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Buchalter

Melissa Richards

Melissa Richards

Of Counsel

WSG Practice Industries

Activity

Buchalter
California, U.S.A.

Profile

Melissa Richards, CMB is a California licensed attorney with a national practice specializing in federal and multistate compliance, licensing and enterprise risk management for the financial services industry. Her clients are engaged in residential and commercial mortgage, fintech, licensed non-depository and depository institution consumer and commercial lending,  either directly or in supporting vendor roles. Ms. Richards has both outside counsel experience as well as general counsel experience. From 2012-2018, Ms. Richards served as the Chief Legal & Risk Officer of a mid-size independent mortgage company ranked as one of Scotsman Guide’s Top 15 Mortgage Lenders in 2018-2019.

Ms. Richards has served in leadership for the California Mortgage Bankers Association, both as a three-term Director (1999-2008) and as its General Counsel (2002-2008). For the Mortgage Bankers Association, Ms. Richards received her CMB designation in 2009 and served as Co-Chair of the 2017 MBA RESBOG Task Force on CFPB Regulatory Clarity and Enforcement (CFPB 2.0). Ms. Richards is a frequent national speaker on federal and state compliance current events affecting the financial services industry, including implementation and enforcement of California’s Consumer Privacy Act and implementing state AG regulations.

Professional and Community Activities

  • Certified Legal Partner (CLP), ComplianceEase(TM) ComplianceAnalyzer (2020)
  • Certified Mortgage Banker designation, Mortgage Bankers Association (2009)
  • Fellow, American College of Mortgage Attorneys (2012- present)
  • Fellow, American Bar Foundation (2020)
  • Past President (2018-2020) and Director (2016-2020), Artemis Rowing, a California non-profit corporation located at the City of Oakland’s Jack London Aquatic Center, offering competitive and recreational youth rowing programs for students in Grades 6-12.

Bar Admissions

  • California

Education

  • University of San Francisco
  • University of California, Davis
Areas of Practice

Commercial Finance | Real Estate Finance

Professional Career

Significant Accomplishments

  • Represented North American land developer and homebuilder, Brookfield Residential Properties, Inc, as regulatory counsel in its joint venture with loanDepot, one of the nation’s largest retail mortgage lenders. This new joint venture is designed to streamline the mortgage experience and plans to serve new home construction communities located in California, Colorado, Delaware, Texas, Virginia, and Washington, DC.

Articles

NMLS Transition Update for Existing California Financing Law Licensees: CA DFPI Has Opened the NMLS Portal to Receive Transition Applications
Buchalter, July 2021

  Following July 8, 2021’s Client Alert, the California Department of Financial Protection and Innovation (DFPI) posted its CFL Transition Checklist for existing California Financing Law licensees to begin the license administration transition over to the Nationwide Multistate Licensing System (NMLS) portal. The deadline for submitting CFL transition applications through the NMLS portal is December 31, 2021...

CA DFPI Issues New Round of Proposed Rules for Transitioning Existing CA Financing Law Licensees to the NMLS Platform
Buchalter, July 2021

Back in November 2020, we reported the CA Department of Financial Protection and Innovation (“CA DFPI”) as administrator of the California Financing Law (CFL) License had published a third round of proposed rules to transition the CFL License administration to the Nationwide Multistate Licensing System (NMLS) electronic portal. The target date for completing this transition would be July 1, 2021...

Buchalter COVID-19 Client Alert: DFPI Reminds Debt Collectors about Rental Protections for COVID-19 Rental Debt
Buchalter, April 2021

Acting under its new Debt Collection Licensing Act licensing administration and enforcement authority granted by SB 908, the DFPI Commissioner issued a public statement on April 9th reminding all future license applicants under the Debt Collection Licensing Act of California’s renter protections associated with COVID-19 rental debt...

Additional Articles

  • NMLS Transition Update for Existing California Financing Law Licensees: CA DFPI Has Opened the NMLS Portal to Receive Transition Applications
  • CA DFPI Issues New Round of Proposed Rules for Transitioning Existing CA Financing Law Licensees to the NMLS Platform
  • CFPB Extends Compliance Deadline for New Qualified Mortgage Definition to October 1, 2022
  • Buchalter COVID-19 Client Alert: DFPI Reminds Debt Collectors about Rental Protections for COVID-19 Rental Debt
  • California DFPI Publishes Notice of Proposed Rulemaking for Debt Collector Licensing
  • Revising the New General QM Final Rule and Seasoned QM Final Rule: CFPB Expected to Postpone the Mandatory Compliance Date for the New General QM Final Rule and New Seasoned QM Final Rule and Temporarily Keep the GSE QM Loan Definition in Place, and Will Consider Revising the Seasoned QM Rule and Other Portions of the New QM Final Rule
  • CFPB Acting Director Considering Delay in New Qualified Mortgage Rule
  • Artificial Intelligence and Fair Credit Decisioning: Federal Regulators Lean In
  • Coming in 2021: CFPB Finalizes Changes to “Qualified Mortgage” Definition and Creates a New “Seasoned QM” Loan Category
  • California Enacts Consumer Debt Collector Licensing Administered by DFPI
  • CA DFPI One Step Closer to Finalizing CFL Commercial Loan Disclosure Regulations
  • CA DFPI Issues Third Round Proposed Rules for CFL License Transition to NMLS Platform
  • Newly Enacted California Consumer Financial Protection Law (AB 1864) Reorganizes and Renames Financial Institutions Regulator for Expanded Oversight of Certain Consumer Financial Services Innovation Sector
  • Artificial Intelligence and Fair Credit Decisioning: Federal Regulators Lean In
  • The California Consumer Privacy Act of 2018 (CCPA) What it means for the Financial Services Industry
  • California Regulator Focuses on Small Balance Consumer Lenders (and Indirectly on Online Lead Generators)
  • Summary of California Laws Enacted in 2018 Impacting the State’s Financial Services Industry: What to Look Forward to (and Prepare for) in California in 2019
  • Happy New Year! California Legislation Addresses Financial Services Industry in 2019 and Beyond


WSG's members are independent firms and are not affiliated in the joint practice of professional services. Each member exercises its own individual judgments on all client matters.

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