I am driving to the San Diego conference and bunked down in Santa Barbara for the night. It is a friendly place, but news reached me reminding me that anyone can sue anyone else - and when the suit hits the press and moves the stock price, especially ahead of a national mortgage conference, well... let's just say that Bank of Internet has had better weeks.

As if federal laws and federal regulations weren't enough to keep track of, don't forget the states!

Rhode Island has amended Regulation 6 as it applies to lenders, loan brokers and small lenders. Updates include a licensee who lends, brokers or services any mortgage loan must appoint a person who holds a valid Rhoda Island Mortgage Loan Originator License as the qualified individual or branch manager. The qualified individual or branch manager must also be physically present during the majority of business hours to oversee operations. Criminal background checks are required for officers, directors and owners of 10 percent or more and qualified individuals or branch managers who do not hold a valid Mortgage Loan Originator License. The Division will also determine whether the person meets the financial responsibility requirement and notify the application of a decision and an explanation of the denial reason. If there is a change in ownership, it must be made through NMLS, which includes any change in ownership of 25 percent or more of the voting stock or equity interests of a licensee. Notification should be made within 15 days of the change.

In Ohio the Department of Commerce, Division of Financial Institutions has announced that the "Notice of Escrow of Taxes and Regular Monthly Payment" form is no longer required. To view the announcement, please click here.

Ohio is offering to pay for employee training. The third round of the Ohio Incumbent Workforce Training Voucher Program will reimburse Ohio companies 50 percent of eligible costs, up to $4,000 per employee and $100,000 per employer. Businesses can apply on October 14th at 10am and the program is a cash grant and not a tax credit. To learn more about the grant, click here.

State-Specific Education Notices have been updated for Idaho and Massachusetts. The NMLS posts Education Notices in order to inform and advise state-specific course content requirements and provide an agency-approved reference list. The Notices should be published within the next couple of weeks and the NMLS aims to have an education notice for all 29 agencies that have a state-specific requirement by the end of the year. Click here to read the announcement.

Developments in the Uniform State Test (UST) for state-licensed mortgage loan originators (MLOs)? The California Department of Business Oversight and the California Bureau of Real Estate jointly announced that their UST implementation date will be January 1, 2016. This news is the direct result of the sustained advocacy and engagement of the California MBA and MBA, which together sought the passage of legislation in 2014 that provided these regulators the authority to move forward with UST adoption.

The share of foreign homebuyers is at an 8 year low in California.

And legislators in Missouri overrode the Governor's veto of Senate Bill 345, which included a provision requiring UST adoption by the Missouri Division of Finance (earlier this summer, Governor Jay Nixon had vetoed the bill because of an unrelated, non-UST provision). Now, upon final enactment of SB 345 the Division will adopt the test, and MBA will provide an update once an announcement is made for its implementation date.

Once the Division officially joins the California regulators as UST adopters, 50 regulators from 43 states, Puerto Rico, Guam, the Virgin Islands, and the District of Columbia will have adopted this important testing structure - providing greater licensing uniformity and cost savings for state-licensed MLOs and their companies. To view a map of all currently adopting state regulators, please click here. Importantly, the list of all states/regulators that have yet to adopt includes: Arkansas, Colorado, Florida, Illinois, Minnesota, Missouri (now pending), South Carolina (BFI and DCA), Utah DRE and West Virginia.

Colorado has amended laws regarding internet or electronic foreclosure sales. A trustee may charge no more than sixty dollars for the cost of conducting a public foreclosure sale via the internet or other electronic medium. The revisions also includes a new definition of "electronic transfer" to encompass "a transfer of funds initiated by using an electronic terminal, telephonic instrument, or  computer or magnetic tape to order or authorize a financial institution to credit or debit an account." If a foreclosure is conducted electronically, the notice must contain the electronic address, the location of computer workstations available to the public and information about how to obtain instructions on accessing the sale and submitting bids and that the bidding rules must be posted on the web. If a foreclosure sale is conducted electronically, the holder of the evidence of debt may include a maximum bid and if there are competing bids for a property, the bid shall be increased incrementally up to the maximum.

Maine has passed provisions to prevent abusive debt collection practices to mandate written payment schedules and settlement agreements. Debt collectors may not enter into a payment schedule or settlement agreement unless the payment schedule or settlement agreement is documented in open court, or approved by the court and in a court order or reduced to writing. Debt collectors are prohibited from initiating a lawsuit or arbitration to collect the debt from the consumer more than 6 years after a consumer has stopped all activity on a debt. When the 6 year limitation period ends, no activity on the debt will revive or extend the limitations period. These revisions are effective October 13, 2015.

Already in effect is a Montana rule that temporarily reduces licensing renewal fees for 2016. The reduced fees, which are at a 50 percent discounted rate, are effective until March 17th, 2016. The type of licenses subject to the change includes mortgage brokers, lenders, servicers and originators. The fee schedule for January 1st to December 31st includes Mortgage Loan Originator fee of $400, Mortgage Lender Branch fee of $250, Mortgage Servicer fee of $750 and Mortgage Lender Entity fee of $750. The discounted fees are due to an increase in mortgage loan originators that are applying for a Montana license allowing for a drop in fees due to the increase in applicants.

