Based upon “the mortgage industry’s evolution over time, the advancement of technology, and due to no longer needing to maintain several branch offices to conduct FHA business nationwide,” the FHA has adopted a new rule regarding branch registration. 

Under the prior rule, all FHA-approved mortgagees and lenders were required to register any branch office where

On January 4, 2024, Connecticut Banking Commissioner Jorge L. Perez issued a temporary order to cease and desist against LoanSnap, Inc., ordering LoanSnap to cease and desist certain activities and notifying LoanSnap that its state mortgage lender license will be revoked and a civil money penalty will also be issued against it. The charges against the California-based

On May 2, 2022, Georgia Gov. Brian Kemp signed SB 470, which amends provisions of Georgia’s banking laws relating to the denial or revocation of a mortgage license or registration due to certain felony convictions. SB 470 will reduce the impact on mortgage companies as a result of Georgia’s existing prohibition on the employment of

OCC Proposes Clarification to True Lender DoctrineEarlier this week, the OCC released a proposed rule designed to address the “true lender” doctrine, a legal test utilized by courts and regulators to determine whether a bank or its non-bank partner is the actual lender in a credit transaction. This doctrine has led to uncertainty in the fintech and bank-partnership spaces, in large

Federal Law Preempts Connecticut’s Student Loan Servicer Licensing Law, According to Federal CourtSeveral states have recently ramped up their regulation of the student lending industry by passing laws requiring student loan servicers to be licensed in the state in order to operate there. Many of these state licensing laws are creating conflicts for servicers in an industry already dominated by federal law. Now a U.S. District Court

Four Additional States Issue New Guidance Relating to Working from Home; Massachusetts and New York Supplement Previous GuidanceAs we continue to follow the trend of regulatory agencies providing guidance allow working from home for financial services professionals while the COVID-19 outbreak progresses, we summarized the additional guidance issued in the recent past and current as of March 19, 2020.

Colorado Department of Regulatory Agencies, Division of Real Estate Issued an Advisory on

Financial Services Licensing and Compliance Obligations and COVID-19As members of the financial industry prepare to meet the challenges associated with COVID-19, key government agencies have begun to offer guidance with respect to how their regulated financial institutions, including non-depositories, can meet their compliance obligations while balancing the realities of a pandemic event due to COVID-19. This blog summarizes the updates that we

Big Picture Loans Lands Big Win for Tribal Lenders in Sovereign Immunity CaseIn a recent decision by the Fourth Circuit, Big Picture Loans, LLC, an online lender owned and operated by the Lac Vieux Desert Band of Lake Superior Chippewa Indians, a federally recognized Indian tribe (“Tribe”), and Ascension Technologies, LLC, the Tribe’s management and consultant company successfully established that they are each arms of the Tribe

Georgia Exempts Manufactured Home Retailers/Brokers from Mortgage Broker Licensing Effective July 1, 2019, Georgia House Bill 212 will affirmatively exempt retailers or retail brokers of manufactured or mobile homes from the state’s “mortgage broker” definition under Ga. Code Ann. § 7-1-1000. The bill specifically exempts manufactured housing retailers from mortgage broker licensing requirements, and the oversight that comes with licensure, provided the retailer or