Temporary operating authority for loan officers moving from one state to another is now the law of the land. However, origination firms need to pay attention to potential compliance risks, investor appetite, and state-specific requirements.
The Pennsylvania Department of Banking and Securities unveiled six enforcement actions during the third quarter against licensed mortgage lenders for operating a servicing business without a license.
The bureau issued an interpretive rule that certain screening and training requirements under the Secure and Fair Enforcement for Mortgage Licensing Act do not apply to loan originators with temporary authority.
New York’s governor recently directed the New York State Department of Financial Services to investigate instances of alleged mortgage deed fraud in Brooklyn.
The CFPB recently published guidance to address the upcoming change in transitional licenses for mortgage loan originators who move between states or from banks to nonbanks.
A bipartisan coalition of more than two dozen state attorneys general have urged CFPB Director Kathy Kraninger to reconsider the proposed debt collection policy.
The CFPB in a recent amicus brief defended states’ authority to bring parallel claims against financial institutions for unfair, deceptive and abusive acts or practices.
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