Checkpoint webcast: Meet Mogy
This webcast was held in conjunction with the public launch of our licensing technology platform.
Periodic reporting made easier [Webcast Archive]
Our panel shares best practices and tricks of the trade to prepare for periodic reports coming up in the first quarter of 2020. [Checkpoint Webcast]
Nevada to consolidate mortgage banker and broker licenses
On Jan. 1, 2020, the NMLS will convert Nevada mortgage broker licenses and Nevada mortgage banker licenses to Nevada mortgage company licenses.
Upcoming deadlines: NMLS license transitions
Certain licensees in Mississippi, New Mexico, and Rhode Island face a Dec. 31 deadlines to transition to the NMLS. Others in Kentucky and South Carolina will be required to transition in the first half of 2020.
APPROVED Checkpoint: Top 10 things to know about MLO Temporary Authority
On November 24, the mortgage loan originator temporary authority to operate (Temporary Authority) provisions of the Federal Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155) take effect. The primary goal of Temporary Authority is to streamline MLO licensing and reduce friction in lending nationwide by permitting qualified MLOs to apply to be temporarily…
Meet Mogy: APPROVED’s web-based licensing platform
APPROVED has built a web-based regtech platform from the ground up. We call it Mogy — named after a pioneer in the field of work simplification — and it is designed to make the licensing process smarter, more predictable, and more streamlined. At Mogy’s core is a proprietary requirements database, built upon the combined legal…
California says all CFL licensees should use NMLS
On October 25, the California Department of Business Oversight (DBO) published proposed regulations that (i) require all licensees under the California Financing Law (CFL) to register through NMLS; and (ii) establishes regulatory requirements for the oversight of Property Assessed Clean Energy (PACE) program administrators. Currently, under the CFL, some licensees engaged in residential mortgage origination…
Certain Maryland CSBs no longer required to provide information statement
Until recently, all Maryland credit services businesses (CSBs) were required to provide consumers with a written statement that includes the information listed at Md. Code Ann. Com. Law § 14-905 prior to either (1) the execution of a contract or agreement between the consumer and the CSB, or (2) the receipt by the CSB of…
APPROVED expands team with two key additions
WASHINGTON, D.C. (Oct. 28, 2019) APPROVED, Buckley’s licensing service for financial services companies, announces the addition of two key players as it expands its state examination management and California licensing capabilities — Kristie Battershell and Debbie Stopeck. “We continue to build APPROVED by attracting talented people with deep knowledge of the licensing process who know…
APPROVED Checkpoint: NMLS annual renewal period is almost here
It’s that time of year! The NMLS annual renewal period begins on November 1, and ends on December 31. It’s important to handle your renewal requirements as early as possible, given that failure to renew in a timely manner may result in license termination. For starters, you’ll want to ensure that your NMLS record is…
Upcoming deadline: California license annual assessment
The California Department of Business Oversight (DBO) has notified California Financing Law (CFL) licensees and California Residential Mortgage Lending Act (CRMLA) licensees of their annual assessment obligations for fiscal year 2019-2020. Assessment invoices must be paid by October 31, 2019. For CRMLA licensees, notice of the assessment was provided via an NMLS invoice last month.…
Buckley announces Winnow, a new regtech solution coming in 2020
Find what you need with Winnow Buckley LLP is preparing to launch its newest product, Winnow, in 2020. Winnow is a powerful online application designed to deliver regulatory surveys tailored to a user’s specific business type and licensing, the financial products they offer, and where they offer those products. Winnow solves one of the key…
Temporary Authority — Learn why 2, 14, 30, 120, 365, and 2155 may be your lucky numbers! [Webcast Archive]
Our panel discusses the launch of TA, NMLS implementation, and the approach at the state level. And of course, the importance of the numbers 2, 14, 30, 120, 365, and 2155. [Checkpoint Webcast]
APPROVED Checkpoint: NMLS implements new worker classification requirement
Over the summer, the NMLS implemented Release 2019.7, which requires NMLS company users to provide worker classification information for certain individuals associated with the company’s record. While the release is in support of Temporary Authority to Operate (which goes into effect November 24, 2019), the requirement does not encompass mortgage loan originators exclusively — it…
CFPB issues FAQs on SAFE Act amendments
On September 25, the CFPB published four FAQs pertaining to compliance with federal SAFE Act amendments created by the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), which take effect on November 24. According to the Bureau, the Act’s amendments “establish temporary authority, which provides a way for eligible loan originators who have applied for…
Preparing for 2020 license renewals [Webcast Archive]
We are joined by Reece Chekan from CSBS to discuss how to prepare for renewal, including what to expect during the renewal period, state-specific requirements, and how temporary authority might impact the renewal process.
Debbie Stopeck Brings Three Decades of Licensing Experience to APPROVED
We are excited to share the news that Debbie Stopeck has joined APPROVED after a long career at the California Department of Business Oversight. We’ve asked Debbie to develop a comprehensive licensing consulting practice for California Financing Law (CFL)-eligible clients. In that role, she’ll provide oversight of CFL and other state financial services applications, and…
Indiana issues rule providing temporary authority for MLOs
On August 28, the Indiana Department of Financial Institutions published in the Indiana Register an emergency rule providing 120-day temporary authority for certain mortgage loan originators (MLOs) to originate loans in Indiana without a state license, pursuant to Section 106 of the Economic Growth, Regulatory Relief, and Consumer Protection Act. The new rule provides that in order to…
Texas adopts licensing requirements for MLOs
On August 16, the Finance Commission of Texas adopted provisions to amend various licensing requirements for residential mortgage loan originators (MLOs) regulated by the state’s Office of Consumer Credit Commissioner (OCCC), and implement licensing provisions in HB 1442, which took effect September 1. The amendments adopted by the Commission in August “maintain the current one-year term, the current…
NYDFS fines non-licensed student loan servicer for alleged TILA disclosure violations
On August 15, NYDFS announced a settlement with a student loan servicer and its parent company to resolve allegations that the companies failed to comply with state financial services law requirements when servicing, purchasing, and originating student financing agreements. According to the consent order, the student loan servicer—which, among other things, services student financing agreements that constitute retail…