Tag Archives: mortgage license

Oregon’s Senate Bill 879 – Exemptions from Mortgage Loan Originator (MLO) License Requirement

Oregon bill exempts certain individuals from the requirement to hold a mortgage loan originator’s license By Jeff Sorg, OnlineEd Blog (December 24, 2015) – Senate Bill 879 exempts an individual from the requirement to hold a mortgage loan originator’s license who sells, offers, or negotiates terms of up to three residential mortgage loans secured by dwelling unit owned […]

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 […]

Consumer Financial Protection Bureau, Federal Partners, and State Attorneys General File Order Requiring Suntrust to Provide $540 Million in Relief to Homeowners for Servicing Wrongs

Company Also Ordered to Pay $10 Million for Servicing Misconduct and Fined $418 Million by the DOJ (CFPB -WASHINGTON, D.C.) — Today the Consumer Financial Protection Bureau (CFPB), Department of Justice (DOJ), Department of Housing and Urban Development (HUD), and attorneys general in 49 states and the District of Columbia filed a proposed federal court order […]

U.S. Supreme Court to hear mortgage loan officers’ pay case

(Reuters) – The U.S. Supreme Court on Monday agreed to weigh a dispute over whether mortgage loan officers are exempt from minimum wage and overtime pay regulations. The two related cases concern a decision in 2010 by the U.S. Labor Department, which reversed a 2004 finding made during the administration of President George W. Bush […]

CFPB Orders Connecticut Lender to Pay $83,000 Civil Penalty

(Consumer Financial Protection Bureau – Washington, D.C.) Today, the Consumer Financial Protection Bureau ordered a Connecticut mortgage lender, 1st Alliance Lending, LLC (First Alliance), to pay an $83,000 civil money penalty for violating federal law by illegally splitting real estate settlement fees. First Alliance self-reported these violations to the Bureau, admitted liability, and provided information related […]

Oregon Amends Provisions of Foreclosure Avoidance Notice

(Jeff Sorg, OnlineEd – Portland, OR) Oregon has amended the provisions of its Foreclosure Avoidance Notice by providing for the form and content of the notice when a lender determines that a homeowner is not eligible for foreclosure avoidance measures or has not complied with an already agreed upon avoidance measure. The form [Form 20] requires […]

CFPB Takes Action Against Castle & Cooke for Paying Employees to Steer Consumers into Expensive Mortgages

The CFPB alleges that the company violated the rule with its quarterly bonus program, which paid more than 150 Castle & Cooke loan officers greater bonus compensation when they persuaded consumers to take on more expensive loans. The average quarterly bonus ranged from $6,100 to $8,700. By contrast, those loan officers who did not charge consumers higher interest rates did not receive quarterly bonuses. The CFPB estimates that more than 1,100 illegal quarterly bonuses were paid and that tens of thousands of customers may have been upsold since April 2011.

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.

Free List of Mortgage Abbreviations and Acronymns

(Jeff Sorg, OnlineEd) – Is your CAN-SPAM in compliance with your GENESYS or are they both in need of PEP? Don’t be confused by all the mortgage abbreviations and acronyms being tossed around today! OnlineEd has put together a list of the most commonly used mortgage industry abbreviations in this free PDF.  ### If you have questions or […]