NMLS to host ninth annual conference Feb. 13-16

The ninth annual Nationwide Multistate Licensing System Conference and Training will be held Feb. 13-16 at the Hilton Austin in Austin, Texas. Attended by state and federal regulators and financial services licensees of all types, the conference provides an exchange of information among both new and experienced NMLS users on system and regulatory compliance issues that affect their organizations.

The conference allows attendees to participate in sessions, network and consult with peers through a set of tailored industry-specific tracks.

Topics and scheduled events include: NMLS Modernization; Regulator Meet and Greet; Mortgage Call Report; Money Services Businesses Call Report; User Training; State Examinations; MLO Testing and Education; NMLS Ombudsman Meeting; and others.

To learn more about the conference and how to register, click here.

CFPB seeks members for consumer advisory groups

The Consumer Financial Protection Bureau announced in a Jan. 16 blog post it is accepting applications to its Consumer Advisory Board, Community Bank Advisory Council and Credit Union Advisory Council. These advisory groups provide the CFPB with information on emerging trends and practices in the consumer financial marketplace, and also allow the bureau to hear directly from small financial institutions.

The CFPB is accepting applications for membership in all of its advisory groups and is specifically looking for:

• Experts in consumer protection, community development, consumer finance, fair lending and civil rights;

• Experts in consumer financial products or services;

• Representatives of banks that primarily serve underserved communities;

• Representatives of communities that have been significantly impacted by higher priced mortgage loans;

• Current employees of credit unions and community banks; and

• Academics (experts in consumer finance markets and underserved populations).

To learn more about the groups and how to apply, click here.

Florida and Arkansas now using Uniform State Test

The Florida Office of Financial Regulation and the Arkansas Securities Department began using the National SAFE Mortgage Loan Originator Test with Uniform State Content on Jan. 3, the Conference of State Bank Supervisors announced. This brings the total number of state agencies that use the test to 54.

Previously, Florida and Arkansas licensees had to take two tests: one national and one state. The new test replaces the state-specific tests. A license applicant who passes the National SAFE MLO Test with Uniform State Content will no longer be required to take any additional state-specific tests to hold a license within participating states.

More information on the National SAFE MLO test with Uniform State Content is available here.

FHFA requests input on duty to serve rule

The Federal Housing Finance Agency is requesting public input on chattel loan pilot initiatives for Fannie Mae and Freddie Mac and the proposed evaluation guidance under the final rule on duty to serve underserved markets.

The FHFA issued a final rule on Dec. 13, 2016 to implement the duty to serve provisions mandated by the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended by the Housing and Economic Recovery Act of 2008.  The statute requires Fannie Mae and Freddie Mac to serve three specified underserved markets – manufactured housing, affordable housing preservation and rural housing – by improving the distribution and availability of mortgage financing in a safe and sound manner for residential properties that serve low- and moderate-income families in these markets. The rule requires both Fannie Mae and Freddie Mac to adopt three-year underserved markets plans to fulfill this mandate.

After considering comments on the proposed rule, the final rule established activities designed to facilitate a secondary market for loans on manufactured homes titled as personal property, also referred to as chattel, through pilot initiatives. The FHFA also seeks public input on its proposed evaluation guidance, released Jan. 13, which communicates FHFA’s expectations regarding the process for developing the underserved markets plans as well as the process by which the FHFA will evaluate achievements under the plans each year.

The FHFA requests input through its dedicated webpage, www.FHFA.gov/DTS, on potential manufactured home chattel loans pilots by Feb. 17 and on its proposed evaluation guidance by May 15.

By |2019-11-25T07:30:46-06:00January 30th, 2017|Financial Services|0 Comments

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