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LANSING, MI - March 25, 2010 - (RealEstateRama) -- The Office of Financial and Insurance Regulation (OFIR), the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR) today announced a settlement with CitiFinancial regarding the firm’s failure to report 91,127 residential mortgage loans, including more than 4,000 in Michigan, to the federal government as required by the Home Mortgage Disclosure Act (HMDA). The settlement requires CitiFinancial to pay a $63,457 penalty to the State of Michigan, which will be put into the Mortgage Brokers, Lenders, and Servicers Licensing Act Fund and used to support OFIR’s mortgage examination and licensing programs

LANSING, MI - October 21, 2009 - (RealEstateRama) -- The Office of Financial and Insurance Regulation today announced that, starting January 4, 2010, Michigan mortgage broker, lender, and servicer licensees and registrants will begin participation in the Nationwide Mortgage Licensing System (NMLS). The new electronic system was developed by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR).