22 06, 2009

FAQ for Washington Consumer Loan License Changes

June 22nd, 2009|FAQ, License Updates, Mortgage License, Mortgage Licensing News|

When SB 6471 was passed during the 2008 legislative session and became effective June 12, 2008, the definition of mortgage broker under the MBPA was amended to remove references to making a loan.  The net effect of the amendment was to prohibit lending under the MBPA.  SB 6471 also expanded the Consumer Loan Act (CLA) [...]

19 06, 2009

FAQ for Maryland NMLS Transition

June 19th, 2009|FAQ, Mortgage Licensing News, NMLS|

FAQ for Maryland NMLS Transition FREQUENTLY ASKED QUESTIONS AND ANSWERS REGARDING MARYLAND NMLS TRANSITION FOR YOUR ASSISTANCE As you know, Maryland's transition to the Nationwide Mortgage Licensing System is under way.  Your continued cooperation in this transition is greatly appreciated.  To assist licensees and applicants, we have prepared a list of "Frequently Asked Questions" and [...]

13 04, 2009

How long does it take to get a mortgage license?

April 13th, 2009|Mortgage License, Mortgage Licensing News|

How long does it take to get a mortgage license? Mortgage Licensing can be a very arduous process. Any time we deal with the government, the likelyhood of getting great customer service is very slim. The reason being that the state or federal government employees are not compensated with bonuses or commissions for processing more [...]

10 04, 2009

How do you get an FHA Approval?

April 10th, 2009|FHA, HUD, Mortgage Licensing News|

As seen in Scotsman Guide Magazine, Titled 4 Keys to FHA Approval It has been about 4 years since FHA became a major part of the mortgage market. Many mortgage companies that do not have FHA Approval are finding it difficult to survive. So what is required to get an FHA License? There are 4 [...]

4 04, 2009

What is the Nationwide Mortgage Licensing System?

April 4th, 2009|Mortgage Licensing News, NMLS|

For those of you located in states that have already transitioned onto the Nationwide Mortgage Licensing System (NMLS), you are probably already intamitely familiar with the new NMLS. However, if you are not licensed in one of the 23 states that have transitioned or are in the process of transitioning on to the NMLS, you [...]

1 10, 2008

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

October 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 [...]

11 08, 2008

Mortgage Brokers are Needed More than Ever

August 11th, 2008|Mortgage Broker Licensing, Mortgage Licensing News|

In today’s market banks and mortgage lenders are being extremely cautious about which loans they approve. Real estate values are dropping and foreclosure rates are rising, and many banks are dropping out of the mortgage business all together. Gone are the days when banks could sell their loans on Wall Street, reload, and do it [...]