West Virginia passed a new bill [HB 2776], which requires Licensees Holding either Mortgage Lender and/or Broker Licenses to license its individual loan originators if the majority of the licensee's residential mortgage loan transactions are brokered transactions. Got to: http://www.legis.state.wv.us/Bill_Text_HTML/2007_SESSIONS/RS/BILLS/HB2776%20Enr%20SUB.htm to review the bill.
Following the current industry trend, New York has adopted the Registered Mortgage Loan Originators Act (MLO Act). The MLO Act, which although effective as of January 1, 2007 will not go into effect until January 1, 2008, requires that mortgage loan originators register with the New York Department of Banking (Department). See the rest of [...]
May 23, 2007 Mortgage leader blames some lenders for meltdown John Robbins, chairman of the Mortgage Bankers Association, says he is "mad as hell" at "a few unethical actors" that have sullied his profession's reputation, amid increasing evidence of financial distress for homeowners with weak, or subprime, credit histories. In prepared remarks for a lunchtime [...]
Large Net Branch Company Closed for Not Licensing Loan Officers "Myron Miller, a former vice president at the company, told MortgageWire that Dana Capital was facing hefty fines in a handful of states because some loan officers at its net branch affiliates were unlicensed." May 08, 2007 Dana Capital closes, branch managers say they are [...]