;           Paragraphs
2-2(B) and 3-3(A)            
          &nbsp;          
      ____&nbsp;&nbsp;&nbsp;
State DBA Approval, If applicable:&nbsp; Include copy of State
certificate for use of the DBA, Fictitious or Assumed Name.&nbsp;           Paragraphs
2-4 and 3-2(A)8            
          &nbsp;          
      ____&nbsp;&nbsp;&nbsp;
Copy of State License or Registration or documentation that applicant
is exempt from State license or registration.&nbsp;           Paragraphs
2-3 and&nbsp; 3‑2(A)7            
          &nbsp;          
      ____&nbsp;&nbsp;&nbsp;
Combination Sponsor/Funding Letter:&nbsp; A Letter from a FHA
approved DE Mortgagee stating it underwrite and fund any FHA loans
originated by the applicant.&nbsp; An applicant with its own
funding program can provide evidence of a minimum of $1 million of
funding and only submit a Sponsor letter.&nbsp;           Paragraphs
3-2(A)1, 3-2(A)13            
          &nbsp;          
      ____&nbsp;&nbsp;&nbsp;
Sanctions Letter:&nbsp; A certification by senior officer of
applicant that neither the applicant, nor any of its officers or owners
have been denied licensing nor been sanctioned, suspended or debarred
by any Government or Regulatory Agency.&nbsp;           Paragraphs
2-10 &amp; 3-2(A)14            
          &nbsp;          
      ____&nbsp;&nbsp;&nbsp;
Commercial Credit or Dun &amp; Bradstreet Business Report on
Applicant:&nbsp; Include explanation of all negative
items.&nbsp;           Paragraph
3-2(A)4            
        &nbsp;        
      ____&nbsp;&nbsp;&nbsp;
Resume(s):&nbsp; Must show that one or more of the senior
officer(s) of the applicant has at least 3 years experience in the
mortgage operations that the applicant wishes to participate
in.&nbsp;           Paragraph
3-2(A)5            
          &nbsp;          
      ____&nbsp;&nbsp;&nbsp;
Credit Reports on all Principals:&nbsp; Provide Tri-Merged or
Residential Mortgage Credit Reports on all officers Vice President and
above and any owners with 25% or more ownership.&nbsp; Provide
written explanations for all negative items.&nbsp;&nbsp;           Paragraph
3-2(A)4            
        &nbsp;        
      ____&nbsp;&nbsp;&nbsp;
Audited Financial Report:&nbsp; CPA issued GAAS audit less than 12
months old with net worth calculation of at least $63,000 with a
minimum of 20% liquid assets)           Paragraphs2-5,
2-6 and 3-2(A)6            
          &nbsp;          
      Office Facilities:           &nbsp;Paragraphs
2-11(A) and 3-2(A)9                    
        &nbsp;        
      ____&nbsp;&nbsp;&nbsp;
Pictures of office facilities (internal, external and signage)          
        &nbsp;        
      ____&nbsp;&nbsp;&nbsp;
A floor plan (may be hand drawn)          
        &nbsp;        
      ____&nbsp;&nbsp;&nbsp;
Certification by applicant that its facilities meet FHA
requirements.&nbsp; Office must be in separate commercial space.                      
          &nbsp;          
      ____&nbsp;&nbsp;&nbsp;
Quality Control Plan:&nbsp; Must be plan of applicant, tailored to
applicant&rsquo;s duties with regard to FHA
loans.&nbsp;&nbsp; Detailed requirements are in Chapter 7 but
it cannot be a copy of this chapter since it explains what the Quality
Control Plan must cover and is a guide.&nbsp;           Paragraphs
7-1 through 7-12, as appropriate            
        &nbsp;        
      Submit
the application form and its required exhibits to:          
        &nbsp;        
      Overnight: &nbsp;
FHA          
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  Lender Approval  
and Recertification Division          
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
490 L&rsquo;Enfant Plaza East, SW,     Suite   3214            
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Washington  ,
  DC  &nbsp;   20024              
        &nbsp;        
      US
Mail:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
FHA          
        Lender
Approval           and
Recertification Division          
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    451
7th Street, S.W.    , Room B133/P3214          
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Washington  ,
  DC  &nbsp;   20410              
        &nbsp;        
      Mail
your $1,000 application fee check and its cover sheet to our lockbox in
    Atlanta    
at the address shown below.&nbsp; The fee cover sheet can be
downloaded at   http://www.hud.gov/offices/hsg/sfh/lender/titl2app.pdf  .&nbsp;
    Mailing your application form and its
required exhibits to the   Atlanta  
lockbox will delay its receipt in     Washington  ,   DC     by 30 days.      
        &nbsp;        
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Dept of HUD          
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    P.O.
Box   198619            
          Atlanta          ,   GA  &nbsp;   30384                      
        &nbsp;        
      T    he
FHA Title II Mortgagee Approval Handbook 4060.1, Rev-2 can be
downloaded at:&nbsp;   http://www.hud.gov/offices/adm/hudclips/handbooks/hsgh/4060.1/40601handbookHSGH.doc  .      
        &nbsp;        
      The processing time
for a complete application is 30-45 days depending on the number of
other applications in the processing pipeline.          
        &nbsp;        
        &nbsp;        
        &nbsp;        
  
