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 [...]

16 09, 2008

September 2008 Mortgage Licensing Update

2017-01-23T19:53:17-08:00September 16th, 2008|License Updates, Mortgage License, Mortgage Licensing News|

North Carolina Passes New Mortgage Laws, Banning YSP and Requiring Licensing for Servicers Effective October 1, 2008, House Bill 2188 amends the Rate Spread Home Loan Law to prohibit the payment of a yield spread premium on rate spread home loans. Make sure to look at the definition of a rate spread home loan. Effective [...]

11 08, 2008

Mortgage Brokers are Needed More than Ever

2017-01-23T19:53:18-08:00August 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 [...]

1 07, 2008

July 2008 Mortgage Licensing Update

2017-01-23T19:53:18-08:00July 1st, 2008|License Updates, Mortgage Licensing News, Uncategorized|

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 [...]

2 06, 2008

June 2008 Mortgage Licensing Update

2017-01-23T19:53:18-08:00June 2nd, 2008|License Updates, Mortgage Licensing News|

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 [...]

1 05, 2008

May 2008 Mortgage Licensing Update

2017-01-23T19:53:18-08:00May 1st, 2008|License Updates, Mortgage Licensing News|

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 [...]

1 03, 2008

March 2008 Mortgage Licensing Update

2017-01-23T19:53:18-08:00March 1st, 2008|License Updates, Mortgage Licensing News, Uncategorized|

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 [...]

1 02, 2008

February 2008 Mortgage Licensing Update

2017-01-23T19:53:18-08:00February 1st, 2008|License Updates, Mortgage Licensing News|

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 [...]

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