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Welcome to the Mortgage Knowledge Blog by MortgageEducation.com
The NMLS has updated the report on state-licensed mortgage entities with Q3 data. The report provides aggregated information for companies, branches and individuals licensed or registered by state agencies. Highlights include:
- Number of individual MLO licenses grew to 216k in Q3
- 1140 companies nationwide applied for new licenses
- FL, CA, TX had most new MLO applications
MortgageEducation.com has teamed up with renowned mortgage and marketing professional Bliss Sawyer to offer the training and tools you and your MLO's will need for the year ahead.
On December 16th at 12:00 pm EST, we are providing a 30 minute introductory webinar to gain a few useful tools and see what the 6 month program is all about (for more information about the program in advance, click here)
To register, email support@mortgageeducation.com
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Who's Really Driving?
Over the last three years the mortgage industry has updated, revised, reformed, restructured, and proposed changes to almost every federal and many state laws and regulations around lending and the mortgage loan process. This began with the House and Economic Recovery Act, HERA, in 2008 and has continued through the most recent Dodd-Frank Amendment. The industry has seen changes with RESPA, TILA and even GSE rules like HVCC (which is now no longer) and hot off the press, the UAD for lender appraisal reporting.
It’s a wonder the MLO can even keep up with it all. Once, the FTC, HUD, the Inspector General, banking regulators, and other enforcement agencies were the driving forces for consumer protection. As we know, this authority is shifted to the CFPB, the Consumer Financial Protection Bureau. According to National Mortgage News, it was reported that the Financial Stability Oversight Board could even “override bureau rules.” The question on the minds of many industry participants is: Who’s really driving? And is there a true system of checks and balances?
The CFPB’s Director thinks the answer is clear. Take a look... Read full story
Just when you thought it was S.A.F.E. the mortgage industry announces more changes, more effective dates, more rule changes, and more regulatory agencies to make sure we are doing it all right. How does one keep them all in order? The Harvard Law School Forum on Corporate Governance and Financial Regulation gives more insight on the changes to mortgage lending practices after the Dodd-Frank Act.
From NMLS: Status of PE/CE course completions
As of July 30, 2011, new or existing MLOs have completed the following number of hours of either pre-licensure (PE) or continuing education (CE):
Number Hours of PE Completed: Over 369,530 hours of PE have been completed since January 1, 2011 equating to approximately 18,477 MLOs. This is an increase of 1400 MLOs since June 30. Number Hours of CE Completed: Approximately 135,000 hours of CE have been completed since January 1, 2011 equating to approximately 16,882 MLOs. 20% of the estimated 85,000 MLOs who are required to complete CE in 2011 are now compliant.
Read full story
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