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Mortgage Licensing May 15, 2008
• ISSUE PAPER: CSBS/AARMR Proposed State Licensing Database
The Conference of State Bank Supervisors (CSBS) has entered into an agreement with the National Association of Securities Dealers (NASD) to develop an online nationwide licensing system. This new system will use a uniform mortgage license application to create a repository of licensing information that can be used by state residential mortgage regulators. CSBS and the American Association of Residential Mortgage Regulators (AARMR) have formed a limited-liability company called the State Regulatory Registry LLC (SRR) to administer the new system. -- Mortgage Bankers Association,Paul Richman and Meghan Sullivan,Washington DC 04/30/2007
• Proposed National Registry Would Create Illusion of Protection
CSBS and AARMR Continue to Misrepresent Effectiveness of System -- National Association of Mortgage Br,,Mclean Virginia 03/27/2007
• National Residential Originator Licensing
Many of you may remember that we took a stand last year against the New York State Banking Department and their attempt to require individual licensing for residential loan originators. For those of you who were sleeping, judging by the level of support and input we received, many of you were, the law passed and was signed by then Governor Paraki prior to him leaving office. (Thanks George) -- Mid-Hudson Valley Mortgage Bankers,,Poughkeepsie NY 03/11/2007
• Mortgage Licensing System Embraced By Some Slammed By Others
Recently we reported on a new nationwide system for licensing and regulating mortgage lenders on the state level. -- Mortgage News Daily,, 03/08/2007
• States Developing National Residential Mortgage Licensing System
Twenty-nine state agencies have indicated their intent to participate in the Residential Mortgage Licensing System by the end of 2009. -- Mortgage Fraud Blog,,Santa Rosa California 03/02/2007
• State Regulators Press On With Flawed Registration System
Mortgage regulators at 29 state agencies this week announced their support for a nationwide licensing and registration system that the National Association of Mortgage Brokers says is too narrowly focused to effectively protect consumers. -- National Association of Mortgage Br,,Mclean Virginia 02/28/2007
• New Mortgage Licensing System May Benefit States, Lenders and Consumers
The mortgage industry and those who regulate it appear well on their way to dramatically changing the mortgage licensing system. -- Mortgage News Daily,, 02/23/2007
• MBA Endorses Principles and Sample Legislative Language for CSBS/AARMR Residential Mortgage Licensing
Mr. John M. Robbins, CMB, Chairman of the Mortgage Bankers Association, today announced MBA`s support for the Statement of Principles and Related Sample Legislation for the Residential Mortgage Licensing System (RMLS) released by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR). The proposed licensing system would be a means for those who oversee the mortgage lending industry on the state level to have better access to records and information about licensed lenders from state to state. -- Mortgage Bankers Association,,Washington DC 02/20/2007
• ISSUE PAPER: State Licensing of Mortgage Lenders
States have traditionally licensed mortgage companies; however a growing number of states are moving beyond corporate licensing and requiring the licensing of loan officers and even support staff. Additionally, an increasing number of states are adding onerous requirements to existing mortgage company licensing. These new laws and regulations are adding significant costs to mortgage companies, particularly for national and multi-state lenders. Some lenders believe that the increase and expansion of these state laws has placed state-licensed mortgage companies at a disadvantage in relation to federally chartered financial institutions. -- Mortgage Bankers Association,,Washington DC 01/31/2007
