Regulatory Updates 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 […]
Legislative Updates 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 […]
OKLAHOMA SENATE BILL 915 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 […]
Legislative Updates 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 […]
Legislative Updates 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 […]
Federal Compliance Updates 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 […]
WASHINGTON RULES 208-660-006 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 […]
TEXAS FINANCE COMMISSION RULES 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 […]
Compliance Updates 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 […]
Legislative Updates 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 […]
Regulatory Updates 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 […]
Regulatory Updates 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 […]