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 […]
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 […]
The Minnesota legislature has amended its licensing laws with respect to manufactured home dealers and salespersons, effective August 1, 2019. The New Hampshire legislature has amended its notary laws effective August 4, 2019. Minnesota House File 990 A manufactured home dealer or salesperson is now exempt from residential mortgage originator licensing requirements if they: New […]
The Consumer Financial Protection Bureau (“CFPB”) recently updated its TILA/RESPA Integrated Disclosure (“TRID”) FAQ’s on July 31, 2019 to address questions regarding when a Loan Estimate must be provided to consumers. Generally, a creditor is responsible for ensuring that a Loan Estimate is delivered to a consumer or placed in the mail to the consumer […]
Rhode Island has enacted the Uniform Fiduciary Access to Digital Assets Act which has been enacted in various states on which we have previously reported, effective July 15, 2019. The South Carolina legislature recently amended its laws to provide a set recording fee for certain types of documents, effective August 1, 2019. Rhode Island House […]
The State of Maine recently enacted the Maine Revised Uniform Fiduciary Access to Digital Assets Act, effective June 20, 2019. The Washington legislature recently amended laws related to electronic signatures, effective July 28, 2019. Maine Legislative Document 1535 The Uniform Fiduciary Access to Digital Assets Act has been enacted in various states on which we […]
The Nevada Commissioner of Mortgage Lending (“Commissioner”) recently amended rules to add provisions regarding mortgage brokers and mortgage agents (Chapter 645B) and loan modification consultants and mortgage servicers (Chapter 645F). The rules were effective June 26, 2019. The amended rules allow the Commissioner to issue a license by endorsement as a mortgage broker, mortgage agent, […]