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Mortgage License News | State Agencies | NMLS Registration Statistics
Mortgage lending licenses and news about license issues by state. Mortgage broker licensing, license revocations and legislation.

The Latest in Mortgage License Requirements

Recent updates to mortgage licenses policies

Aug. 27, 2012

By SAM GARCIA Mortgage Daily

portrait of Sam Garcia

National regulatory associations have been busy implementing mortgage licensing requirements and appointing individuals and other organizations to new roles in the sector. Guidance has been issued about transitional licenses for originators who move from one state to another or move from a financial institution to a non-bank lender.

Timothy M. Siwy has been named ombudsman for the Nationwide Mortgage Licensing System and Registry, according to a statement from the Conference of State Bank Supervisors.

Siwy is acting deputy secretary of non-depository institutions and consumer services for the Pennsylvania Department of Banking -- a role he will maintain during his time as ombudsman. He'll provide the non-depository financial services industries and other interested parties with a neutral venue to discuss issues or concerns about NMLS and state licensing.

He'll attempt to engage industry users and regulators in constructive dialogue and help them mutually work towards modern and efficient state regulation.

A proposal submitted by the Financial Regulatory Authority Inc. to perform services related to the ongoing support of testing requirements mandated by the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 was unanimously approved on May 20 by the State Regulatory Registry Board of Managers.

"FINRA was selected to perform components 1 and 2 (test maintenance and test administration) contained in the State Regulatory Registry Board of Managers' request for proposal," a notice from the NMLS said. "The board's decision was based on FINRA's proposal and performance of an existing contract over the past three years."

The Consumer Financial Protection Bureau issued Bulletin 2012-05 on April 19 indicating that the SAFE act permits transitional licensing of mortgage loan originators moving from one state to another. Eligible originators need to either meet net worth or surety bond requirements and pay into a state fund as required by the second state's originator supervisory authority.

But unlicensed originators registered in the federal registry with a financial institution won't be afforded transitional licenses. Regulation H reportedly prohibits origination activities without a valid state-issued loan originator license. So bank originators would need to obtain a license prior to originating for a non-bank lender. Unique identifiers are also required through the NMLS -- though originators won't need to meet that requirement while employed with a bank and holding a unique NMLSR identifier.

"The bureau recognizes that this can create impediments to job changes and is committed to working with the states, industry, and the NMLSR to minimize these impediments going forward, consistent with the statutory language of the SAFE Act," the bulletin stated.

Michigan's Mortgage Loan Originator Licensing Act was amended to exclude loan modification personnel from the definition of mortgage loan originator, according to a client newsletter from Ballard Spahr LLP. In addition, the state added the definition of sponsor, which will allow exempt entities to sponsor licensed mortgage loan originators.

The Office of Financial and Insurance Regulation issues and regulates first mortgage licenses in Michigan.

Small loan lenders were among companies advised to submit an NMLS license transition requests to the Rhode Island Department of Business Regulation, Division of Banking, by June 30.

Sam Garcia founded Mortgage Daily in 1998 and became its full-time publisher in 2000. Prior to his news career he worked in mortgage lending for two decades.

[email protected]

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