Certifications and licensing

WASHINGTON — Federal banking regulators are putting pressure on a dozen or more states to begin regulating appraisal management companies within their borders.

The SAFE Transitional License Act would allow registered lending officers to work at independent mortgage banks for 120 days while they complete state testing and licensing requirements.

Cornerstone Home Lending surrendered its state mortgage license in Georgia and will pay $33,500 under the terms of a consent order reached with state banking regulators.

NewDay Financial found itself embroiled in another regulatory order, this time stemming from allegations of rampant cheating on mortgage licensing examinations by company employees, including its chief operating officer.

The chance to earn higher compensation and the ability to offer more mortgage products is causing a growing number of loan officers to go out on their own.

The recent delay of new HECM rules is a reprieve for lenders scrambling to implement training and systems updates ahead of the original deadline. But it's also prompted questions about a key technology used by the reverse mortgage industry.

In yet another revision of its mortgage rules, the Consumer Financial Protection Bureau proposed making it easier for small and rural lenders to make "qualified mortgages." Industry representatives said the changes are poised to make a big difference.

The Fix-It Award recognizes technology that provides an effective and permanent solution to a specific industry problem, need or channel. Learn about this year's finalists and see who won the 2014 MT Award.

Aaron Seltzer, an attorney from the eastern shore of Maryland, pled guilty earlier this week to wire fraud connected to a real estate investment scheme.

Appraisers are often the only party involved in a real estate transaction that has no "skin in the game," unlike mortgage originators and real estate agents.

Georgia's Department of Banking and Finance has finalized a cease-and-desist order against Community Legal Center.

Lenders concerned about maintaining vendor oversight compliance may require title insurance and settlement firms to adopt the American Land Title Association's quality standards, even though the industry guidelines are only voluntary.

The State Regulatory Registry, which runs the Nationwide Multistate Licensing System, says that mortgage loan originator and company renewals for 2015 are off to a strong start.

With an eye on eliminating mortgage buybacks and adhering to increasing regulatory compliance obligations, mortgage lenders are redoubling their sales training efforts for both rookie and veteran loan officers.

The Consumer Financial Protection Bureau will be scrutinizing the new cadres of mini-correspondent lenders to make sure they aren't just "captive" arrangements to get around broker compensation rules.

Make certain your loan officers do not go off on their own and cause your company to be disciplined by regulators.

Lack of diversity in the sales force is one of several nagging issues underlying mortgage lenders' concerns about tepid home sales.