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.
Mortgage Security Inc., which operates from East Falmouth, Mass., had been licensed in Massachusetts as both a mortgage broker and a mortgage lender.
But an examination of the company in July 2008 by the state's division of banks led to a November 2009 order to show cause and notices of right to a hearing against Mortgage Security.
Uniform State Licensing Tests in Effect
Mortgage loan originators in 20 states won't necessarily need to take multiple state licensing tests when obtaining multiple state licenses as a result of a new uniform test.
Workshop for State Licensed Lenders
Mortgage firms with state licensing can get help using the national registry to file required forms with their respective states at an event being held next week.
Quicken LOs Lose Licenses Due to Time Off
Some loan originators that needed to take time off last year from Quicken Loans Inc. had their originator licenses terminated.
Mortgage Originator Ranks Expand
The number of bank and non-bank loan originators included in the national registry continued higher in the final three months of 2012. A decline in the number of federally registered originators in Alaska was offset by an increase in state-licensed originators.
MO Supreme Court Rules Against Loan Originator
A mortgage loan originator who was denied a Missouri license because of a felony record took his case to court and won. But the decision was reversed by the state's top court.
Final Rule Issued on LO Comp
A final rule on loan originator compensation aims to eliminate incentives for originators to steer borrowers into high-cost loans.
Uniform SAFE Test for LOs Ahead
A national uniform test for loan originators to meet the requirements of the Secure and Fair Enforcement for Mortgage Licensing Act will replace state-specific tests required in two dozen states.
Servicing Issues Dominate Upcoming Mortgage Conferences
While numerous topics to be covered at more than a dozen upcoming mortgage-related conferences include appraisals, mortgage fraud and litigation -- it is servicing and default issues that dominate the events. Compliance, licensing and technology are also subjects being discussed as are regulation and commercial mortgages. Texas is the favorite destination for conference goers, though Florida isn't far behind.
Ohio 1st State to Offer Out-of-State Originators Transitional Licensing
Ohio has become the first state to allow loan originators who are licensed in other states to originate loans using a temporary license.
NMLS Deadline Fast Approaching
Time is quickly running out for loan originators to meet the renewal requirements for the Nationwide Mortgage Licensing System.