cmba october meeting
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CMBA October Meeting. Robert Niemi Deputy Superintendent for Consumer Finance Division of Financial Institutions. www.com.ohio.gov. DFI MISSION. Responsibility: - PowerPoint PPT PresentationTRANSCRIPT
CMBA October Meeting
Robert NiemiDeputy Superintendent for Consumer
FinanceDivision of Financial Institutions
www.com.ohio.gov
DFI MISSION Responsibility:
The Division regulates Ohio's state-chartered financial institutions and consumer finance
companies. The Division charters depository institutions, licenses non-depository financial services, and conducts on-site examinations.
Our MissionThe Division aims to provide fair and efficient supervision of Ohio-chartered depositories,
including banks, savings and loan associations, savings banks, and credit unions, as well as trust companies, money transmitters, non-depository
financial services, and share guarantee corporations, to help maintain the safety and
soundness of these institutions.
Division of Financial Institutions
The Division of Financial Institutions regulates state-chartered financial institutions and consumer finance companies:
Banks & Savings Institutions Section Money Transmitters
Credit Unions Section
Consumer Finance Section Office of Consumer Affairs
Consumer Finance Section
Mortgage Brokers Exempt Mortgage Bankers Loan Originators Temporary Loan Originators Mortgage Loan Act Lenders Mortgage Loan Originators Temporary Mortgage Loan Originators Non Profit Mortgage Lenders Third Party Underwriting & Processing
Company
Consumer Finance Section
Check Cashers
Credit Service Organizations
Pawn Brokers
Precious Metals Dealers (voluntary compliance)
Premium Finance Companies
Small Loan Act Lenders (<$5,000 & >8%)
Short Term Loan Act (=<$500 & >31 days)
7/31/13
OMBA Loan Originators – active 4629
OMBA Loan Originators – escrowed 786
Mortgage Banker Exempt Locations 379
Mortgage Broker Locations 519
OMLA MLO’s – active 2178
OMLA MLO’s – escrowed 352
OMLA Locations 1436
Mortgage Licensing Statistics
8/31/14
4888
1169
399
587
2300
559
1555
Consumer Finance Section
Check Cashers 908
Credit Service Organizations 48/1125
Pawn Brokers 323
Precious Metals Dealers 85
Premium Finance Companies 45
Small Loan Act Lenders (<$5,000 & >8%)
193 Short Term Loan Act (=<$500 & >31 days)
0**
Licensing Update:
2008 2009 2010 2011 2012 2013 20140
2000
4000
6000
8000
10000
12000
14000
10
1899
1906
1913
1920
1927
1934
1941
1948
1955
1962
1969
1976
1983
1990
1997
2004
2011
0
50
100
150
200
250
300
350
Median Price of Existing and New Homes
Median Price of New Homes
Median Price of Tot Existing Homes
Th
ou
san
ds
$
Market Trends• Mortgage rates are expected to rise
(though Fannie Mae predicts they will do so more slowly than MBA’s estimate)
• Housing starts are picking up and reached a 10 month high in July
• Fannie Mae predicts the portion of refi will drop to 39% in 2014 and 26% in 2015 (from a peak of 72% in 2012)
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
0
1
2
3
4
5
6
7Rates: 30 Year Fixed, 10 Year Treasury
30 Year Fixed
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
-
500
1,000
1,500
2,000
2,500
Housing Starts
Th
ou
san
ds
Sources: 1. Mortgage Bankers Association (charts), 2. National Assoc of Realtors, 3. Fannie Mae.
11
NMLS Trends• The number of Active MLOs at the Top
10 state-licensed companies saw an increase of 17% from Q2 last year
• But nationwide, active MLOs have dropped 21%
• Active companies dropped 38% from last year
• Home purchase volume is down 12% from Q2 last year, refi is down 66% from last year
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
2012
Q4
2013
Q1
2013
Q2
2013
Q3
2013
Q4
2014
Q1
2014
Q2
$0
$50,000,000,000
$100,000,000,000
$150,000,000,000
$200,000,000,000
$250,000,000,000
$300,000,000,000
Loan Volume by Quarter for State-Licensed Companies
Home Purchase Refinancing Home Improvement
Bil
lio
n $
* An “Active” company or MLO originated at least one loan in the quarter. Source: NMLS, August 2014.
