Tag Archives: NMLS

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

onlineed news(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 by an individual or a limited liability company, of which individual is a member, during any 12-month period. The exemption is limited to liability companies consisting of an individual and family members and prohibits an individual or limited liability company from advertising that it is in business of making loans. Finally, the bill limits to holding no more than eight residential loans and requires the individual claiming this exemption to disclose all loans that the limited liability companies hold in aggregate.

In addition, Senate Bill 879 exempts an attorney from having to hold a mortgage loan originator’s license if the attorney negotiates the terms of a residential mortgage loan in representing a client and does not receive compensation from a mortgage banker, broker, loan originator, or lender unless the compensation is from a client who has specified an exemption from the requirement to hold a mortgage loan originators license.

SB 879 becomes effective January 1, 2016.

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For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers, visit www.OnlineEd.com.

 All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained by third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

The Top 4 Questions Asked About NMLS License Renewal Education

question mark guyOnlineEd® to credit bank NMLS course completions on the same or next business day of your course completion

By Jeff Sorg, OnlineEd Blog

(November 6, 2015) – At OnlineEd, the annual NMLS license renewal season is well underway! It’s a pretty easy task for a MLO to renew a license, but if you have any questions just let us know or visit the NMLS or OnlineEd websites. Here’s a few of the top question asked to NMLS and OnlineEd:

  1.  “Do I need to do CE?” –  MLOs need CE each year to renew a license. But, if you can’t remember if you’ve completed your annual CE, just hop on over to the NMLS website and check your Course Completion Record. The course completion record displays icons informing MLOs if a course is required. The green check mark means they are CE compliant; a yellow “yield” symbol means a course is required. Here’s a Quick PDF Guide published by NMLS on how to view the record.
  2. “Will this course comply with the NMLS Successive Year Rule?” –  MLOs can’t take the same course two years in a row. You won’t need to worry about this with OnlineEd because we publish a new course each year. Just head on over to the OnlineEd course catalog for this year’s offering.  If you’re using another provider, be sure to make sure the course approval is different from the course you completed last year. Remember, the rule is for a course, not a provider. MLOs are free to use the same provider year-after-year, provided their course is different from the year prior.
  3. “When will my course be credit banked with NMLS?” –  NMLS course provider rules require your course provider to credit banking (report your course completion) within 7 calendar days of the date you complete your course. At OnlineEd we do things a little bit different! We will actually credit bank course completions on the same or next business day from the date you complete your course, depending on the time of day completed. The sooner your course is credit banked by your provider, the sooner you’ll be able to renew your license.
  4. “Do I need State-Specific Education? – Many state agencies now have a state-specific CE requirement in addition to the NMLS requirement. The number of hours and any other unique requirements are detailed in the State-Specific Education Charts maintained on the NMLS website.  The OnlineEd mortgage course catalog is separated by state and courses that are intended to satisfy a state requirement have the two-letter state abbreviation in the course title.

The NMLS warns that CA-DBO, CO, NY and UT each have unique requirements. See the State-Charts for details.
Some states agencies might have early education or renewal deadlines. See the State-Specific Education Charts at NMLS for details or give our friendly staff a ring at 866.519.9597.

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For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers, visit www.OnlineEd.com.

 All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained by third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

State Regulators Encourage Licensees to Renew Early through NMLS

Submitting a NMLS license renewal request takes only a few minutes and can save hours of work if the license was to expire

By Jeff Sorg, OnlineEd Blog

time to renew clock(October 28, 2015) – In an effort to remind individuals and businesses to renew their licenses early, the State Regulatory Registry, LLC (SRR), operator of the Nationwide Multi-state Licensing System (NMLS), will launch its second annual “Your License is Your Business” campaign on November 2nd.

November 2nd also marks the first day renewal applications will be available online.

The goal of this nationwide campaign is to remind businesses and individuals working in non-depository financial services that “Your License is Your Business” and early renewal will lower the likelihood of licenses being terminated after December 31.

Submitting a license renewal request takes only a few minutes and can save hours of work later if the license was to expire.

To help promote the renewal campaign, SRR has launched a new Twitter account @NMLSInfo, where licensees may go to learn more and get timely updates on renewal-related news such as key dates, education opportunities, information sources, and much more.

More information about renewing through NMLS can also be found on the Streamlined Annual Renewals page of the NMLS Resource Center.

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For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers, visit www.OnlineEd.com.

