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2010 SESSION
HB 547 Nationwide Mortgage Licensing System & Registry; requires mortgage lenders and brokers to register.
Introduced by: Daniel W. Marshall, III | all patrons ... notes | add to my profiles | history
SUMMARY AS ENACTED WITH GOVERNOR'S RECOMMENDATION:
Mortgage lenders and mortgage brokers; Nationwide Mortgage Licensing System and Registry. Requires all mortgage lenders and mortgage brokers whose employees are required to be licensed as mortgage loan originators to register with the Nationwide Mortgage Licensing System and Registry. The Registry has been developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators. The State Corporation Commission may enter into agreements with the Registry setting conditions for the collection of information and fees. This is a recommendation of the Virginia Housing Commission. The measure also extends the maximum duration of a provisional mortgage loan originator license from 6 months to 12 months.
SUMMARY AS INTRODUCED:
Mortgage lenders and mortgage brokers; Nationwide Mortgage Licensing System and Registry. Requires all mortgage lenders and mortgage brokers whose employees are required to be licensed as mortgage loan originators to register with the Nationwide Mortgage Licensing System and Registry. The Registry has been developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators. The State Corporation Commission may enter into agreements with the Registry setting conditions for the collection of information and fees. This is a recommendation of the Virginia Housing Commission. SB 240 is identical.