On Thursday, April 16, the CFPB announced an amendment to Regulation C raising the loan-volume coverage thresholds for financial institutions reporting data under the Home Mortgage Reporting Act (HMDA).
On Thursday, April 16, the CFPB announced an amendment to Regulation C raising the loan-volume coverage thresholds for financial institutions reporting data under the Home Mortgage Reporting Act (HMDA).
Lenders should make sure all their fair-lending policies, procedures, and documentation remain fresh, are actively used, and are effective.
The Michigan legislature amended their Mortgage Loan Originator Licensing Act effective December 5, 2019. An individual who is a registered loan originator will have temporary authority to act as a mortgage loan originator for a specified period without first obtaining a mortgage loan originator license, if all of the following apply: An individual who is […]
The Alaska Department of Commerce, Division of Banking and Securities (“Department”) has amended their regulations dealing with mortgage lending and nonprofit exemptions, effective February 6, 2020. The Massachusetts Department of Banking has amended the rules related to licensing of mortgage loan originators, effective January 10, 2020. 3 Alaska Administrative Code Chapter 14 A bona fide […]
The New Jersey Department of Banking has updated their definition of a high cost loan. The Oklahoma Secretary of State has issued rules implementing the Oklahoma Remote Online Notary Act (“Act”). Both provisions discussed here were effective January 1, 2020. New Jersey Department of Banking and Insurance Bulletin 20-01 The New Jersey Department of Banking […]
The Colorado and Georgia regulators have amended their rules related to temporary authority for mortgage loan originators. Colorado Rules 4 CCR 725-3 Chapter 2 The Colorado Department of Regulatory Agencies, Division of Real Estate (the “Division”) has amended the rules related to temporary authority for mortgage loan originators, effective November 20, 2019. An applicant for […]
The Consumer Financial Protection Bureau (“CFPB”) announced the asset-size exemption thresholds for 2020 for Regulation C and Regulation Z. The Oregon Department of Consumer and Business Services has amended its rules for mortgage lenders and mortgage servicer licensees. All updates discussed are effective January 1, 2020. Regulation C (Home Mortgage Disclosure Act) The Home Mortgage […]
The Alaska legislature amended its laws related to mortgage loan originator licensing exemptions. The Nebraska legislature amended provisions related to its Installment Sales Act (“act”) which includes the purchase of mobile homes with an installment contract. All the legislation discussed is effective January 1, 2020. Alaska House Bill 104 An employee of a bona fide […]
The Florida and Kentucky legislatures have amended their respective laws concerning on-line notarizations and electronic documents. Both amendments are effective January 1, 2020. Florida House Bill 409 At the time a notarial act is performed, the certificate of acknowledgement must include whether the signer personally appeared before the notary public at the time of notarization […]
The Oklahoma legislature has enacted provisions related to online notarial acts, the recording of electronic documents, and the use of electronic signatures and seals, effective January 1, 2020. A notary may certify that a paper or tangible copy of an electronic document is a true and correct copy of an electronic document if the notary […]
The Oregon legislature has amended the Oregon Consumer Information and Protection Act (formerly known as the Consumer Identity Theft Protection Act). They have also enacted amendments to its laws to address the issue of unoccupied residential properties that are unsafe or unsanitary; amended the definitions related to documents presented for recording; and amended the information […]
The Wisconsin legislature has enacted provisions for the temporary authority for registered mortgage loan originators who transition to a licensed mortgage broker or lender. These provisions were effective November 28, 2019. The Pennsylvania Department of Banking and Securities has announced the 2020 base figure, effective January 1, 2020. Wisconsin Senate Bill 457 An individual who […]