Mayer Brown is pleased to announce that Krista Cooley, a partner in our Financial Services Regulatory and Enforcement group, has recently expanded her existing practice to take the lead in managing our state licensing practice. Krista is an experienced Consumer Financial Services attorney with over 19 years of experience. In this role, Krista advises clients on compliance with the requirements of federal and state laws governing the licensing, approvals and practices of brokers, lenders, purchasers and servicers of mortgages and other consumer loan products, as well as sales finance companies, money service businesses and collection agencies. She also assists clients in navigating the complex state and federal licensing and approval process in connection with, among others, new business lines, legal entity conversions, restructuring and change of control transactions.
Stacey Riggin, one of our Government Affairs Advisors, and Dana Lopez, our Licensing Manager, work closely with Krista and will continue to oversee our team of five regulatory compliance analysts, each of whom has over ten years of experience working together on licensing matters. Our team has decades of experience in managing nationwide licensing projects and assisting clients in obtaining approval with state and federal government agencies to engage in a variety of financial services related activities. Our team also coordinates regulatory approvals needed to facilitate mergers, equity investments, stock and asset acquisitions, and servicing sales and transfers.
Representative matters that our state licensing team handle include:
- Analyzing licensing and material compliance obligations under state consumer credit laws for brokers and solicitors, lenders, purchasers, servicers, debt collectors and debt settlement companies of various classes of consumer financial assets, including residential mortgage loans, retail installment contracts and secured and unsecured consumer loans including, among others, solar and home improvement loans, marketplace and personal loans, and student loans.
- Advising mortgage lenders and servicers on compliance with state licensing and regulatory matters on a nationwide basis, including Nationwide Multistate Licensing System (NMLS) management, Mortgage Call Report (MCR) filings, annual renewals, and other routine licensing maintenance requirements.
- Assisting lenders and servicers of consumer loan products with complex legal entity conversion, restructuring and change of control transactions to secure consents and approvals from state and federal consumer finance regulatory agencies. Also assisting with coordinating secretary of state filings associated with such matters.
- Providing multistate licensing advice in connection with the origination, holding and servicing activities of numerous funds and financial institutions active in the commercial mortgage loan and single family rental markets.
- Analyzing licensing and material compliance obligations under state real estate and title insurance laws and assisting clients with preparing post-licensing notifications and filings in connection with business changes.
- Assisting clients with preparing and submitting de novo and/or reactivation applications for approval with Fannie Mae, Freddie Mac, Ginnie Mae, HUD, the VA, and the USDA Rural Housing Service to originate, sell, acquire, and/or service residential loans.
- Assisting investors and financing sources with the assessment and management of risk through due diligence and transactional services related to licensing and other issues.
- Analyzing state consumer finance licensing and federal agency approval requirements in connection with alternative investment options and debt structures.
- Representing clients in examinations and enforcement proceedings brought by state financial regulators and attorneys general.
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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.