Subscribe to our InfoBytes Blog weekly newsletter and other publications for news affecting the financial services industry.
The Colorado Division of Real Estate recently adopted two new rules for mortgage brokers regarding (i) mortgage broker licensing education requirements (Rule 1-4-1), and (ii) dual status disclosure requirements (Rule 7-1-1). Rule 1-4-1 clarifies the education requirements for individual mortgage broker applicants and licensees. Rule 7-1-1 finds that an individual’s dual status (i.e., acting as a mortgage broker and real estate broker in a single transaction) is a material fact that must be disclosed to the borrower. A dual status mortgage broker must complete and submit a disclosure form to the borrower within three business days after receipt of a loan application or any moneys from a borrower. The final text of Rules 1-4-1 and 7-1-1 was published in the February 10, 2009 Colorado Register and both rules became effective March 2, 2009.
On February 9, Florida Attorney General Bill McCollum reached a settlement with a Florida mortgage foreclosure rescue services company that allegedly collected advance fees for its services, in violation of Florida law. Among other things, the settlement (i) orders the payment of $10,000 to the Attorney General’s “Seniors vs. Crime” program, and (ii) requires the company to refund certain consumers.
- H Joshua Kotin to discuss "Being fair, responsible, & profitable" at the QuestSoft Lending Compliance & Risk Management Virtual Conference
- Kathryn L. Ryan to discuss "NMLS mortgage call report – Where’s NMLS 2.0?" at the QuestSoft Lending Compliance & Risk Management Virtual Conference
- Thomas A. Sporkin to discuss "Managing internal investigations and advanced government defense" at the Securities Enforcement Forum
- Jeffrey P. Naimon to discuss "2021 - A new beginning/what's to come" at the QuestSoft Lending Compliance & Risk Management Virtual Conference
- H Joshua Kotin to discuss "Mortgage servicing in a recession: Early intervention, loss mitigation and more" at the NAFCU Virtual Regulatory Compliance Seminar
- Daniel R. Alonso to discuss "Independent monitoring in the United States" at the World Compliance Association Peru Chapter IV International Conference on Compliance and the Fight Against Corruption
- Jonice Gray Tucker to discuss "Cyber security, incident response, crisis management" at the Legal & Diversity Summit
- Jonice Gray Tucker to discuss "The future of fair lending" at the Mortgage Bankers Association Regulatory Compliance Conference
- Michelle L. Rogers to discuss "Major litigation" at the Mortgage Bankers Association Regulatory Compliance Conference
- Kathryn L. Ryan to discuss "Pandemic fallout – Navigating practical operational challenges" at the Mortgage Bankers Association Regulatory Compliance Conference
- Jonice Gray Tucker to discuss "Consumer financial services" at the Practising Law Institute Banking Law Institute
- Daniel P. Stipano to discuss "BSA/AML - Covid impact and regulatory/guidance roundup" at an NAFCU webinar