Mortgage Loan Originator July 1 Licensing Deadline Update

June 25, 2010

Update From Deb Bortner, Director of Consumer Services

Dear Mortgage Loan Originators,

As promised I am trying to keep you informed on key developments in the Mortgage Industry. Our Licensing Unit is experiencing a dramatic increase in calls and license applications as we approach the July 1st deadline for Mortgage Loan Originators who work for Consumer Loan Companies.

As you know our target deadline for submitting applications was April 30th and I am pleased to say that all applications submitted by this date are scheduled to be fully reviewed.

Unfortunately, many applicants did not submit by the deadline. I want to assure you that, even with the current budget reductions and staffing constraints, our Licensing Team is doing all it can to balance a timely review while complying with the recent provisions of state and federal laws that are designed to provide increased consumer protection. While we will process as many applications as possible by July 1st, we will not be able to fully address the volume of late applications that we are currently receiving.

It is important to remind each member of the industry that on July 1 an individual may not act as a Mortgage Loan Originator unless he/she is licensed or has received official written e-mail communication from DFI outlining the conditions under which that individual can work.

Thank you for taking the time to read this note and I look forward to working with you in the coming months.

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