HB 126 Summary

• Creates a new "mortgage origination support registrant" registration category for persons engaged exclusively in processing or underwriting residential mortgage loans who are not engaged in the mortgage business.

• Registrants may sponsor and employ licensed mortgage loan originators or transitional mortgage loan originators to supervise loan processors and underwriters in compliance with federal regulations, but cannot engage in the mortgage business.

• Establishes filing fees for initial registration ranging from $250 to $2,000 depending on the number of employees engaged solely as loan processors or underwriters, and renewal fees ranging from $125 to $1,000.

• Registrants must comply with existing licensing requirements including criminal background checks, financial responsibility standards, qualifying individual designation, and record-keeping requirements similar to other mortgage licensees.

• Effective November 1, 2015 for applications filed on or after that date; Commissioner of Banks may adopt temporary rules to implement the registration system.