Tag Archives: SAFE Act

NMLS License Renewals Off to Strong Start

Submitting renewal requests in early December significantly reduces the likelihood of a NMLS license being terminated on January 1, 2016 By Jeff Sorg, OnlineEd Blog (December 8, 2015) –  The 2016 renewal period for the Nationwide Multistate Licensing System (NMLS) is off to a strong start, with renewal approvals up from last year.  NMLS announced that […]

Oregon Begins Using Uniform State Test for Mortgage Loan Originators

(Jeff Sorg – OnlineEd) – The Conference of State Bank Supervisors (CSBS) has announced that the Oregon Department of Finance and Corporate Securities (DFCS) began using the National SAFE Mortgage Loan Originator (MLO) Test with Uniform State Content. This brings the total number of state agencies using the test to 46. The Oregon DFCS regulates […]

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 […]

Ten More States to Use Uniform Mortgage Test; 30 States Now Using the Test

(OnlineEd® – Portland, OR) The Conference of State Bank Supervisors (CSBS)  today announced that an additional 10 state mortgage loan originator licensing agencies will begin using the National SAFE MLO test. This brings the total number of state agencies to 30 who are using the test.  The test was first made available on April 1, 2013, […]

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 Exam Procedures for New Mortgage Rules

(CFPB – WASHINGTON, D.C.) — On June 4, 2013, The Consumer Financial Protection Bureau (CFPB) published the first update to its exam procedures for the new mortgage regulations it issued in January 2013. The exam procedures offer financial institutions and mortgage companies valuable guidance on what the CFPB will be looking for as the rules become […]

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, […]

Time is Running Out for Mortgage Loan Originators to Renew License (2011)

(Jeff Sorg, OnlineEd® – Portland, OR) Mortgage Loan Originators please plan accordingly! It will take NMLS 24 hours to recognize that an education provider has submitted a MLO’s continuing education completion notice to the NMLS database. A MLO cannot submit an application to renew a license until they have completed their annual continuing education requirement […]

New Rule Changes the Number of Times a MLO Can Fail SAFE Test

(OnlineEd – Portland, OR) – On August 29, 2011 the US Department of Housing and Urban Development (HUD)  implemented a new rule for the SAFE Act. This rule changes the number of times a mortgage loan originator (MLO) can fail a SAFE MLO test component from four to three before being required to wait 180 […]

Mortgage Loan Originators Can Win FREE Continuing Education

Yes, you read that title right! OnlineEd® is offering one FREE 8 Hour SAFE Comprehensive Continuing Education Course every single week until December! All you have to do is head over to our facebook page, click like, and fill out the entry form. We pick a new winner every Friday at 3PM (PST). One entry […]