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
2012
Q4
2013
Q1
2013
Q2
2013
Q3
2013
Q4
2014
Q1
2014
Q2
0
10000
20000
30000
40000
50000
60000
70000
80000 Number of Active MLOs
All Companies Top 10
Th
ou
san
ds
2011
Q1
2011
Q2
2011
Q3
2011
Q4
2012
Q1
2012
Q2
2012
Q3
2012
Q4
2013
Q1
2013
Q2
2013
Q3
2013
Q4
2014
Q1
2014
Q2
-
2,000
4,000
6,000
8,000
10,000
12,000
Number of Active Companies
Alaska
Texas
Utah
Montana
California
Arizona
Idaho
Nevada
Oregon
Iowa
Colorado
Kansas
Wyoming
New Mexico
Missouri
Minnesota
Nebraska
Oklahoma
South Dakota
Washington
Arkansas
North Dakota
Louisiana
Hawaii
IllinoisOhio
Florida
GeorgiaAlabama
Wisconsin
Virginia
Indiana
Michigan
Mississippi
Kentucky
Tennessee
Pennsylvania
NorthCarolina
SouthCarolina
WestVirginia
New Jersey
Maine
New York
Vermont
Maryland
New Hampshire
Connecticut
Delaware
Massachusetts
Rhode Island
State Adoption of Uniform State Test
State Regulatory Registry LLC, last updated 10/01/2014
Puerto Rico Virgin Islands
District of Columbia
Guam
adoptedUT DFI has
States which have
adopted the UST
States which have not
adopted the UST
UST Adoption TableAlabama Kansas New Jersey Texas OCCCAlaska Kentucky New Mexico Texas SMLConnecticut Louisiana New York Utah DFIDelaware Maine North Carolina VermontDistrict of Columbia Maryland North Dakota Virgin IslandsGeorgia Massachusetts Ohio VirginiaGuam* Michigan Oklahoma WashingtonHawaii Mississippi Pennsylvania WisconsinIdaho Montana Puerto Rico WyomingIndiana DFI Nebraska Rhode Island
Indiana SOS Nevada South Dakota
Iowa New Hampshire Tennessee * Effective 4/28/14
Have adopted the UST
Arizona MinnesotaArkansas MissouriCalifornia BRE OregonCalifornia DBO South Carolina BFIColorado South Carolina DCAFlorida Utah DRE Illinois West Virginia
Have not adopted
Alaska
Texas
Utah
Montana
California
Arizona
Idaho
Nevada
Oregon
Iowa
ColoradoKansas
Wyoming
New Mexico
Missouri
Minnesota
Nebraska
Oklahoma
South Dakota
Washington
Arkansas
North Dakota
Louisiana
Hawaii
IllinoisOhio
Florida
GeorgiaAlabama
Wisconsin
Virginia
Indiana
Michigan
Mississippi
Kentucky
Tennessee
Pennsylvania
NorthCarolina
SouthCarolina
WestVirginia
New Jersey
Maine
New York
Vermont
Maryland
New Hampshire
Connecticut
Delaware
Massachusetts
Rhode Island
Expanded State Agency Use of NMLS
State Regulatory Registry LLC | Updated 8/27/2014
Puerto Rico
All agencies manage mortgage licenses on NMLS
District of Columbia
Agencies currently managing Other Financial Service Related Licenses on NMLS
Note: Details concerning transition to NMLS will be posted on the NMLS Resource Center as state agencies make them available.
Agencies that added Other Financial Service Related Licenses on NMLS in 2014
http://www.nmlsconsumeraccess.org/
Get Your C/E done now – Please! OMBA Rules redrafted (CFPB rules)
Shared with stakeholders Ohio CSI Business Impact Study JCARR Rules Review & Hearings
CSBS Accreditation Process CSBS/CFPB – State Coordinating
Committee Ombudsman / NMLS Policy Committee AARMR Treasurer
Update:
Uniform State Test No separate Operations Manager Test MCR in place of Annual Reports Exam update – Initial 6 month visit All the Bad Apples are not gone Revoked by other States Where do you want us to go? Please get your C.E. done!
Update:
Questions
Robert NiemiDeputy Superintendent of Consumer Finance
Ohio Department of CommerceDivision of Financial Institutions77 South High Street, 21st floor
Columbus, OH 43215(614) 644-7517 (614) 728-8400
[email protected]@com.ohio.gov