Monthly Archives: April 2015

Education Notice Posted for PA


NMLS approved course providers are advised that an updated State-Specific Education Notice has been posted for Pennsylvania.

NMLS publishes Education Notices to inform providers of state-specific course content requirements and to provide an agency-approved references list. Courses are approved in accordance with the requirements in the Notice. The Education Notices are on a two year review cycle (the first one was published in 2013); however, a state-agency may request a change to their notice at any time. NMLS intends to have an education notice for all 28 agencies that currently have a state-specific requirement by the end of the year.

All current Education Notices are available on the policy page of the course provider section of the NMLS Resource Center.

Still in the Dark About the New TILA-RESPA Integrated Disclosure Rule?


Especially written for smaller businesses with limited legal and compliance staff, the CFPB has published a plain-language guide to the new rules in a FAQ format. The guide provides an overview of the new rules and then goes into detail on such topics as delivery of the loan estimate, good faith requirement and tolerances, revisions and corrections, timing, and closing details. The document is available for free on the CFPB web site.

Rules of Conduct Survey Available; Let Us Know How It’s Going


On March 1, 2015, NMLS began requiring students to agree to a Rules of Conduct (ROC) prior to the start of a classroom or webinar course.  If you’re currently offering classroom or webinar courses you are invited to complete a brief survey to let us know how the process is working.  The survey link is available on the homepage of the Education Management System (EMS).

The due date for the ROC to be implemented in online courses is July 1, 2015.

NMLS Course Provider Working Group Established


Following-up on our March 16 posting, NMLS has established a Course Provider Working Group (CPWD). The CPWD, which is comprised of nine approved course providers, will offer relevant input on matters pertaining to course approval and course delivery policies. Details about the CPWD, including who is on the working group, its mission, and roles and responsibilities is posted on the policy page of the course provider section of the NMLS Resource Center.

Are You Ready to Teach It? TILA-RESPA Integrated Disclosure Rule Coming August 1


The new integrated disclosure form will become effective August 1, 2015. Course providers should be updating both their PE and CE courses to include instruction on the integrated disclosure. The CFPB has published a significant number of resources that may be used in course materials to help explain the new rule and to instruct how to use the new forms.   Visit the CFPB’s web site to access the final rule, a compliance guide, a guide to the new forms, sample documents, videos, and other information.

CFPB Announces Enforcement Action Against a Mortgage Lender for False Advertising


The Consumer Financial Protection Bureau (CFPB) has taken action against RMK Financial Corporation for deceptive mortgage advertising practices, including ads that led consumers to believe that the company was affiliated with the U.S. government. The CFPB is ordering RMK to end its illegal and deceptive practices and pay a civil penalty of $250,000. Details are on the CFPB’s website.

Updated Education Notices Posted for RI and MO


NMLS approved course providers are advised that an updated State-Specific Education Notices has been posted for Rhode Island and Missouri. The Rhode Island notice includes new course content requirements and is effective July 1, 2015. The MI notice includes an updated reference list with current web links.

NMLS publishes Education Notices to inform providers of state-specific course content requirements and to provide an agency-approved references list. Courses are approved in accordance with the requirements in the Notice. The Education Notices are on a two year review cycle (the first one was published in 2013); however, a state-agency may request a change to their notice at any time. NMLS intends to have an education notice for all 28 agencies that currently have a state-specific requirement by the end of the year.

The updated Education Notices are available on the policy page of the course provider section of the NMLS Resource Center.