|
HCS/HB 2201 - This act modifies the Missouri Secure and Fair Enforcement for Mortgage Licensing and Residential Mortgage Brokers Licensing Act. This act exempts any first tier subsidiary or a service corporation of a bank holding company from certain residential mortgage loan broker licensing requirements. The act also exempts any mortgage loan company which is licensed, supervised, or audited by Fannie Mae, Freddie Mac, the Veterans Administration, or the U.S. Department of Housing and Urban Development from certain residential mortgage loan broker licensing requirements. The act also specifies that for the purposes of licensing, mortgage loan originators are individuals who take a residential mortgage loan application directly from the borrower or customer through a common or customary source. This act exempts financial institutions from the requirement that mortgage loan originators be licensed, until the Nationwide Mortgage Licensing System and Registry is operational. When the system and registry are operational, the division of finance shall notify the revisor of statutes. The act also limits the amount of the surety bond that is required of mortgage loan originators and residential mortgage loan brokers to an amount solely based on the dollar amount of loans the originator or broker originates each year. This act has an emergency clause. EMILY KALMER
|
