Financial Services Licensing

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Bradley attorneys are well-versed in matters relating to financial services licensing. Third parties engage us to assist mortgage lenders and servicers in applying for mortgage licenses in each of the 50 states, the District of Columbia, and relevant U.S. territories. We also regularly assist in strategic acquisitions of licensed entities and work with relevant regulatory agencies to secure the approvals necessary to make strategic acquisitions possible.

Our licensing practice has deep experience with the Nationwide Multistate Licensing System & Registry (NMLS), which manages nearly all aspects of mortgage licensing. In fact, our attorneys serve on task forces that provide industry feedback regarding the NMLS. We also have significant experience working with federal and state regulatory agencies to help clients navigate daily compliance challenges and enforcement actions.

Our financial services licensing and examination experience extends to companies engaged in mortgage finance and other consumer credit activities, for state licensure and federal approvals. Many of the licensing projects our clients undertake facilitate public or private offerings, complex reorganizations, restructurings, and stock or asset purchase transactions. We handle nationwide licensing and renewal projects involving all manner of professional licenses with regard to consumer credit, including:

  • Sales finance activities
  • Real estate broker activities
  • Mortgage brokering, servicing, and lending
  • Commercial mortgage and non­-real estate­–secured commercial or business activities
  • Consumer brokering and lending

We put our strong relationships with each state’s trade associations and our familiarity and experience with dealing with specific regulators to work for our clients.

Bradley has represented and defended debt collectors and other companies in matters associated with the federal Fair Debt Collection Practices Act (FDCPA) and related state statutes. Our clients range from debt collectors, debt buyers, and banks to creditors and loan servicers, including those involved with individual and class action cases. We advise regarding many types of alleged violations, such as disclosure of identity and debt; harassment; misrepresentations in affidavits, character, or legal status of debt; discrepancies in collection amounts; collections with respect to bankruptcy; and threats of illegal action.

Bradley advises clients with regard to the cost-savings of P2P lending and loan originations, which connect borrowers directly with investors or lenders. We handle matters for P2P lending related to credit card refinancing, the consumer lending market (including student loans and small-businesses), and mortgages.
Our licensing practice also assists our HUD, FHA & GNMA Approval, Compliance, and Enforcement Support practice. You can read more about our work in that area here.

Bradley handles licensing for a variety of credit products, such as home, consumer, commercial, and automobile loans. Our clients include large and small financial institutions, ranging from mortgage lenders, brokers, and servicers to secondary market investors; state- and federally chartered banks; real estate brokers; and consumer finance companies.

We closely monitor federal and state laws and regulations, including the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act), Truth in Lending Act (TILA), FDCPA, and Regulations G and H of the Consumer Financial Protection Bureau (CFPB). For licensing-related projects, we assist with:

  • Analyzing business plans and regulatory implications
  • Strategic and structural considerations
  • Risk audits for compliance
  • Amendments and changes to licenses
  • Renewal applications and related reports
  • Regulatory enforcement proceedings
  • License applications, certificates of authority, and Secretary of State filings
  • Federal agency approvals of government-sponsored enterprises (GSEs)
  • Litigation and other administrative events
We handle matters in which the bank holding company also engages in real property management or real estate brokerage. These are complex legal issues, given that Title I of the Dodd-Frank Act dictates that a company engaged in asset management may be predominantly engaged in financial activities even if it conducts business as a real estate broker business. We also advise clients on the terms of the Bank Holding Company Act of 1956 (BHC Act), which restricts a bank holding company from activities related to the development of property for which it is arranging commercial real estate equity financing.

Bradley advises clients in connection with student debt, an area coming under increasing regulatory scrutiny. For example, we have helped our clients analyze and understand the CFPB’sreport on student loan servicing and also applicable regulatory oversight of the Department of the Treasury and the Department of Education. With regard to companies offering student lending, we assist with fundamental issues such as:

  • Drafting model loan agreements
  • Conducting compliance audits and due diligence reviews
  • Obtaining licensing and authority to lend, broker, service, or collect
  • Developing policies and procedures related to establishing loan collections, servicing, and enforcement
  • Ensuring compliance with state and federal laws

Bradley’s consumer finance attorneys also support student-lending clients with matters involving litigation, regulatory issues, and enforcement.