Will the requirement for mortgage loan officer registration affect the net worth/financial Statement requirements for mortgage brokers, lenders, or servicers?

Beginning January 1, 2009, the licensing year for mortgage brokers, lenders, servicers, and mortgage loan registrants is January 1 through December 31

Will the change of licensing year affect the 1st mortgage surety bond expiration date of June 30?

Yes, the surety bond will be required to have an expiration date of December 31.  The 1st mortgage application form and the surety bond form will be amended to reflect this change.  Also, licensees will be required to correct the expiration date on their surety bonds during the 2008 renewal period.

There is no additional bonding required of a Licensee or Registrant.

There is no additional net worth or financial statements required of a Licensee or Registrant.

1st mortgage renewals (this does not include loan officer registrants) will still take place June 2008.  The licensing year change to January 1, through December 31 does not take effect until January 1, 2009.  Beginning January 1, 2009, the mortgage broker, lender, and servicers renewal date will change from June 15 to “…a date prescribed by the Commissioner.”

Beginning January 1, 2009, loan officer registration renewal applications and fees are to be submitted to the Commissioner before December 1 of each year.

Loan officer registrations terminate on December 31 unless the loan officer registration is renewed on or before December 31.

2nd mortgage renewals will still take place December 2008.