Ohio Amends Mortgage Company Regulations

The Ohio Division of Financial Institutions recently amended the regulations affecting mortgage companies.  The amendments became effective September 1, 2024.

Among other changes, the amendments remove the requirement for registered mortgage companies to maintain an in-state office, bringing the regulations in sync with an earlier revision to the Ohio Residential Mortgage Lending Act.  The amendments also remove the requirement that registered mortgage companies maintain particular office hours. 

Under the amended regulations, registered mortgage companies are no longer required to maintain a complete signed copy of every final settlement statement for every residential mortgage loan it originates.  The amendments also clarify that the required surety bond amount is based on the aggregate loan amount of all residential mortgage loans originated both within and outside Ohio; remove the requirement to notify the Superintendent of Financial Institutions of certain actions and judgments via the Division’s website; and update the disclosure requirements for websites.