        &nbsp;        
      ________________________________________          
      This email box is used
by the FHA   Lender Approval  
and Recertification Division for questions about:&nbsp; (1)
applications to become a FHA lender, (2) annual renewal of each FHA
lender&rsquo;s approval, (3) registration of branch offices by FHA
lenders, and (4) changes/updates to a FHA lender&rsquo;s approval.          
      &nbsp;          
      This Division has a
2nd email box,   LASS@hud.gov  ,
for questions about the annual renewal process for FHA approved
lenders.&nbsp; This includes&nbsp;submitting&nbsp;audited
financial statements using the Lender Assessment SubSystem (LASS),
payment of the annual renewal fee and&nbsp;the annual verification
report (V-form).          
      &nbsp;          
      If you have questions
about a FHA loan program, payment of FHA insurance
premiums,&nbsp;FHA DE approval and other non-lender approval
questions, please contact the&nbsp; FHA Resource Center.&nbsp;
Their web site is:&nbsp;
http://www.hud.gov/offices/hsg/sfh/fharesourcectr.cfm .          
      Their email address
is:   hud@custhelp.com            
      Their phone number
is:&nbsp; (800) CALLFHA or (800) 225-5342.          ]]></description><pubDate>Wed, 09 Jan 2008 16:11:52 +0000</pubDate><link>http://www.integritymortgagelicensing.com/mortgage-licensing-news/fha-mortgage-broker-licensing-faq/</link><guid>http://www.integritymortgagelicensing.com/mortgage-licensing-news/fha-mortgage-broker-licensing-faq/</guid></item><item><title><![CDATA[New York Issues Loan Originator Rules]]></title><description><![CDATA[NYSBD Issues Loan Originator Rules. On December 19, the New York State Banking Department (NYSBD) issued rules implementing the state’s new mortgage loan originator licensing statute (NY CLS Bank Article § 599-a et seq.) which goes into effect on January 1, 2008. Under the rules, originators who have not worked previously in New York will be required to apply for approval prior to April 1, 2008, but originators employed by or affiliated with a New York banker or broker prior to 2008 are not required to file an application until July 1, 2008. The authorization process will utilize the Nationwide Mortgage Licensing System (NMLS) which becomes operational on January 2, 2008. Applicants will also be required to submit fingerprints, credit histories, and documentation of their financial and criminal history disclosures. The NYSBD press release can be found at   http://www.banking.state.ny.us/pr071219.htm  . The rules implementing the loan originator licensure statute can be found at   http://www.banking.state.ny.us/legal/rgmb420.htm  .]]></description><pubDate>Mon, 07 Jan 2008 12:07:28 +0000</pubDate><link>http://www.integritymortgagelicensing.com/mortgage-licensing-news/new-york-issues-loan-originator-rules/</link><guid>http://www.integritymortgagelicensing.com/mortgage-licensing-news/new-york-issues-loan-originator-rules/</guid></item><item><title><![CDATA[January 2008 Mortgage Licensing Update]]></title><description><![CDATA[There have been a lot of changes in 2007, and we can expect even more in 2008.  With the state legislators gathering together and the current market conditions influencing their legislative decision-making power, we can expect numerous new laws relating to the mortgage industry from each state.  Especially if the US Congress decides to pass legislation requiring minimum levels of licensing in each state, which is likely to pass early this year.    