 All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained by third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

NMLS to Send Annual CE License Notice to MLOs on July 15

NMLS to place a license item on MLO licenses not yet compliant with 2015 Continuing Education (CE)

reminder text 1(Jeff Sorg, OnlineEd) – On July 15, 2015, NMLS will place a license item on every state MLO license not yet compliant for Continuing Education (CE) in 2015. The purpose of the license item is to remind individuals that they need to complete CE as a condition to renew their license for 2016. What you need to know:

  • An MLO and the company account administrator will receive an email regarding the placement of the license item on every license they hold that is not yet compliant for 2015.
  • The license item does NOT impact a MLO’s current license status or the ability to originate loans; it is simply a reminder to complete CE this calendar year.
  • The e-mail and license item does not have anything to do with any CE that was completed in calendar year 2014 or earlier.

MLOs can see current year requirements and can review previously completed CE by logging in to NMLS and clicking “View Education Record.” MLOs can complete their national 8-hour annual CE online for just $47, plus the NMLS $12 credit banking fee by visiting OnlineEd and signing up before July 31, 2015. OnlineEd is NMLS Sponsor ID: 1400327.

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For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers, visit www.OnlineEd.com.

  This article was published on July 1, 2015. All information contained in this posting is deemed correct and current as of this date, but is not guaranteed by the author and may have been obtained by third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

 

OnlineEd Releases New 2015 NMLS Course for Dual Real Estate and Mortgage License Continuing Education

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OnlineEd is awarded dual California BRE and NMLS approval for its new 2015 NMLS continuing education course

(Jeff Sorg, OnlineEd)  – OnlineEd today received California Bureau of Real Estate (BRE) approval for its all-new-for-2015 NMLS approved continuing education course. This makes the course offering available for 8 hours or NMLS license renewal AND 8 hours of BRE real estate license renewal education in the topic of consumer protection.

The first courses module is a discussion on the new TILA/RESPA Integrated Disclosure rule (TRID) to be implemented October 3, 2015 (previously August 1, 2015). The second course module is an outline of federal fair housing laws that every mortgage loan originator must comply with, including prohibited practices and the rules for the extension of credit. Also included are fair housing violation case studies, along with the implemented punishment against the offender. The third module of this course is an overview of the Fannie Mae HomeStyle® Renovation home loan, which is similar to the FHA 203(k) renovation loan program, but has some noteworthy differences. The final course module is a review of mortgage advertising rules, incluting CFPB 19 MAP rules in Regulation N.

Please visit OnlineEd  for more information. For mortgage education only, please visit the OnlineEd mortgage catalog.

 

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For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers, visit www.OnlineEd.com.

  This article was published on June 24, 2015. All information contained in this posting is deemed correct and current as of this date, but is not guaranteed by the author and may have been obtained by third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

44% of Mortgage Loan Originators Still Need to Renew Licenses

(Jeff Sorg, OnlineEd) – The State Regulatory Registry, LLC (SRR), operator of the NMLS, announced today that as of November 30, 57.2 percent of licenses managed within the System have been submitted for renewal, and 63.9 percent of those requests have had their licenses approved.

Current renewal facts as of November 30, 2014:

  • 6,969, or 66 percent, of financial institutions have requested renewal;
  • 292,373, or 86 percent, of federal registrants have renewed;
  • 194,923, or 55.9 percent, state mortgage loan originator (MLO) licenses have been requested for renewal and 66.4 percent of those have been approved;
  • As a percentage of renewable licenses, the number of MLOs to request renewal is three percentage points higher than in 2013, and the approval rate of those requests has increased by 10 percentage points;
  • 79,701, or 65 percent, of state-licensed MLOs have completed annual continuing education; and
  • NMLS system enhancements to streamline the renewal process and recent changes to the NMLS Resource Center have resulted in a 20 percent decrease in volume to the call center.

In order to allow enough time for CE to be reported into the system and for the MLO to file for renewal, NMLS sets Smart Deadlines each year. These 2014 Smart Deadlines are:

  • SMART: Course(s) reported by your provider to NMLS by Friday, December 19
  • AT RISK TO MISS: Course(s) reported by your provider to NMLS by Friday, December 26
  • GUARANTEED TO MISS: Course(s) reported by your provider to NMLS on Wednesday, December 31

 

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For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers, visit www.OnlineEd.com.

  This article was published on September 18, 2014. All information contained in this posting is deemed correct and current as of this date, but is not guaranteed by the author and may have been obtained by third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

NMLS Annual Renewal Period Starts Nov. 1- It’s Time to Renew!

