Loan Originator Licensing

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Assists a consumer in obtaining or applying to obtain a residential mortgage loan.

5 11, 2009

California Enacts SAFE Act Legislation – NMLS Mortgage Broker Licensing

2015-05-23T08:11:36-07:00November 5th, 2009|Loan Originator Licensing, Mortgage Licensing News|

On October 11, California Governor Arnold Schwarzenegger signed into law S.B. 36, a bill that requires the employees of licensees under the California Finance Lenders Law (CFLL) and the California Residential Mortgage Lending Act (RMLA) that are engaged in the business of mortgage loan origination to be licensed, beginning July 1, 2010. The bill similarly [...]

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 [...]

11 09, 2009

Rhode Island Mortgage Loan Originator Professional Requirements under SAFE

2015-05-23T08:12:01-07:00September 11th, 2009|Loan Originator Licensing, Mortgage Licensing News|

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”). [...]

1 10, 2008

Housing and Economic Recovery Act makes Mortgage Loan Originator Licensing Mandatory in Each State

2017-01-23T19:53:17-08:00October 1st, 2008|Loan Originator Licensing, Mortgage Licensing News|

The recently passed Housing and Economic Recovery Act included a provision called the S.A.F.E. Mortgage Licensing Act, which stands for the Secure and Fair Enforcement for Mortgage Licensing Act. The recent legislation passed by our US Congress and signed by the President requires every state to create mortgage licensing laws and regulations for loan originators [...]

7 01, 2008

New York Issues Loan Originator Rules

2015-05-24T20:50:30-07:00January 7th, 2008|Loan Originator Licensing, Mortgage Licensing News|

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 [...]

30 10, 2007

Massachusetts Loan Officer Licensing

2017-01-23T19:53:19-08:00October 30th, 2007|Loan Originator Licensing, Mortgage Licensing News|

Massachusetts just recently passed legislation making additional requirements for prospective licensees. Among those changes were audited financial requirements, increased bond requirements, and other minor changes. This has made it difficult for smaller mortgage brokers to get licensed since they do not have they time or money to complete audited financials. Massachusetts has now passed another [...]

24 09, 2007

Mortgage License Update

2017-01-23T19:53:19-08:00September 24th, 2007|Loan Originator Licensing, Mortgage Licensing News|

Loan Officer Licensing may be a required very soon in all states. Loan Officer Licenses among other things have been introduced to in the Congress as a may to reduce fraud and increase responsiblity nationwide. If passed, this bill would require all states that do not currently have a loan officer licensing scheme to set [...]

31 08, 2007

New South Dakota Licensing

2015-05-24T21:18:34-07:00August 31st, 2007|Loan Originator Licensing, Mortgage Broker Licensing, Mortgage Lender Licensing, Mortgage Licensing News, NMLS|

South Dakota has passed SB165, which requires loan officers to be licensed as Mortgage Brokers if brokering and licensed as loan originators if working for a direct lender The bill is effective December 1, 2007. Mortgage Lenders Requires current licensees to have a $25,000 surety bond by August 31, 2007 and for new licensees it [...]

8 06, 2007

Washington Loan Originators Must Now Pass a State Test

2015-05-23T08:18:35-07:00June 8th, 2007|Loan Originator Licensing, Mortgage Licensing News|

Effective June 5th, 2007 Washington Loan Originators are required to pass a test prior to licensing in the state.  All loan originators licensed prior to that date will be required to pass the test by December 31st, 2007.  The new Washington Loan Originator and Designated Mortgage Broker Licensing Test is now available.  The Test will [...]

4 06, 2007

Georgia Loan Officer Licensing

2017-01-23T19:53:19-08:00June 4th, 2007|Loan Originator Licensing, Mortgage Licensing News|

Effective July 1, 2007 all Georgia loan originators must be licensed to originate loans on properties in Georgia.  HB 718 amended the Georgia Residential Mortgage Act to include the liensure of loans officers.  Loan officer means a person who acts as an employee and not as an independent contractor to assist a licensee in performing [...]

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