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 4 posts in Licensing.

Tennessee Law Exempts Mortgage Servicers From Collection Agency Licensure

A Tennessee law passed and effective on May 22, 2014 changes the existing licensing requirements for mortgage servicers seeking to obtain the Tennessee Collection Service License.  Under the new law, the definition of “collection service” has been changed, removing the licensing requirement for "any person that engages in, or attempts to engage in, the collection of notes or guarantees.”   Tenn. Code Ann. § 62-20-102(3).   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 ›