On April 29, 2019, New Jersey joined a growing number of states that license mortgage loan servicers when Governor Phil Murphy signed the Mortgage Servicers Licensing Act, to be effective in July 2019. Mayer Brown’s latest Legal Update discusses implications for mortgage servicers, including new licensing requirements, certain exemptions, and the Act’s relationship to federal
With Oregon scheduled to begin accepting mortgage loan servicer license applications through the Nationwide Multistate Licensing System (“NMLS”) on November 1, 2017, we wanted to update our August 16, 2017 blog post for those who may be subject to the licensing requirements.
Temporary rules were issued on October 20, 2017 so that the licensing process can commence. Rules applicable to the non-licensing requirements of the new Oregon Mortgage Loan Servicer Practices Act (the “Servicer Act”), will be proposed later this year or early 2018, and will be incorporated with the temporary rules when the final servicer rules are issued.
Licensing Obligations Under the Servicer Act
The new Oregon Servicer Act provides for a dedicated mortgage loan servicer license, separate from the license as a mortgage banker or mortgage broker obtained under Oregon’s Mortgage Lender Law. Although the Oregon Servicer Act was effective upon Governor Katherine Brown’s signature on August 2nd, the legislation expressly provides that the Servicer Act will become operative on January 1, 2018, and that it will apply “to service transactions for residential mortgage loans that occur on or after [the] operative date.”…
It’s fall, Halloween is over, and the scary clowns (other than those vying for political office) will recede into the forests next to small communities. Now it’s time to look forward. Many, we hear tell, cannot do so with joy as they plan for Thanksgiving and the year-end holidays. Rather, there is a sense of dread and foreboding as mortgage companies, money transmitters, and collection agencies, among others, begin the annual license renewal process through the NMLS. Before too many deficiencies start haunting your NMLS Account Records, the Consumer Financial Services practice group at Mayer Brown wishes to offer you some cheer to keep your spirits up and 12 terrific tips (indeed, huuuuuge ideas) to help you slog through renewals and minimize deficiencies.…
On September 12, 2016, the Nationwide Multistate Licensing System (“NMLS” or “the System”) will begin receiving and tracking Electronic Surety Bonds (“ESB”). In an unprecedented departure from the traditional uploading of a copy of a surety bond document to the applicant’s or licensee’s record followed by the delivery of the paper bond to the state, regulators in Idaho, Indiana, Iowa, Massachusetts, Texas, Vermont, Washington, and Wisconsin have publicly announced the adoption of ESB in 2016 for several license types. This is the first group of states to “bond on line,” but all states are expected to have a common bond process through the NMLS.…