SB 553 - Current law requires mortgage loan originators to satisfy a prelicensing education requirement through approved education courses. This act provides that a prelicensing education course that is completed by an individual shall not satisfy this requirement if the course precedes an application by a certain time period established by the Nationwide Mortgage Licensing System and Registry (NMLSR). The act requires persons with various financial relationships with an applicant for a residential mortgage loan broker license to furnish fingerprints to the NMLSR to submit to the FBI and any governmental agency or person authorized to receive such information.
The act further allows the Director of the Division of Finance to waive the requirement that residential mortgage loan brokers maintain at least one full-service office in the state of Missouri for any person that provides mortgage loan servicing or that is exclusively engaged in the business of loan processing or underwriting.
This act is identical to SB 339 (2019) and substantially similar to certain provisions in the truly agreed to HCS/SCS/SB 599 (2020), HCS/HB 2092 (2020), HB 1736 (2020), HCS/HB 2461 (2020), and HB 757 (2019).
SCOTT SVAGERA