WASHINGTON (CN) – The Department of Housing and Urban Development has issued new regulations to ensure proper monitoring and enforcement of states’ compliance with federal statutory requirements regarding mortgage loans.
In the regulations, the agency has set out the minimum standards for the state licensing and registration of residential mortgage loan originators, requirements for operating the Nationwide Mortgage Licensing System and Registry, and the agency’s federal oversight responsibilities under the Secure and Fair Enforcement Mortgage Licensing Act. The agency’s new regulations are to ensure proper monitoring and enforcement of states’ compliance with federal statutory requirements.
The regulations, effective Aug. 29, also clarify certain statutory provisions regarding the scope of the act’s licensing requirements, and other requirements on the implementation, oversight, and enforcement responsibilities of the states.
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