Mortgage License News

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MORTGAGE EXPERT
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Diamond Residential Mortgage Settles Alleged Fraud
Diamond Residential Mortgage Corp. has agreed to pay more than $1 million to settle alleged fraudulent activity by former employees.

Lender Blames CT Bank Regulator for Layoffs
Overzealous licensing requirements in Connecticut are being blamed for the termination of a home lender’s planned headquarters expansion and dozens of layoffs.

Banks Lose Thousands of Mortgage Originators
Although the yearly ranks of home loan originators who are employed by banks was reduced by thousands, state-licensed loan officer growth more than offset the losses.

NewDay Takes LO Training to New Level
Recruiting for loan originators at NewDay USA is focused on recent college graduates, while training for the license exam is done through an in-house program.

Single LO License Test Approved for All States
Mortgage loan originators in all states can now apply for a license in one or more states and only be responsible for passing a single national test.

LOs Continue to Migrate from Banks to Nonbanks
As the number of mortgage loan officers expanded, the quarterly trend of originators fleeing financial institutions for non-bank home lenders continued.

NMLS Call Report Changes Delayed
Implementation of planned changes to reporting requirements for the Nationwide Multi-state Licensing System have been delayed.

PA Mortgage Servicers to Start License Applications
Residential loan servicers will soon be able to apply for licenses in the Keystone State as required by legislation that became law late last year.

More Mortgage LOs Leave Banks for Non-Banks
As the number of residential loan originators grew last year, a bigger share of the group found themselves working at non-bank lenders for the second year in a row.

Mortgage Branch Manager Says Employees Set Him Up
The manager of a mortgage branch that was ordered to temporarily shut down by Illinois regulators is blaming his employees for setting him up.

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Mortgage Daily Staff

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