My company is currently exempt from registration as a “HUD-approved, non-supervised” lender. How will the Act affect me?
A lender classified as a “Loan Correspondent” under the HUD approval rules will not be “grandfathered” and must apply for a Mortgage Lender (or Broker) License. Additionally, all individuals acting as Mortgage Loan Originators for such entity will need to obtain a Mortgage Loan Originator license. Supervised depository institutions are exempt from licensing and should file a claim of exemption form.
Related Questions
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- My company is currently exempt from registration as a "HUD-approved, non-supervised" lender. How will the Act affect me?
- Does the UCRA affect a state’s registration of interstate exempt carrier operations?