(c) Can Stock Photo(Jeff Sorg, OnlineEd) – The NMLS annual license renewal season begins tomorrow, November 1, 2014. As a condition to file for renewal MLO’s must complete their annual continuing education.

In order to allow enough time for CE to be reported into the system and for the MLO to file for renewal, NMLS sets Smart Deadlines each year. These 2014 Smart Deadlines are:

SMART: Course(s) reported by your provider to NMLS by Friday, December 19
AT RISK TO MISS: Course(s) reported by your provider to NMLS by Friday, December 26
GUARANTEED TO MISS: Course(s) reported by your provider to NMLS on Wednesday, December 31

Many agencies have unique state-specific education requirements and/or CE deadlines sooner than those listed above:

October 31 GA
November 1 DC
November 30 KY, WV
December 1 DE, IA, KS, PR, VT
December 15 ID, UT-DRE, WA

Your License is Your Business!  NMLS reports that 94% of renewal applications submitted by November 30 are approved by December 31. If you haven’t completed your annual education, get enrolled now and we’ll be sure to get you credit banked with NMLS on the same or next business day from course completion. OnlineEd is NMLS Sponsor ID #: 1400327 and is offering 8-hour NMLS Course ID: 4548.

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For more information about OnlineEd and their education for real estate and mortgage brokers, visit www.OnlineEd.com.

  This article was published on October 31, 2014. All information contained in this posting is deemed correct and current as of this date, but is not guaranteed by the author and may have been obtained by third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

2014 Smart Deadlines for MLO License Renewal

(c) Can Stock Photo(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 (credit bank) 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 deadline, but their provider does not submit until after the deadline, the licensee is prevented from submitting for renewal on time. It is the licensees responsibility to complete in enough time for their courses to be credit banked with NMLS by the provider.

At OnlineEd®, we report your course completions just as fast as we possibly can. This means completions are usually reported to NMLS not later than the next business day from completion (weekends, holidays, and NMLS closures excluded). For completions during the At Risk to Miss and Guaranteed To Miss periods, we upload completions several times daily. While we do as much as we possibly can to upload in a timely manner, it remains the licensee’s responsibility to know the rules and complete in time for provider reporting to take place before the deadline.

In order to allow enough time for CE to be reported into the system and for the MLO to file for renewal, NMLS sets Smart Deadlines each year. These 2014 Smart Deadlines are:

SMART: Course(s) reported by your provider to NMLS by Friday, December 19
AT RISK TO MISS: Course(s) reported by your provider to NMLS by Friday, December 26
GUARANTEED TO MISS: Course(s) reported by your provider to NMLS on Wednesday, December 31

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This article was published on July 31, 2014. All information contained in this posting is deemed correct and current as of this date, but is not guaranteed by the author. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

For more information about OnlineEd and their education for real estate and mortgage brokers, visit www.OnlineEd.com. OnlineEd is NMLS Sponsor: 1400327

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 deadline, but the provider does not submit until after the deadline, the licensee is prevented from submitting for renewal on time.

In order to allow enough time for CE to be reported into the system and for the MLO to file for renewal, NMLS sets Smart Deadlines each year. These 2014 Smart Deadlines are:

SMART: Course(s) reported by your provider to NMLS by Friday, December 19
AT RISK TO MISS: Course(s) reported by your provider to NMLS by Friday, December 26
GUARANTEED TO MISS: Course(s) reported by your provider to NMLS on Wednesday, December 31

At OnlineEd®, we report your course completions just as fast as we possibly can! This means completions are usually reported to NMLS not later than the next business day from completion (weekends, holidays, and NMLS closures excluded). For completions during the At Risk to Miss and Guaranteed To Miss, we upload completions several times daily. While we do as much as we possibly can to upload in a timely manner, it remains the licensee’s responsibility to know the rules and complete in time for provider reporting to take place before the deadline.

 

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This article was published on July 31, 2014. All information contained in this posting is deemed correct and current as of this date, but is not guaranteed by the author. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

For more information about OnlineEd and their education for real estate and mortgage brokers, visit www.OnlineEd.com. OnlineEd is NMLS Sponsor: 1400327

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

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SunTrust to Provide $540 Million in Relief to Homeowners

(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 requiring SunTrust Mortgage, Inc. to provide $500 million in loss-mitigation relief to underwater borrowers. The order also requires SunTrust to pay $40 million to approximately 48,000 consumers who lost their homes to foreclosure and $10 million to the federal government. The order addresses systemic mortgage servicing misconduct, including robo-signing and illegal foreclosure practices. SunTrust must also pay a $418 million penalty, in a parallel mortgage lending filing announced by DOJ today.

