TheMReport — News and strategies for the evolving mortgage marketplace.
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LOCAL EDITION SERVICING compiled by the Pennsylvania Department of Banking's Bureau of Compliance and Licensing, revealed that 90 of the 92 actions from the group resulted in or- ders against companies for statu- tory violations. Survey statistics also demonstrated that 43 of the 90 orders for violations stemmed from mortgage-related issues. According to the Pennsylvania The report, which was violators of Hawaii's Mortgage Rescue Fraud Prevention Act will be charged with a Class C felony and fined $10,000 in addi- tion to other possible penalties. Consumer Protection to edu- cate consumers regarding fraud schemes aimed at homeowners facing foreclosure. The bill also establishes that Banking Department, nine companies engaged in unli- censed mortgage loan origination activity, while 12 organizations engaged in unlicensed mort- gage modification activities. Additionally, 22 companies were found to have engaged in other types of unauthorized practices related to mortgage loans. An official statement from of the mortgage servicer com- pany" and the employee only originates residential mortgage loan modifications. Similar exemptions are made licensing requirements of the SAFE Act before offering loan modifications. for those who originate loans for nonprofit organizations if the nonprofit registers with the Nationwide Mortgage Licensing System and Registry. USMI Confirmed as NAFCU Partner GENWORTH FINANCIAL'S MORTGAGE INSURANCE UNIT HAS BEEN RENEWED AS THE NAFCU'S PREFERRED PARTNER. the department also noted that during the second quarter, it had "prohibited one individual from engaging in the mortgage business in Pennsylvania and suspended one mortgage broker licensee from engaging in the mortgage business in Pennsylvania." Regarding actions not related to the mortgage sector, the state's banking division found 34 com- panies taking part in unlicensed auto finance sales, four compa- nies engaging in illegal "payday" lending, and nine companies per- forming various other unauthor- ized activities. The Pennsylvania Banking Department has made a comprehensive list of actions taken, which is available online through the organization's web- site, Banking.State.PA.US. Hawaii Initiates New Industry Legislation TARGETING SERVICERS AND ORIGINATORS, THE COUNTRY'S 50TH STATE PASSES THREE NEW BILLS INTO LAW. HAWAII // The Aloha State recently passed three new bills related to mortgage servicing and mortgage origination, and the first requires the Office of 58 | THE M REPORT VIRGINIA // NAFCU Services Corporation has announced the renewal of an agreement with the organization's Preferred Partner, Genworth Financial's U.S. Mortgage Insurance division. The group recently confirmed USMI's partnership status, effectively extending the designation granted to USMI in 2011. The Preferred Partner ini- tiative, which is designed to provide mortgage insurance and other offerings to the 800-plus credit unions affiliated with NAFCU, is awarded to a single service provider. USMI was chosen for the role based on a "rigorous review process," as conducted by executives from NAFCU's credit unions. "When selecting a Preferred Fair Enforcement for Mortgage Licensing Act requires adjust- ments to loan originator registra- tion fees and amends Hawaii's Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) to comply with recent changes to federal laws. Those who originate loans The Hawaii Secure and originators acting as subsidiar- ies of federally regulated insured depository institutions are now subject to provisions of the SAFE Act. Hawaii also passed a law Registered mortgage loan on behalf of a mortgage servicer are not required to register or obtain licensing so long as "[t]he employee's actions are part of the employee's duties as an employee Partner for private mortgage insurance, capital is an important element, along with the pro- vider's history, knowledge, and experience with the credit union community. Genworth met our stringent requirements, and we're pleased to continue our relation- ship with them," said David C. Frankil, president of NAFCU Services Corporation. USMI's senior vice president affecting mortgage servicers. According to the new law, the Commissioner of Financial Institutions may require servicers to register with the Nationwide Mortgage Licensing System. Additionally, the bill states servicers must comply with all of commercial operations, John Clifford, shared his thoughts, noting, "In recent years, credit unions have experienced dramat- ic growth in their membership as well as their level of mortgage loan originations." He added: "Genworth's suite of services and dedicated team of knowledgeable professionals can help credit unions serve their members' mortgage needs." SECONDARY MARKET ANALYTICS SERVICING ORIGINATION