• Virginia Mortgage Lender, Broker, and MLO Regulations Revised
  • August 10, 2017 | Authors: Christopher R. Rahl; Lawrence D. Coppel; Robert A. Gaumont; Marjorie A. Corwin
  • Law Firm: Gordon Feinblatt LLC - Baltimore Office
  • Effective May 15, 2017, changes were made to Virginia’s regulations applicable to licensed mortgage lenders, brokers, and loan originators. Click here for the revised regulations. Changes include the following: licenses must be renewed every calendar year; Virginia will now issue a single license showing all of the licensee’s approved locations; and regulations concerning books, accounts, and records are expanded to describe, among other matters, how records can be maintained electronically. However, written broker agreements executed in paper form must continue to be maintained in the original paper form. As a new requirement, licensees must maintain a mortgage loan transaction journal, which includes specific loan-level information for every application received. The regulations eliminate the annual report requirement and, instead, require quarterly mortgage call reports filed through the NMLS. Concerning advertising, the new regulations clarify that in a radio or television advertisement, the licensee’s NMLS ID number followed by the NMLS Consumer Access website address must be provided after the name of the licensee. Concerning disclosures, if either a commitment or a lock-in agreement is issued, a number of additional disclosures are required. Please contact Margie Corwin if you would like more information about residential mortgage lending issues.