Extends to January 1, 2013 the date by which financial advisors must obtain a mortgage loan originator license if they recommend, refer or steer clients to a lender for a residential mortgage loan for compensation or gain or in the expectation of compensation or gain.
This bulletin gives financial advisors a transition period to obtain a mortgage loan originator license in response to changes made by Act 85 that expanded the definition of a mortgage loan originator.
Purpose: This Regulation supersedes and replaces Regulation B-2000-01. The amendments to the rule: (1) make the rule compatible with the requirements of the National Credit Union Administration (“NCUA”); (2) update the definitions and provide a better explanation of what constitutes a construction or development loan; (3) provide that business purpose loans to any one borrower which, in the aggregate, do not exceed $50,000.00 are excluded from the regulation (the rule increases the threshold from $15,000.00 to $50,000.00); (4) set forth the minimum requirements for a credit union’s member business loan policy; (5) require that a credit union that engages in member business lending must utilize the services of someone with at least 5 years experience in business lending; (6) update individual and aggregate loan limits; and (7) update accounting calculations related to member business lending.
Purpose: This bulletin establishes the amount a participant must contribute to capitalize a municipality's Property-Assessed Clean Energy Reserve Fund.
Purpose: This bulletin establishes the underwriting criteria to be used for determining a property owner's creditworthiness and ability to repay a Property-Assessed Clean Energy (PACE) assessment.
Allows a licensed mortgage loan originator employed by a third party loan servicer to engage in loan modification activities prior to December 1, 2011 without being employed and sponsored by a licensed lender or mortgage broker.
Commissioner’s Order After Administrative Proceeding.
Violation:
Respondent engaged in a consistent pattern and practice involving the deception of lenders through submission of falsified and altered mortgage applications (“cut and pasting” of applicant and third party signatures) and related documentation, in violation 8 V.S.A. 2241, warranting monetary penalties and an injunction under 8 V.S.A. 2204(a)(1)(A) prohibiting her from acting as a mortgage broker or engaging in the financial services industry for a six (6) month period.
