Predatory Lending - Mortgage Lending

2009

HB09-1085 Mortgage Loan Originator Licensing Act
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This bill modifies and renames the Mortgage Broker Licensing Act. Mortgage brokers offer or negotiate the terms of a residential home loan. They are regulated by the Division of Real Estate in the Department of Regulatory Agencies (DORA).

The bill defines the term "mortgage loan originator" and replaces the term "mortgage broker" in the text and title of the law. On or after July 31, 2010, mortgage loan originators must be registered with the Nationwide Mortgage Licensing System and Registry (NMLS&R), a national tracking system established by the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008. Registry in the national system is a condition of receiving a license from the department. Nationally registered loan originators will obtain a unique identifying number that must appear on all marketing materials and loan documents.