The updates for January are as follows:  
  
  
        
  &#149; FHA Licensing Update  
&#149; Massachusetts Bond Form Released  
&#149; Colorado E&O Requirement Postponed  
&#149; Alaska Licensing by 7/1/08  
&#149; Nationwide Mortgage Licensing System Released            

  FHA Licensing Update    
With legislation recently passing by the US House and the US Senate, many changes are expected to happen in 2008.  The Senate bill that just passed was much more conservative than the House bill and did not include items such as the surety bond in lieu of audited financials, a dramatic increase in the FHA Loan Limit, and risk-based pricing.  It did, however, include some major changes to the HECM loan (Reverse Mortgage) that many people are excited about.  Now the two bills have been sent to committee for the House and Senate to come to a compromise on differences in the bills.  I would expect the Senate to hold their ground and the final bill to look very similar to the bill just recently passed by the Senate, but there is still a chance that some of the provisions in the House bill will be adopted.  I would expect a final bill to be sent to the President by February.    

  Massachusetts Bond Form Released    
Massachusetts made some new requirements for new licensees back in September, one of which was a new bond requirement.  Unfortunately, the state failed to make the new bond form available.  All mortgage companies that applied for a mortgage broker license since that date have been on hold.  Massachusetts finally issued the new bond form, but to this date, it still has not been approved by the insurance companies to be issued.  Numerous companies are waiting on this final item in order to get a license and hoping that the insurance companies will start issuing surety bonds on the new form soon.    

  Colorado E&O Requirement Postponed    
Colorado recently issued a new requirement for all individual mortgage brokers (loan originators) licensed in the state to maintain an E&O policy.  The insurance companies starting issuing these around the beginning of December, however, one of the questions on the application was "what percentage of loans originated in the previous 12 months were sub-prime loans?"  Anyone that said more than 20% was either denied or told that they would have to pay thousands for the policy.  Due to this issue, Colorado has issued an emergency ruling allowing until 1/31/08 for individuals to obtain the necessary insurance as well as increasing the maximum deductible to make the bond more cost-effective.  Colorado is getting known for their emergency rulings since the state legislator is not giving enough time for the Colorado Division of Real Estate to implement new legislation.    

  Alaska Licensing by 7/1/08    
This is just a reminder for those of you who are currently originating loans in Alaska.  Many people have been able to originate their for years without a license, however, there new licensing requirements go into effect on July 1, 2008.  Make sure to get your applications in soon if you plan on continuing to do business there after the first of the year.    

  Nationwide Mortgage Licensing System (NMLS) Released    
Just a final reminder for those who are licensed in the first 7 states that will be using the system.  You will want to access the system as soon as possible to update your company information.  Here is a list of the first 7 states that will be using the system:
  
  
        
• Idaho  
• Iowa  
• Rhode Island  
• New York  
• Kentucky  
• Massachusetts  
• Nebraska
          ]]></description><pubDate>Tue, 01 Jan 2008 00:00:00 +0000</pubDate><link>http://www.integritymortgagelicensing.com/mortgage-licensing-news/january-2008-mortgage-licensing-update/</link><guid>http://www.integritymortgagelicensing.com/mortgage-licensing-news/january-2008-mortgage-licensing-update/</guid></item></channel></rss>