Licensing Requirements

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8 04, 2020

NMLS Mortgage Control Person Definition

2020-04-09T17:21:02-07:00April 8th, 2020|Licensing Requirements, Mortgage Broker Licensing, Mortgage Companies, Mortgage Lender Licensing, Mortgage Servicer Licensing, NMLS|

Here is the NMLS Policy on the definition of Control Person. But keep in mind that each state can make their definition broader than this if they desire. Owners of 10% or moreSenior Executive Officers/Directors/LLC Managers On page 37 of the NMLS Policy Handbook, there is a definition of Executive Officers: https://mortgage.nationwidelicensingsystem.org/slr/common/policy/NMLS%20Document%20Library/NMLS%20Guidebook%20October%202019%20Current%20Online.pdf Corporate Governance – as [...]

5 11, 2009

CA Passes NMLS Loan Originator Licensing Requirements

2017-01-23T19:53:15-08:00November 5th, 2009|Licensing Requirements, Loan Originator Licensing, Mortgage Licensing News, NMLS|

California recently adopted several mortgage related bills. CA Senate Bill 36 became effective October 11, 2009 and includes the following revisions and adoptions: Adopts new sections covering: licensing requirements for loan processors and underwriters; application requirements including fingerprinting, personal history, and independent credit reports; minimum standards that must be met by mortgage loan originator licensing [...]

1 12, 2007

Largest Barrier to Mortgage Licensing

2015-05-24T14:25:13-07:00December 1st, 2007|Licensing Requirements, Mortgage License, Mortgage Licensing News, Surety Bond|

I get calls all of the time from companies that are interested in getting away from a net branch company and getting their own mortgage licenses. After hundreds of these conversations, I've been able to reduce the call to a simple question. What is your mortgage company's net worth? Now you may be thinking that [...]

9 08, 2007

Nevada Rescinds Friends and Family Exemption

2017-01-23T19:53:19-08:00August 9th, 2007|License Updates, Licensing Requirements, Mortgage Licensing News|

Nevada has always allowed individuals without a Nevada mortgage broker or solicitors license to originate loans on residential property in Nevada if the loan was not solicited and the borrower was a previous client, a friend, or a family member. Due to the passage of AB375 in the 2007 Legislative Session, effective 10/1/07 the provisions [...]

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