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 [...]
There have been a lot of changes in 2007, and we can expect even more in 2008. With the state legislators gathering together and the current market conditions influencing their legislative decision-making power, we can expect numerous new laws relating to the mortgage industry from each state. Especially if the US Congress decides to pass [...]
I have had clients tell me that licensing a mortgage company nationwide was one of the most challenging projects that they have ever taken on. So why is it so challenging, and what can you do to make the process easier? What does a Mortgage Licensing Company do to make this process easier? To explain [...]
There has been talk about the new Nationwide Mortgage Licensing System (NMLS) for a couple years now, and now it is finally here. There has been a lot of speculation on how this will affect the mortgage licensing process. With 42 states now agreeing to take part, 7 states agreeing to use the system starting [...]
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 [...]
The bills in the Senate are just sitting there, the state legislative sessions are starting up and business is slowing down. Here's the latest news for mortgage licensing Colorado - E&O Insurance now required for Mortgage Broker Individuals Massachusetts - Surety Bond is not available FHA Reform - New Bills still on hold in the [...]
There are a lot of interesting things happening to the mortgage industry due to the market flux. One of the main items of interest is the legislation currently in congress. Here is an overview of what may be coming soon. FHA Reform There have been a couple FHA Reform bills in congress. One of them [...]
Press Release from the House Committee on Financial Services: For Immediate Release: November 6, 2007 Financial Service Committee Approves Comprehensive Mortgage Reform and Anti-Predatory Lending Legislation Washington, DC - The House Committee on Financial Services today approved historic bipartisan mortgage reform legislation and anti-predatory lending practices by a vote of 45 to [...]
If you're reading this article, you may be asking what the benefits are of using a mortgage license service. Acquiring a license is as simple as just sending an application to the state and waiting for the license to come in, right? Well, yes and no. Due to sensitive information handled by mortgage companies, the [...]
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 [...]