NMLS annual renewal deadline is Dec. 31

The Nationwide Multistate Licensing System and Registry reminds individuals and businesses that the annual renewal period for 2017 ends Dec. 31. Last month, the NMLS launched the third annual “Your License is Your Business campaign” to remind individuals and businesses about the importance of early renewal.

Those who have questions about the renewal process can call the NMLS Call Center at 855-655-7123 from Mon.-Fri., 9 a.m. to 9 p.m. ET. More information also is available at the NMLS Annual Renewal information page.

Arkansas to adopt Uniform State Test on Jan. 1

The Nationwide Multistate Licensing System and Registry has announced that the Arkansas Securities Department will be adopting the National SAFE MLO Test with Uniform State Content, effective Jan. 1.

By adopting the test, Arkansas is the 54th state agency that will no longer require a second-state specific test component be taken by mortgage loan originators seeking licensure in the state.

A map of the states that have adopted the Uniform State Test can be found by clicking here.

Report highlights servicemember complaints about VA refinancing

The Consumer Financial Protection Bureau in November released a report highlighting the complaints of military servicemembers related to VA mortgage refinancing.

The CFPB has received more than 12,500 mortgage complaints from servicemembers, veterans and their families since the bureau began accepting complaints in 2012. The report reviewed and analyzed about 1,800 of those complaints related to mortgage refinancing.

Veterans complained of aggressive solicitations or misleading advertisements by lenders designed to get them to refinance using one of the VA loans programs. Other common complaints by veterans include lenders failing to deliver on the promises made during the application process, and lenders failing to clearly spell out or communicate the full details of the loan, the report found.

The full report is available by clicking here.

Agencies issue final rule on small loan thresholds

The Consumer Financial Protection Bureau, the Federal Reserve Board and Office of the Comptroller of the Currency issued a final rule detailing the method that will be used to make annual inflation adjustments to the threshold for exempting small loans from special appraisal requirements. The final rule also applies the calculation method to the exemption threshold for 2017.

The threshold will remain at $25,500, based on the Consumer Price Index for Urban Wage Earners and Clerical Workers that went into effect on June 1, 2016.

The final rule will take effect on Jan. 1.

The final rule can be read by clicking here.

FCC issues advisory on robotext messages

The Federal Communications Commission’s Enforcement Bureau has issued an enforcement advisory to promote understanding of the legal limits on the use of autodialed text messages, also known as robotexts. The FCC advisory seeks to protect consumers from harassing, intrusive, illegal and unwanted robotexts to cell phones and other mobile devices.

The advisory outlines restrictions on the use of autodialed calls or text messages by companies as well as protections for consumers. It also discusses potential penalties the FCC can impose for robotext violations.

The full advisory can be read by clicking here.

By |2019-11-25T07:41:08-06:00December 2nd, 2016|Financial Services|0 Comments

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