To say that there are significant changes occurring in the mortgage industry is an understatement. The 2009-2010 implementations of the licensing requirements associated with the SAFE Act was a significant undertaking, and now there are new rules and regulations being drafted and implemented to comply with the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. As never before, new and existing MLOs are becoming increasingly dependent on their course providers to help keep them abreast of changes. And, as never before, keeping course material current and accurate is becoming vital.
NMLS is committed to working with all course providers to help ensure information pertaining to state and federal residential mortgage lending laws are as up-to-date as possible. As we have in the past, as we receive information pertaining to pending/enacted changes to state and federal mortgage-related laws and regulations we will disseminate the information to all providers via the Newsletter. We will also do our best to inform the provider community when we expect content changes to be fully incorporated in course materials. Ultimately, however, it is the responsibility of all course providers to ensure MLOs are being presented with the right information necessary to perform successfully within the industry.
The rule making process associated with interpreting, reconciling, and then communicating the various nuances of federal laws like the SAFE Act and Dodd-Frank create periods of significant fluidity and uncertainty (note that the final rules pertaining to the SAFE Act, which was passed in 2008, have still not been promulgated). While we are pretty certain we will not have answers to all the questions that may come about as a result of pending changes, we will do our best to find answers to questions and/or to marry provides with the right resource(s) to find answers. Accordingly, here are some good resources to keep abreast of changes pertaining to the Dodd-Frank Act:
– Dodd-Frank Regulatory Reform Rules: an excellent web site with frequent updates maintained by the Federal Reserve Bank of St. Louis and lists rules categorized by open for comment, proposed, interim final, and final rules and notices. http://stlouisfed.org/regreformrules/index.aspx
– Regulatory Reform: web site maintained by the Board of Governors of the Federal Reserve System, provides links to proposed and final rules pertaining to mortgage and banking reform. http://www.federalreserve.gov/newsevents/reform.htm
– HUD Office of Risk Management and Regulatory Affairs (SAFE Act office): this site maintains information and links pertaining to the implementation of the SAFE Act including a link to FAQs and the SAFE Act Proposed Rule. http://www.hud.gov/offices/hsg/rmra/safe/sfea.cfm
– Guide to The Dodd-Frank Act: Written by Inside Mortgage Finance, this 134 page document explains all aspects of the Dodd-Frank Act and its impact on the mortgage industry. It can be ordered online at: http://www.imfpubs.com/catalog/specialreports/1000015987-1.html
Questions pertaining to course content required in NMLS approved courses should be directed to Rich Madison, Sr. Director, Mortgage Education Programs at firstname.lastname@example.org.