Education Firms Tackle S.A.F.E. Requirements
Mortgage education providers are lining up courses to help originators meet upcoming state requirements under the Secure and Fair Enforcement for Mortgage Licensing Act of 2008. In other mortgage licensing activity, a huge net branch operation faced an order over unlicensed originators, while licensees in Florida and Pennsylvania face new requirements.

Allied Home Mortgage Capital Corp. and owners Jim and Kathy Hodge agreed to an Aug. 6 consent order with the Georgia Department of Banking and Finance. Cease-and-desist orders were rescinded as a result of the agreement.

The huge net branch operation allegedly operated with unlicensed originators, and the order requires the Houston-based firm to comply with the Georgia Fair Lending Act, O.C.G.A. 7-6A-1 et seq.
read full story

Mortgage Education Dominated by NMLS
A host of education firms are rushing in to help loan originators meet new federal licensing requirements. Other available education resources for those in the mortgage industry include training on green lending, government underwriting and mortgage compliance.

California Enacts Several New Mortgage Laws
Loan originators, reverse mortgage lenders and appraisal management companies are all impacted by sweeping new mortgage laws in California. Lenders to non-English speaking borrowers and lenders on higher priced loans are also impacted.

New Trade Group Seeks to Level Playing Field
A new mortgage association hopes to level the playing field between national mortgage banking firms and behemoth financial institutions. Among current disparities are application of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008.

Net Branches Grow
Six firms have recently been busy expanding their branch networks, while a new net branch directory provides prospective brokers with information on more than two dozen net branch operations. The self-proclaimed biggest U.S. broker settled with Georgia regulators allegations of unlicensed originators.

Mortgage Regulators Target Licensing
Among the hottest issues covered at a meeting of state mortgage regulators this month was the implementation and further development of the Nationwide Mortgage Licensing System and Registry. States are also pooling their examination resources in an effort to bring uniformity to the examination process. Unlicensed loan modification firms that charge up-front fees are also on regulators' radar.

Mass. Crackdown on Mortgage Licensees
The Commonwealth of Massachusetts has made it tougher to qualify for a mortgage license and handed out hundreds of orders to those who don't comply. Out of nearly 8,000 license applications received by the state since July 1, 2008, nearly 2,000 of the applicants either gave up or were turned down.

4 States Pass License Laws, 1 Closes 87 Companies
Four states have passed legislation in conjunction with federal mortgage licensing laws signed last year by President Bush, while another state awaits its governor's signature. Nearly 90 Massachusetts mortgage companies faced cease-and-desist orders because they didn't comply with stiffer approval requirements in the state.

Bank Originators to Participate in National Registry
Six federal regulators have laid the groundwork for requiring loan originators at federally regulated institutions to join the national license registry. Meantime, several new offerings aim to help lenders meet a growing number of mortgage compliance requirements. But some firms are looking for ways to exploit compliance errors by lenders.

Un-S.A.F.E. States
CHICAGO -- Three states that are likely to see more defaults than any others are also the only three states not yet slated to join a national license registry, according to a HUD official.