Consumer Financial Services Law Blog
Dykema Gossett PLLC
Dykema Gossett PLLC

Consumer Financial Services Law Blog

Consumer Financial Services Law Blog

News and analysis regarding Consumer Financial Services litigation and regulation, and activities of the Consumer Financial Protection Bureau


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Showing 9 posts in Mortgage Loan Originators (MLO).

CFPB Invites Public Comment regarding an Information Collection Titled, "Registration of Mortgage Loan Originators (Regulation G) 12 CFR 1007"

Given the ever-increasing regulations pertaining to consumer financial services, servicers and lenders subject to such regulations may wish to voice their opinions and concerns both as to the regulations and the related information collection requirements. The CFPB has invited comment from the public on several topics, including an invitation for public comment by June 8, 2015, regarding an information collection titled, “Registration of Mortgage Loan Originators (Regulation G) 12 CFR 1007.” Read More ›

Are you ready for NMLS renewal?

The NMLS renewal window opens this Saturday, November 1st.  Are you ready to submit your renewal requests?  Here are some things to keep in mind: Read More ›

New York DFS Adopts A Number of New Mortgage Licensing Initiatives

The New York Department of Financial Services (NYDFS) has issued proposed regulations that would eliminate certain mortgage-related application requirements and clarify other requirements.  Comments on the proposed regulations are due 45 days from publication in the State Register.  The proposed regulations come in conjunction with a number of changes announced by Superintendent for Financial Services Benjamin Lawsky in a statement to the Mortgage Bankers Association and in a recent press release.  The changes are intended to streamline the mortgage licensing process and to provide more clarity to applicants.    Read More ›

Maryland Enacts Law Exempting Registered MLOs from State Criminal History Record Checks

On May 15, 2014, Maryland Governor Martin O’Malley approved a Maryland Senate Bill that will expedite the state mortgage loan originator (MLO) licensing process for MLOs registered under the SAFE Act to perform mortgage loan origination activities for depository lenders.    Read More ›

NMLS to House Mortgage Company Applications Nationwide as of June 2, 2014

The Missouri Division of Finance has announced that it will begin accepting new application and transition requests through NMLS starting June 2, 2014 for mortgage company and branch licenses. This announcement follows shortly behind the Guam Department of Revenue and Taxation, which began accepting new application and transition requests for mortgage company and branch licenses April 28, 2014.  Read More ›

House Committee Passes Consumer Mortgage Choice Act; Aims to Make Significant Changes to Qualified Mortgage Requirements

On Wednesday, May 7, the House Financial Services Committee approved H.R. 3211, the Mortgage Choice Act. The legislation was introduced by Congressman Bill Huizinga (R-MI) and makes changes to the Truth in Lending Act definition of points and fees under the Ability to Repay/Qualified Mortgage rule. Under current law, a “fee” or “point” varies greatly depending upon who is making the loan and what arrangements are made by consumers to obtain closing services. If the consumer chooses a title insurance provider that is affiliated with the lender, the title insurance charges count, but if the insurance is purchased from an unaffiliated title agency, the title charges do not count. As a result, many mortgage lenders affiliated with other settlement service providers must make difficult choices in determining how they will originate loans so as to meet the qualified mortgage (QM) requirements.   Read More ›

Supreme Court to Resolve Circuit Split on TILA Rescission

Both creditors and borrowers anticipate clarification on a persistently divisive issue

Yesterday, the Supreme Court of the United States granted a petition for writ of certiorari in a case, Jesinoski v. Countrywide Home Loans, Inc., which promises to clarify the scope of a mortgagor’s right of rescission pursuant to the Truth in Lending Act (“TILA”), 15 U.S.C. § 1601 et seq.    Read More ›

Minnesota Supreme Court Concludes Borrowers Have Private Right of Action Against Mortgage Servicers for HAMP Violations

The Minnesota Supreme Court ruled earlier this month that an individual borrower has a private right of action for damages under the Minnesota Mortgage Originator and Servicer Licensing Act (Minnesota Statute Chapter 58) for injury caused by a mortgage servicer’s failure to perform in accordance with its contracts with third-parties. The Court expressly held that an individual borrower can sue for violations of a Servicer Participation Agreement (SPA) governing a mortgage servicer’s involvement in the federal Home Affordable Modification Program (HAMP). Read More ›

Don’t let your Mortgage Loan Originators miss the deadline for enrolling for the Stand-Alone portion of the Uniform State Test

As of January 1, 2014, 39 state mortgage agencies have replaced their state-specific test components with the adoption of the Uniform State Test (UST).  The other 19 agencies may elect to adopt the UST at a future date, but are not required to do so.  By passing the National Test with Uniform State Content or the Stand-alone UST, a candidate can satisfy the testing requirements for licensure in those adopting states, and any states that adopt in the future.  To see which states have adopted the UST visit the UST Adoption Map and Table posted on the NMLS Resource Center. Read More ›