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WBK Industry News - State Regulatory Developments

New Hampshire Allows Conditional Approval of MLOs Licensed in Another State

New Hampshire Senate Bill 81 amends the New Hampshire Nondepository Mortgage Bankers, Brokers and Servicers Act by allowing the Bank Commissioner to conditionally approve a license application for a mortgage loan originator (“MLO”) licensed in another state.  The amendment is effective on August 28, 2017.

 Beginning on August 28, 2017, the Bank Commissioner may conditionally approve an application for a mortgage loan originator license if the applicant is currently licensed as a loan originator in another state and meets the requirements applicable to all New Hampshire MLO license applicants with respect to criminal background, credit, and surety bond coverage.  The applicant must also have completed at least 20 hours of the required education.  Two hours of education on New Hampshire law must also be obtained.  Additionally, the applicant must have passed a qualified written test developed by the Nationwide Mortgage Licensing System and Registry and administered by a test provider approved by the Nationwide Mortgage Licensing System and Registry.

A conditionally approved MLO license expires after 60 days if the applicant fails to provide the Bank Commissioner with proof that the applicant has obtained the required two hours of New Hampshire mortgage law education and passed a written test.