 “Deceptive and illegal mortgage servicing practices have pushed families into foreclosure and devastated communities across the nation,” said CFPB Director Richard Cordray. “Today’s action will help homeowners and consumers harmed by SunTrust’s unlawful foreclosure practices. The Consumer Bureau will continue to investigate mortgage servicers that mistreat consumers, and we will not hesitate to take action against any company that violates our new servicing rules.”

SunTrust is a mortgage lender and servicer headquartered in Richmond, Va., and is a wholly-owned subsidiary of Atlanta-based SunTrust Banks, Inc. As a mortgage servicer, it is responsible for collecting payments from the mortgage borrower on behalf of the owner of the loan. It handles customer service, collections, loan modifications, and foreclosures.

 The CFPB, DOJ, HUD, and state attorneys general uncovered substantial evidence that SunTrust was engaged in systemic mortgage servicing misconduct. According to the complaint filed in the federal district court in the District of Columbia, SunTrust’s illegal practices put thousands of people at risk of losing their homes. Specifically, the complaint alleges that SunTrust:

  •  Took advantage of homeowners with servicing shortcuts and unauthorized fees: SunTrust failed to promptly and accurately apply payments made by borrowers, and charged unauthorized fees for default-related services.
  •  Deceived homeowners about foreclosure alternatives and improperly denied loan modifications: SunTrust failed to provide accurate information about loan modification and other loss-mitigation services, failed to properly process borrowers’ applications and calculate their eligibility for loan modifications, and provided false or misleading reasons for denying loan modifications.
  • Engaged in illegal foreclosure practices: SunTrust provided false or misleading information to consumers about the status of foreclosure proceedings where the borrower was in good faith actively pursuing a loss mitigation alternative also offered by SunTrust. The company also robo-signed foreclosure documents, including preparing and filing affidavits whose signers had not actually reviewed any information to verify the claims.

Enforcement Action

Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, the CFPB has the authority to take action against institutions engaging in unfair, deceptive, or abusive practices. Today’s proposed court order, filed in federal district court in the District of Columbia, would require SunTrust to correct their practices and provide relief to harmed consumers. Under the terms of the order, SunTrust must:

  • Provide at least $500 million in relief to underwater borrowers: Over a three-year period, SunTrust must provide more than $500 million in loss mitigation relief to consumers, including reducing the principal on mortgages for borrowers who are at risk of default and reducing mortgage interest rates for homeowners who are current but underwater on their mortgages. If SunTrust fails to meet this requirement, it must pay a cash penalty equal to at least 125 percent of the shortfall.
  •  Provide $40 million in refunds to foreclosure victims: SunTrust must refund $40 million to consumers whose loans it serviced who lost their homes to foreclosure between Jan. 1, 2008 to Dec. 31, 2013. All consumers who submit valid claims will receive an equal share of the $40 million. Borrowers who receive payments will not have to release any claims and will be free to seek additional relief in the courts. Eligible consumers can expect to hear from the settlement administrator about potential payments later this year.
  •  Pay $10 million to the federal government: SunTrust must pay $10 million to cover losses it caused to the Federal Housing Administration, Department of Veterans Affairs, and the Rural Housing Service.
  •  Homeowner protections: Today’s order will require SunTrust to establish additional homeowner protections, including protections for consumers in bankruptcy. Like other servicers, SunTrust is subject to the CFPB’s new mortgage servicing rules that took effect on January 10, 2014. The agreement only covers SunTrust’s violations before the new rules took effect, and does not prevent the CFPB from pursuing civil enforcement actions against SunTrust for violations of these rules.  

 A copy of the SunTrust complaint that was also filed in the federal court in the District of Columbia will be posted at: http://www.consumerfinance.gov/

The complaint is not a finding or ruling that the defendants have actually violated the law. The proposed federal court order will have the full force of law only when signed by the presiding judge.

The settlement administrator will be in touch with eligible consumers who lost their homes to foreclosure between Jan. 1, 2008 and Dec. 31, 2013.  Consumers who are interested in loss mitigation should contact SunTrust at 1-800-634-7928 or by email through the SunTrust Mortgage, Inc. support page at www.SunTrustMortgage.com.