Ohio passed a bill consolidating all residential mortgage loan licensing under the Residential Mortgage Lending Act. Ohio previously regulated the residential mortgage industry under Chapter 1322 (the Mortgage Broker Act) and Chapter 1321 (the Mortgage Loan Act). Under the bill, all residential mortgage loan licensing is consolidated under Chapter 1322 and the chapter is renamed the Residential Mortgage Lending Act (RMLA). The bill also eliminates the mortgage banker exemption under the RMLA for lenders and servicers approved by FHA, VA, Fannie Mae, Freddie Mac, RHS and the Federal Home Loan Bank of Cincinnati. In addition, the bill amends the Business Relationship Disclosure Notice, and repeals the Residential Mortgage Loan Origination Disclosure Statement, the Addendum to Residential Mortgage Loan Origination Disclosure Statement, and the “change in loan terms and fees” disclosure. Note that the Division of Financial Institutions has published on its website implementation guidance with respect to the RMLA. Pursuant to the guidance, all companies and individuals holding an active registration, license or letter of exemption under the Mortgage Broker Act or the Mortgage Loan Act may conduct business under the RMLA until the end of 2018 without having to file for a new registration, license or letter of exemption. The bill went into effect March 23, 2018.
See Ohio General Assembly website for the full text of the Statutes: http://search-prod.lis.state.oh.us/solarapi/v1/general_assembly_132/bills/hb199/EN/05?format=pdf