Utah has adopted provisions which include changing existing sections regarding entity registration, instruction registration and licensee conduct. Registering entities must list all business and trade names used. To obtain a Utah license to operate as a mortgage entity, the entity must be registered in a nationwide database by submitting an MUI1 form and a license request for any assumed business name listed in the "Other Trade Name" section of the MU1 form may also be submitted. For branch offices looking to obtain a Utah license, any licensed trade names of the entity that are used from the branch office are listed in the "Other Name" section of the entity MU1 form. Other updates include, an individual seeking to act as an instructor of Division-approved continuing education courses must complete the Division Certification process at least 30 days prior to instructing. To qualify as an instructor, the applicant must have a minimum of two years of full-time experience as a mortgage licensee, college-level education related to the course subject or demonstrated expertise in the subject proposed to teach.

New Hampshire has amended rules for discharge of mortgage by affidavit, effective January 1st, 2016. RSA 479:8 (Penalty for Failure to Timely Discharge a Mortgage) now includes a penalty provision where a mortgagor can collect damages from a mortgagee who has not caused to be recorded a discharge. If the mortgagee fails to timely record the discharge, they may be liable for "damages to the mortgagor at the rate of $200 for each week after the expiration of the 60 days up to a maximum of $2,500 or in an amount equal to the loss sustained as a result of the failure of the mortgagee to execute and deliver a release, whichever is greater, plus costs and reasonable attorney's fees."

Massachusetts has updated its flood insurance requirements. The flood insurance coverage may not exceed the outstanding principal mortgage balance at the beginning of the year that the flood insurance policy takes effect. Required flood insurance may not include a requirement of coverage for contents or a requirement that the insurance includes a deductible of less than $5,000. An owner of a residential property may request a reduction in the amount of coverage, which will be based upon the outstanding mortgage balance at the beginning of the year that the policy is in effect. Lenders then must accept the request from the property owner to reduce their coverage amount.

The NMLS has updated course content for Montana. Education notices can be found on the policy page of the course provider section of the NMLS Resource Center.

The NMLS is reminder all approved course providers that the Late CE Application window is from October 1st to November 30th this year. The requirements and how to submit sources for the Late CE catalog can be found in the Notice on Submitting Late CE Course Applications. With the recent TRID changes, the SAFE MLO National Test with Uniform State Consent will reflect the changes to the content outline. Going forward, anyone taking the test on or after October 3rd will see the new changes, regardless of when they scheduled the exam. The new changes not only include the TRID rule, but they also represent the results of the job analysis study the NMLS recently completed.

Turning briefly to rates we sold off yesterday following a stronger-than-expected September CPI report. We also received jobless claims and the Philly Fed numbers - a mixed bag. Was that brief enough?

Today we'll have the September Industrial Production and Capacity Utilization duo, August JOLTS (Job Openings), and October Michigan Sentiment. We closed the 10-year at 2.02% and in the early going it is at 2.00% with agency MBS prices a shade better.

Jobs and Announcements

Academy Mortgage is under new leadership in Colorado: Scott Edgin has joined Academy as its Colorado Regional Manager. In this role, Edgin will be responsible for directing the growth and development of Academy's 14 Branch Offices located across the state. "Scott brings a unique perspective to Academy having spent the bulk of his career in mortgage insurance as opposed to mortgage origination," says Academy's Central Divisional Manager Terry Mott. "His dedication, work ethic, and reputation made him the right person for this job." Edgin spent nearly 14 years with GE Capital Mortgage Insurance and Genworth Financial, quickly promoting up the ranks and leading teams to exponential market share and sales volume growth. Loan officers, branch managers, branches, and firms interested in joining Academy should contact Divisional Recruiting Manager Ben Green.

Award-winning national appraisal management company, Pendo Management Group, is looking for strong sales people with success in selling valuation, title or correspondent lending. Both regional and national opportunities available with limitless income potential are available. In the last three months, Pendo has been named the #2 Fastest Growing Company in Kansas City by Ingrams Magazine, #35 on HousingWire's HW Fast 50 and #591 on Inc. Magazine's list of the top 5000 Fastest Growing Private Companies in the country. Co-Founder Jeff Sandman attributes the success to the tireless pursuit of providing the highest level of customer service possible. If you are a producer that has the drive and commitment to provide your clients with concierge level service contact Jeff Sandman to learn more.

SunTrust named Dorinda Smith mortgage segment executive and president and CEO of SunTrust Mortgage. Smith has been with SunTrust for 19-years. Most recently, she was national production manager for SunTrust's correspondent channel, serving community banks. Smith succeeds Jerome Lienhard who was appointed chief risk officer.

And First Guaranty Mortgage Corporation, a Virginia Corporation, has named Jane Gershman as its National Servicing Director.