Regulatory Updates

Nevada

The Foreclosure Mediation Program expires on June 30, 2017, and all mediations should have been completed by April 30, 2017.

Utah

Utah House Bill 13 recently passed, defining digital assets and parties involved for electronic loan compliance. Some measures include:

• Identifying custodians (persons/entities that carry, maintain, process, receive, or store digital assets for users)
• Digital assets (electronic records to which an individual has a right or interest)
• Users (person who has an account with a custodian)
• Designated recipient (person chosen by a user to administer the user’s digital assets)
• Fiduciary (personal representative, executor, administrator, trustee, etc. performing a fiduciary role in regards to a user)

Minnesota

Minnesota penned a supervisory guidance letter to residential mortgage originators that identified five deficiencies typically identified in routine examinations, including:

• Failure to properly disclose the agency or non-agency relationship of the lender with the borrower.
• Failure to properly disclose the five requirements of the agreement, complete the agreement in its entirety, and include a disclaimer.
• Failure to maintain necessary records for the required 60 months.
• Failure to demonstrate tangible net benefits to a consumer for refinance loans.
• Failure to disclose advance fee contracts, deposit advance fees or escrows into a trust account.

You can read the full text of the article on the Asurity website.