The U.S. Congress previously enacted the Economic Growth, Regulatory Relief and Consumer Protection Act which amended the SAFE Act to provide a temporary authority for registered mortgage loan originators to originate mortgage loans at a state licensed mortgage company. The Consumer Financial Protection Bureau (“CFPB”) recently issued an interpretive rule to address screening and training […]
The Washington Department of Financial Institutions has amended rules implementing the Mortgage Broker Practices Act (“Act”), effective November 24, 2019. A new rule was added to allow qualified mortgage loan originators who are changing employment from a depository institution to a state-licensed mortgage company or qualified mortgage loan originators licensed in another state seeking licensure […]
The Finance Commission of Texas recently adopted new rules related to mortgage loan originator licensing requirements for military service members, military veterans, and military spouses, effective November 7, 2019. An individual is exempt from any increased fee or other penalty for failing to renew a residential mortgage loan originator license by the renewal deadline if […]
The states of Hawaii, Indiana, Oklahoma and Texas have recently amended their laws or regulations regarding various aspects of licensing for mortgage loan originators, mortgage brokers, and mortgage lenders. Hawaii House Bill 988 The Hawaii amendment, effective November 24, 2019, allows for temporary authority to act as a mortgage loan originator. An individual who has […]
New Jersey has enacted a foreclosure mediation act, effective November 1, 2019. New York has amended the laws regarding servicing transfers and loan modifications, effective November 12, 2019. New Jersey Assembly Bill 664 The New Jersey legislature enacted the New Jersey Foreclosure Medication Act (“Act”) which codifies the state’s foreclosure mediation program. The Act is […]
Federal agencies have revised the loan amount threshold for which appraisals are required, effective October 9, 2019. The FHFA has issued a final rule on validation and approval of credit score models used by the GSE’s, effective October 15, 2019. 84 Federal Register 53579 - Appraisals The Office of the Comptroller of the Currency (“OCC”), […]
The Nevada legislature has amended its Equal Opportunity for Credit Act (“Act”), and the New Jersey legislature has amended its security breach disclosure requirements. Both bills are effective October 1, 2019. The Ohio Secretary of State has issued rules related to electronic notaries and electronic notarizations. These rules relate to Ohio Senate Bill 263 (see […]
The Connecticut legislature has amended its laws regarding real estate closings, while the North Carolina legislature has updated the charge for a returned check. Both bills discussed here are effective October 1, 2019. Connecticut Senate Bill 320 The law has been amended to provide that real estate closings may only be conducted by an attorney […]
The Ohio legislature recently enacted the Notary Public Modernization Act to streamline the notary public system in Ohio and provide for electronic notarization, effective September 20, 2019. A notary public is entitled to the following fees: Only one of the above described fees may be charged and may not be calculated on a per signature […]
The Maine legislature recently modified various provisions of its foreclosure laws, effective September 19, 2019. Legislative Document (“L.D.”) 1327 amended the law to impose a duty of good faith upon mortgage loan servicers in dealing with homeowners. If a servicer controlling or managing a foreclosure fails to act in good faith toward the borrower, the […]
Insights from President Dr. Anurag Agarwal on how to streamline the redlining analysis process.
The Illinois legislature has amended its laws related to short sales and foreclosures, effective August 16, 2019. The New York legislature has amended its laws regarding vacant or abandoned property, effective August 14, 2019. Illinois Senate Bill 138 The amended law provides that if an offer to purchase either a mortgage or residential property is […]