Mortgage Licensed Lender covers laws that apply to consumer-purpose residential mortgage loans made by licensed mortgage lenders in each state. The product addresses issues in a question/answer format. The questions relate to licensing, fee and payment limitations, disclosures, titling and security interests, recordkeeping, collections, and other pertinent issues. If there is more than one licensing scheme in a state that could apply to a mortgage lender, then the responses are based on the most common mortgage licensing scheme. The responses cover the following types of mortgage products:
- closed end loans
- open-end lines of credit
- first and junior lien
- purchase money and non-purchase money
The responses are based on state statutes, regulations and materials published by the regulating entity. The responses generally do not cover local or municipal ordinances. Mortgage Licensed Lender has some limited information about high-cost loans, but does not comprehensively cover these types of loans at this time.
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