Georgia
The Georgia Department of Banking and Finance recently adopted final revisions to its regulations under the Georgia Residential Mortgage Act. These changes are currently effective.
Notably, the rules reduce the fine for failure to timely file an NMLS call report from $1000 to $100 per occurrence.
Maine
The Maine Bureau of Consumer Credit Protection released final regulations to implement its transition to the NMLS system. Supervised lender and loan broker licensees must transition theirMainelicenses onto NMLS by October 31, 2012. Renewal applications from existing licensees received between November 1, 2012 and November 30, 2012 will be processed, but applicants will be assessed a late fee.
The rules require a licensee to amend its information on file with NMLS within 30 days of the occurrence of a change to such information. Additionally, a supervised lender or loan broker licensee must list its NMLS unique identifier in any advertising that references the availability of loans or loan-related services.
Nevada
The Nevada Division of Mortgage Lending issued a memorandum clarifying the licensing requirements for wholesale lenders. The memorandum provides that a person is exempt as a wholesale lender if such person only provides a funding source for a licensed or exempt mortgage broker to close and fund a loan in the name of the mortgage broker. If a wholesale lender funds and closes a loan in its own name, such activity is not covered by the exemption and a license is required. Additionally, if a wholesale lender buys the note or purchases the assignment of the note from the licensed or exempt mortgage broker, such activity is not covered by the exemption and a license is required.
Wholesale lenders who will no longer be exempt under this guidance are required to apply for a mortgage broker license on or before October 1, 2012. Any person continuing to act as a wholesale lender after December 31, 2012 that is required to be licensed as a mortgage broker but has not applied for a license will be subject to disciplinary action.
Washington
The Washington Department of Financial Institutions amended its rules governing Consumer Loan Act and Mortgage Broker licensees. The amended rules are effective November 1, 2012, and clarify certain licensing requirements and practices under the Act. The disclosure requirements relative to rate locks were amended for both Consumer Loan Act and Mortgage Broker licensees. Advertising requirements for Consumer Loan Act licensees were also amended.