Number of Mortgage LOs Grows Nearly 9,000 people joined the ranks of loan originators during the latest quarter. One state was responsible for more than half of originator licenses revoked in the country.
Prospect Mortgage Settles Rate Deception Charges Prospect Mortgage LLC has agreed to pay millions of dollars to settle allegations that it misled borrowers about interest rate discounts. The company is also accused of using unlicensed branches and originators.
Number of Active LOs Declines The number of registered loan originators fell by 2 percent during the most-recent three-month period. Although the count was down just 1 percent at banks and credit unions-- a steeper 6 percent drop hit non-bank originators.
C F P B Compliance Relief
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State Licensing Requirements Comprehensive table of licensing requirements by state, including licensing for companies, licensing for individual originators and education requirements. Created by the Washington, D.C.-based mortgage law firm of Patton Boggs LLP.