Advocacy at Work: Bill AB480

On Monday June 1st, NMLA achieved another win for the industry. AB 480 was passed and will be sent to the Governor for his signature. The legislation allows non-originating lenders (wholesale and correspondent) to operate in the state without a physical location in the state. Those who originate (have direct dealings with borrowers) will still need to have a physical location. It also changes certain loan servicing provisions, the details of which will be completed in regulation, which NMLA will participate in creating. #bigwin