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Bureau
of Financial Institutions
1300 E. Main Street, Suite 800
P.O. Box 640
Richmond, Virginia 23218-0640
Ph: (804) 371-9657
Fax: (804) 371-9704
Highlights
Lenders and Brokers are
licensed with specific license. Either Lender, Lender and
Broker, or Broker. No
loan officer license is required. Effective 7/1/08 a background check required for
originators and principals. Although this requirement was implied
before, the new law makes background checks and employer mandated
education explicit.
High Cost Loan Law
Virginia Defines the High Cost
Loan Law as a first mortgage on a primary residence with an interest
rate that is 5% higher than comparable treasuries and 7% in fees.
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No Courses Required |
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Employers are responsible for ensuring that employees are
familiar with Federal and State Laws. If you do not have a
learning management system or a tool to measure understanding,
your employees should be required to pass some sort of
credentials exam. |
| Basic Competency
Examination Certification - 3rd Party Verification of
Federal Laws, General Mortgage Knowledge |
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| New Employee
Training - Compliance and Skills Training for New Originators
and Processors |
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| Federal Law Update
- For Seasoned Employees - Ensure current knowledge of
regulations and pending changes. |
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| Virginia State Mortgage
Law Blog |
| Effective July 1, 2008 -
Mortgage Lender and Broker Act (MLBA) - "owner-occupied" is
deleted. All loans are now subject to the law.
Applicants must pass national and state background checks.
Federal Privacy Act provisions are now incorporated - employees
who have access to borrower's financial data must also pass
regular background checks and the licensee must certify that
employees are properly trained in applicable state and federal
mortgage lending laws.
High Cost Loan Notification -
must provide a written notice to defaulted borrowers 10 business
days before sending a notice of acceleration.
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