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.
Originator Registrations Resume Rise
After declining in the first quarter, the number of registered mortgage loan originators increased during the latest quarter.
Several States to Require Criminal Background Checks
Several states are implementing a new criminal background check for mortgage loan originators who are renewing their licenses.
Failed Banks Had Nearly $600 Million in Assets
Last week's failure of two banks that combined had nearly $600 million in assets is expected to result in $90 million in losses.
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.
Broker License Suspended for Son of Late NV Gov
After determining that a Nevada mortgage brokerage was millions of dollars in the red, the license of the owner -- who is also the son of a deceased Nevada governor -- was suspended.
Servicer Licensing Required in Hawaii
New licensing requirements in the Aloha State impact companies that perform servicing duties as well as mortgage servicers with loan originators that handle loan modifications.
Several States Eliminate Separate SAFE Testing
Mortgage loan originators in several states are no longer required to take a separate state and federal licensing test.
NMLS Webinar to Cover Making Changes to License Info
Two upcoming webinars being hosted by the Nationwide Mortgage Licensing System will help mortgage firms meet state requirements when making changes to their license information.
Company Ordered to Stop Servicing
Regulators in the Commonwealth of Massachusetts have ordered a mortgage company to stop servicing loans in the state as a result of mishandled escrow accounts.