Message from Deb Bortner, Director of Consumer Services:
It looks like we had another successful renewal season for our mortgage licensees. With an overall average of 6 days to process mortgage loan origination renewals and 3 days for renewals that were complete when filed, we managed to complete just over 98% of the renewal requests before the December 31 deadline. The renewals on hold had either credit or criminal issues or continuing education timing problems.
Just a reminder for next year, complete your continuing education early. Some of you waited until the very end and were not able to get your results until after the deadline. That costs you a late fee. As happens every year, a fairly large percentage of loan originators decided not to renew their license.
As you have heard if you read your ListServ notices, we are going to adopt the Uniform State Test (UST) when it becomes available on April 1. If you are a MLO considering licensing in other states, you will be able to license in about half the states by taking this one state test. Some of those states are adopting the UST on April 1 like us and some on July 1. If you are interested to see which states that covers, go to the NMLS Resource Center and check it out.
Our enforcement unit is very busy assisting consumers who have been scammed by third party loan modification providers, the vast majority of which are from out of state. Many of these consumers are desperate enough to send thousands of dollars to people who "guarantee" that they will be able to save their home. In October DFI charged 40 loan modification companies for taking upfront fees from individuals in violation of federal law. We anticipate further action in the near future.
Deb Bortner, Director Consumer Services