Last week, the Consumer Financial Protection Bureau (CFPB or Bureau) submitted several regulatory proposals to the Office of Management and Budget (OMB) for review. Among the rules under consideration are those related to...more
Raise your hand if you are an independent mortgage banker, a residential mortgage real estate investment trust (“mREIT”) or a nonbank investor in residential mortgage loans that would like to be subject to additional federal...more
Both Virginia and Utah have enacted legislation to permit temporary authority to operate as a mortgage loan originator in their respective states pursuant to the SAFE Act....more
The CFPB recently issued revised versions of the small entity compliance guides for the Loan Originator Rule and the Home Ownership and Equity Protection Act (HOEPA) Rule....more
Effective August 1, 2018, the Minnesota Department of Commerce will adopt the National State MLO Test with Uniform State Content. Mortgage loan originator license applicants will no longer be required to take and pass a...more
Substitute House Bill No. 5490, an Act Concerning Consumer Credit Licenses, proposes to make changes to the Banking Law in Connecticut that would expand the banking commissioner's existing authority in the mortgage arena to...more
Effective June 1, 2018, the West Virginia Division of Financial Institutions will adopt the National State MLO Test with Uniform State Content. Mortgage loan originator license applicants will no longer be required to take...more
The Texas Finance Commission of Texas adopted a new provision requiring the following individuals to retake the 20 hours of pre-licensing education as required by the S.A.F.E. Mortgage Licensing Act:...more
The Michigan Department of Insurance and Financial Services will start using the NMLS Uniform Authorized Agent Reporting functionality to fulfill agent reporting requirements. ...more
Last week, members of the Senate Banking Committee announced that they had reached bipartisan agreement on “legislative proposals to improve our nation’s financial regulatory framework and promote economic growth.” ...more
More on the Saudi crackdown initiated by Crown Prince Mohammed bin Salman over the weekend, including the government’s move to confiscate and freeze more than $800 billion in assets from the detailed princes and other...more
Among the more than 20 bills that the House Financial Services Committee is scheduled to mark-up this Wednesday, October 11, is a bill to provide a “Madden fix” as well as several others relevant to consumer financial...more
On August 10, 2017, the District of Columbia Department of Insurance, Securities and Banking started accepting applications and transition fillings for the Student Loan Servicer License and Student Loan Servicer Branch...more
On May 4 H.R. 10, the Financial CHOICE Act (the Act) introduced by House Financial Services Committee Chairman Jeb Hensarling, R-Texas, obtained enough votes to move the bill on to the House of Representatives floor. The Act...more