Tag Archives: Conference of State Bank Supervisors

A group of state bank regulators is forming a task force to develop new mortgage servicing standards for non-bank firms, according to an announcement released Wednesday.

The new Consumer Financial Protection Bureau established under the Dodd-Frank Act will be working closely with state regulators to supervise mortgage lenders and servicers. The Bureau's implementation team and the Conference of State Bank Supervisors signed a memorandum of understanding Tuesday that establishes a cooperative state and federal effort for the sharing of information related to the supervision and policing of companies that provide consumer financial services.

Mortgage originators can now authorize a credit report to be processed through the Nationwide Mortgage Licensing System and Registry (NMLS). Beginning November 1, all licensed residential mortgage loan originators participating in NMLS were required to complete the credit authorization process regardless of any prior state requirements. Providing credit history processing through NMLS fulfills one of the mandates of the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act).