Tag Archives: loan originator

NMLS Smart Deadlines for 2014 License Renewal

(OnlineEd – Jeff Sorg) – The deadline to complete NMLS CE for MLO license renewal is December 31, 2014. However, NMLS Rules allow course providers seven days to report their course completions to NMLS. This means licensees will not want to wait until the last minute before completing their education requirement. If the licensee completes before the […]

CFPB Seeks Constent Order Against Castle & Cooke for $13 Million

(CFPB – WASHINGTON, D.C.)  The Consumer Financial Protection Bureau (CFPB) today announced a proposed consent order in its enforcement action against Castle & Cooke Mortgage, LLC, for allegedly steering consumers into costlier mortgages. The Bureau has asked a federal district court to approve a consent order that would provide more than $9 million in restitution for […]

CFPB Releases Second Update Of Exam Procedures For Mortgage Rules

(CFPB – WASHINGTON, D.C.) On August 15, 2013 the Consumer Financial Protection Bureau (CFPB) released a second update to its exam procedures in connection with the new mortgage regulations issued in January 2013. The interim exam procedures offer valuable guidance to financial institutions and mortgage companies on what the CFPB will be looking for as […]

The CFPB Issues Procedural Rule on Supervising Nonbanks That Pose Risks to Consumers

(CFPB -WASHINGTON, D.C.) —The Consumer Financial Protection Bureau (CFPB) issued a rule that establishes procedures to bring under its supervisory authority certain nonbanks whose activities it has reasonable cause to determine pose risks to consumers. Nonbanks subject to the rule are companies that offer or provide consumer financial products or services but do not have […]

CFPB Issues Proposed Modifications to Mortgage Rules

The CFPB finalized several mortgage rules in January 2013 that are addressed by today’s proposal. The Ability-to-Repay rule protects consumers from irresponsible mortgage lending by requiring that lenders make a reasonable, good-faith determination that prospective borrowers have the ability to repay their loans. The mortgage servicing rules established strong protections for homeowners facing foreclosure, and the loan originator compensation rules address certain practices that incentivized steering borrowers into risky and/or high-cost loans. The CFPB also finalized rules that strengthened consumer protections for high-cost mortgages, and instituted a requirement that escrow accounts be established for a minimum of five years for certain higher-priced mortgage loans.

CFPB Releases Informative Videos on YouTube

Confused about the CFPB’s January 2013 new mortgage rules? Don’t have an afternoon to read a series of .pdf files? Check out the new videos that the CFPB just posted on YouTube. “We’re trying to make our rules more understandable and more user-friendly, setting out as clearly as we can what you need to know, […]

MLOs Not to Take The Same NMLS Approved CE Courses in Successive Years

(OnlineEd – Portland, OR) Mortgage Loan Originators (MLOs) cannot complete the same approved continuing education courses in the same or successive years to meet their annual requirements for continuing education credit. “Successive years” as interpreted by the NMLS means two years in a row. The SAFE Act of 2008 requires MLOs to complete 8 hours of NMLS approved CE annually. The NMLS system […]

Which OnlineEd Approved NMLS Continuing Education Course Should I Take? (California)

The SAFE Act requires all mortgage loan originators to complete a minimum of 8 hours of NMLS approved continuing education once a year before December 31. OnlineEd® likes to help you out whenever we can! We have three different options, each one slightly different, to make sure you get the exact education you need, in […]

Consumer Protections Bolstered with CA’s Department of Real Estate New Licensing Law for Mortgage Loan Originators

(SACRAMENTO, Ca. Dept. of Real Estate) – Oversight of residential mortgage loan originators has been vastly improved with the implementation of new licensing requirements for mortgage originators in California. These new licensing requirements place stricter standards on individuals who originate residential mortgage loans. These standards are intended to keep unscrupulous operators out of the business while ensuring those […]