SB1069 Summary

• Establishes new licensing and registration requirements for mortgage servicer companies that conduct mortgage loan origination activities, requiring them to register with NMLS and comply with chapter 454F standards.

• Increases application and renewal fees for mortgage loan originators and mortgage loan originator companies; introduces reduced initial application fee of $35 for sole proprietor mortgage loan originators.

• Adds new definitions including "loan modification," "mortgage call report," "NMLS," and "principal place of business" to clarify mortgage licensing terminology and standards.

• Requires mortgage loan originators to complete additional state law and rules training as part of pre-licensing (3 hours) and continuing education (1 hour annually) requirements.

• Raises examination and investigation hourly fee from $40 to $60 and amendment review fees from $50 to $100; substitutes "NMLS" terminology throughout the chapter to replace "Nationwide Mortgage Licensing System."