info@thewbkfirm.com
202.628.2000

WBK Industry - State Regulatory Developments

Ohio Passes Mortgage Licensing Fee Increases and Other Changes

09 Sep 2021

The Ohio legislature passed its wide-reaching annual appropriations bill, House Bill 110, which, among other things, includes increases to certain license and registration fees for mortgage lenders, mortgage servicers, mortgage brokers, and mortgage loan originators:

  • The initial application fee for a certificate of registration for a mortgage lender, mortgage servicer, or mortgage broker, as well as the renewal fee, will increase from $500 to $700.  The change to the initial fee is effective September 30, 2021, while the change to the renewal fee is effective October 9, 2021.
  • The initial application fee for a mortgage loan originator license, as well as the renewal fee, will increase from $150 to $200.  The change to the initial fee is effective September 30, 2021, while the change to the renewal fee is effective October 9, 2021.
  • The late fee for a mortgage lender, mortgage servicer, mortgage broker, or mortgage loan originator renewal submitted up to 45 days late will increase from $100 to $150, effective October 9, 2021.

House Bill 110 also contains certain other housing-related provisions, including the following:

  • The bill authorizes the Department of Commerce, Division of Real Estate and Professional Licensing, to adopt rules relating to manufactured home dealers, brokers, and salespersons.
  • The bill updates existing law to require licensed real estate brokers and salespersons to notify the Superintendent of the Division of Real Estate and Professional Licensing within 30 days of any change of location of their personal residence address.  Licensed real estate brokers and salespersons will also be required to maintain a valid email address on file with the Division and notify the Superintendent within 30 days after a change of email address.  These changes take effect September 30, 2021.
  • The bill also enacts new requirements for title insurance companies that are joint ventures, including that the annual review required of agency accounts must include an assessment of whether or not all members of the joint venture received revenue during the year in question from the title company commensurate to their ownership interest in the title company.  These provisions take effect September 30, 2021.