CSBS Settles Lawsuit Over Purloined MLO Exam

CSBS Settles Lawsuit Over Purloined MLO Exam

January 8, 2020
Photo credit: Getty Images/Kuzma
The Conference of State Bank Supervisors (CSBS) has announced its State Regulatory Registry (SRR) subsidiary, which operates the Nationwide Multistate Licensing System (NMLS), has settled a lawsuit against four defendants who allegedly misused and reproduced copyrighted questions from the national exam that state-licensed mortgage loan originators (MLO) must pass to obtain a license.
 
According to the lawsuit, Colorado-based MTI—along with Don Exley, Carey Green and Billy Glenn “Bart” Bartholomew—misused and reproduced the copyrighted SAFE MLO Test questions without authorization. SRR revoked MTI’s NMLS-approved course provider status and barred Exley from being associated with any NMLS-approved course provider. Bartholomew was also barred from associating with NMLS-approved course providers for five years, while Green’s access to NMLS was suspended indefinitely.
 
CSBS added in a press statement that “all the parties have reached settlements on terms that were satisfactory to SRR,” but offered no further details.
 
“The integrity of the SAFE Act test is integral to ensuring that state-licensed mortgage loan originators understand the laws and regulations they operate under and to protecting consumers from bad actors,” said John Ducrest, Commissioner of the Louisiana Office of Financial Institutions commissioner and Board Chairman of the SRR.

 
Compliance

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