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StateLaw Databases

In-depth analysis of the laws that affect consumer credit transactions and privacy

Mortgage Licensed Lender

Mortgage Licensed Lender covers laws that apply to consumer-purpose residential mortgage loans made by licensed mortgage lenders in each state. It does not address laws that apply to a loan secured by a time-share interest, fixtures, or a dwelling that is movable personal property (such as a boat or a mobile home).

If a state has more than one licensing scheme that could apply to a mortgage lender, then Mortgage Licensed Lender addresses the most commonly used 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

Mortgage Licensed Lender 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. The responses cover state statutes, regulations and materials published by the regulating entity. The responses generally do not cover local or municipal ordinances, or issues raised in litigation. Mortgage Licensed Lender includes information about high-cost loans, but is not a comprehensive resource for state laws that apply to high-cost loans.

Questions in the following categories are addressed:

  • Governing Law/Licensing
  • Record Retention
  • Finance Charge Rate
  • Origination Fees
  • Servicing Fees
  • Default Charges
  • Payment/Term Limitations
  • Prepayment
  • Insurance
  • Disclosure Requirements
  • Titling and Security Interests
  • Miscellaneous Issues
  • Broker Issues
  • Loan Originator Licensing
  • Collection
  • Penalties

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