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
NMLS
Updates from 12 State Regulatory Agencies Regarding Coronavirus and Related Work from Home Issues
As regulatory agencies provide guidance regarding 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 24, 2020.
California Department of Real Estate Released Frequently Asked Questions Relating to COVID-19
The California Department of Real Estate’s Frequently Asked…
Four Additional States Issue New Guidance Relating to Working from Home; Massachusetts and New York Supplement Previous Guidance
As 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
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Arkansas Modifies Fair Mortgage Lending Act – Big Changes Will Ease Burdens on the Mortgage Industry
The Arkansas State Legislature modified the Fair Mortgage Lending Act in February to “comply with recent developments in Federal Law and other purposes.” Federal law was recently amended to allow for Temporary Mortgage Loan Originator (MLO) Authority as defined under the Economic Growth, Regulatory Relief, and Consumer Protection Act or S.2155. The “other purposes” reason…
Ohio Mortgage Servicing Update
The Ohio Division of Financial Institutions (DFI) recently provided the much-needed updates to the recent legislation that expanded the registration requirements under the Ohio Residential Mortgage Lending Act (RMLA). The bill, HB 489, was passed unanimously in December 2018 and signed by Gov. Kasich in his last days in office. The expanded RMLA will now…
Additional State Agencies Jump on the ESB Bandwagon
NMLS recently announced that twelve additional state agencies (with 44 license types) would jump on the Electronic Surety Bond (ESB) bandwagon as of January 23, 2017. These additions bring the total number of agencies using ESB within NMLS to 21 (with 81 license types.) Jurisdictions that will begin using ESB for licensing in NMLS include…
Is Your Data Ready to Move to a Uniform Report Submission? NMLS MSB Call Report Adopted for 23 Licenses as of January 1st
Eighteen state agencies, affecting 23 license types, have currently committed to adopt the NMLS MSB Call report for Q1 2017 reporting. The NMLS MSB Call Report applies to licensees who conduct the following activities: money transmission, check cashing, issuing or selling travelers checks, issuing or selling drafts, foreign currency dealing and exchange, issuing or selling…
Don’t Get Caught By Surprise: NMLS Adds New Requirements in Connection with Renewal
If a company is keeping its Nationwide Multistate Licensing System (NMLS) record current, the renewal season should be a relatively painless exercise in fee collection. However, in addition to the normal renewal housekeeping measures, there are a few new twists to the 2016-2017 NMLS renewal process that you should be aware of so that you…