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Category Archives: Insights

NMLS updates temporary policy for reporting deadlines

InsightsBy APPROVED LicensingMarch 31, 2020

Instead of the original 60-day deadline extension, the NMLS Policy Committee encourages regulators to be lenient if reports are filed within 30 days of the placement of the license item (based on the standard due date).

North Carolina issues guidance on debt collection

InsightsBy APPROVED LicensingMarch 28, 2020

The North Carolina Department of Insurance issued guidance clarifying certain debt collection obligations for insurance companies and related entities.

District of Columbia permits mortgage brokers and originators to work from home, delays reporting deadlines

InsightsBy APPROVED LicensingMarch 28, 2020

The D.C. Department of Insurance, Securities and Banking guidance also notes that all evictions of tenants and foreclosed homeowners on or before May 1 are stayed.

Texas issues Covid-19 guidance related to multiple licenses

InsightsBy APPROVED LicensingMarch 27, 2020

On March 26, the Texas OCCC issued four bulletins directed at regulated lenders urging these entities to work with borrowers during the crisis.

South Carolina and Massachusetts extend reporting deadlines

InsightsBy APPROVED LicensingMarch 27, 2020

The South Carolina guidance applies to Mortgage Log Filings while the Massachusetts extensions affect a number of reporting deadlines.

Massachusetts DOB reminds licensees of requirement for pandemic planning

InsightsBy APPROVED LicensingMarch 27, 2020

The Division further advised licensees that it does not require an MLO’s home to be licensed as a branch so long as they do not advertise it as an office or meet consumers there.

Indiana issues work at home guidance for licensees

InsightsBy APPROVED LicensingMarch 27, 2020

The Indiana Secretary of State, Securities Division issued a Compliance Alert to all licensed loan brokers and collection agencies. The Division encouraged licensees to instruct their employees to work from home and refrain from any in-person meetings whenever possible.

Kansas OSBC provides remote work guidance

InsightsBy APPROVED LicensingMarch 27, 2020

Licensed mortgage companies, mortgage loan originators, supervised loan licensees, credit services organizations, money transmitters, and credit notification registrants will be allowed to operate from remote locations.

Louisiana advises non-depository institutions on temporary closures

InsightsBy APPROVED LicensingMarch 27, 2020

On March 18, Louisiana’s Commissioner of Financial Institutions released emergency advisories for non-depository institutions, specifically repossession agents and bond for deed escrow agents, check cashers, pawnbrokers, licensed consumer lenders/brokers, and residential mortgage lenders.

NMLS extends deadline for reports and SAFE MLO test enrollment

InsightsBy APPROVED LicensingMarch 25, 2020

In response to the Covid-19 pandemic, the NMLS Policy Committee on Mar. 25, 2020 extended the deadline for certain reporting obligations satisfied through NMLS, and the enrollment window for taking the SAFE MLO test.

New York extends deadline for Covid-19 response plans

InsightsBy APPROVED LicensingMarch 25, 2020

NYDFS extended the deadlines for regulated institutions to provide their plans to manage the financial and operational risk caused by Covid-19 until May 25.

Indiana permits loan brokers and collection agents to work from home

InsightsBy APPROVED LicensingMarch 25, 2020

The Secretary of State, Securities Division, issued guidance to loan broker and collection agencies in response to Covid-19, encouraging licensees to instruct their employees to work from home and refrain from any in-person meetings.

Oregon extends annual report deadline for consumer finance licensees

InsightsBy APPROVED LicensingMarch 23, 2020

In response to the Covid-19 pandemic, the Oregon Division of Financial Regulation has indefinitely suspended enforcement of the March 31 deadline.

California permits certain licensees to work from home

InsightsBy APPROVED LicensingMarch 23, 2020

The DBO issued guidance to escrow agents, finance lenders and servicers, student loan servicers, residential mortgage lenders and servicers, and mortgage loan originators in light of Covid-19.

Idaho amends requirements for mortgage lenders

InsightsBy APPROVED LicensingMarch 23, 2020

Among other things, HB 401 amends the definition of “mortgage lending activities” to include residential mortgage servicing and eliminates certain prohibited practices.

Michigan directs licensees to provide Covid-19 response summary by March 20

InsightsBy APPROVED LicensingMarch 19, 2020

The Michigan Department of Insurance and Financial Services seeks to understand licensees’ and registrants’ plans so that they can better address related inquiries from consumers.

Colorado requests pause of debt collection efforts

InsightsBy APPROVED LicensingMarch 19, 2020

The CO Attorney General released a statement urging student loan servicers, creditors, and debt collectors to discontinue mandatory debt collection efforts for consumers who experience financial distress due to Covid-19.

Preliminary state regulatory guidance related to Covid‑19

InsightsBy APPROVED LicensingMarch 19, 2020

We have collected and summarized the preliminary guidance issued by the following states: Alaska, Alabama, Arkansas, Connecticut, Idaho, Kansas, Massachusetts, Maryland, Mississippi, Montana, Nebraska, Nevada, New Hampshire, New Mexico, New York, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Dakota, Texas, Utah, Vermont, Washington, and Wisconsin.

Centers Administering Mortgage Loan Originator Test to Close for 30 Days

InsightsBy APPROVED LicensingMarch 17, 2020

In response to coronavirus/Covid‑19, Prometric announced today that it will temporarily close all of its test centers in the U.S. and Canada for 30 days, beginning March 18.

NY Requires Regulated Institutions to Submit Covid‑19 Response Plans by April 9

InsightsBy APPROVED LicensingMarch 16, 2020

On March 10, the New York State Department of Financial Services issued several industry letters related to the novel coronavirus known as “Covid‑19.” Two of those letters require responses from New York regulated institutions no later than April 9, 2020.

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