Business Transactions, Corporate and Real Estate

New Virginia MLO Regulations

The Virginia State Corporation Commission has proposed additional regulations governing mortgage loan originators.  The proposed regulations are posted on the Commission’s website at  Among other things, the proposals set forth criteria that will be used to determine whether an applicant for a MLO license has the financial responsibility, character and general fitness that is required for licensure.  Certain proposals will conform Virginia regulations with federal regulations under the S.A.F.E  Act and  reflect changes to the Code of Virginia effective July 1, 2012.  In addition, the regulations will require records relating to a consumer’s personal financial information to be disposed of in a secure manner; the Commission’s enforcement authority will be clarified; and licensees will be required to respond to information requests from the Bureau within the time period specified in the Bureau’s request.  If history repeats,  the proposals will be adopted as proposed.

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