HB0527 Summary

• Exempts entities engaged solely in independent loan processing or underwriting from residential mortgage licensing requirements under the Residential Mortgage License Act of 1987.

• Requires exempt entities engaged in independent loan processing or underwriting to submit annual registration applications through the Nationwide Mortgage Licensing System and Registry and maintain $50,000 in fidelity commercial crime insurance.

• Excludes independent loan processing or underwriting from the definitions of "originating," "loan brokering," and "soliciting, processing, placing, or negotiating a residential mortgage loan."

• Defines "independent loan processing or underwriting" as activities conducted solely for sponsoring licensed mortgage loan originators who are independent loan processors or underwriters.

• Takes effect immediately upon becoming law.