April, 2016
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FFIEC Seeks Comments on Proposed Revisions to Uniform Interagency Consumer Compliance Rating System
The Federal Financial Institutions Examination Council (FFIEC) released press release seeking public comment on its proposal to revise the existing Uniform Interagency Consumer Compliance Rating System to reflect regulatory, supervisory, technological, and market changes since the system was established. The press release is reproduced below. The Consumer Compliance Rating System is a supervisory policy for […]
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FHLB MPF Updates Early Payment Default (EPD) Quality Control
April 28, 2016, the Federal Home Loan Bank’s Mortgage Partnership Finance program issued PFI Advisory 2016-115 to announce an update regarding Early Payment Default (EPD) quality control. The rule takes effect May 1, 2016. View the original publication here. The MPF Provider Quality Control Department will begin conducting quality control reviews for all conventional mortgage […]
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Mississippi Reenacts Debt Management Services Act
Effective on July 1, 2016 Mississippi reenacted and extended the repeal date of the Debt Management Services Act (hereinafter referred to as the Act). The Act has now been extended to continue until July 1, 2019. The Act regulates debt management service providers. In specific it outlines: (1) the procedures of licensures; (2) the procedures […]
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Tennessee Modifies Provisions Regarding Banks and Financial Institutions
Effective April 8, 2016, the State of Tennessee amends House Bill 1546, Title 45, Chapter 5 and Title 45, Chapter 13 an act relating to licensure of mortgage loan professionals. Tennessee Code Annotated, section 45-5202(h) is relabeling the existing language as subdivision (1), and also adding more language as a new subdivision. The following will […]
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Nebraska Adopts Electronic Notary Public Act and Revised Fiduciary Digital Assets Act
Nebraska has adopted an Electronic Notary Public Act effective July 1, 2017. Additionally, Nebraska has adopted the Revised Fiduciary Access to Digital Assets Act which goes into effect on January 1, 2017. Electronic Notary Public Act The act defines what the state of Nebraska considers electronic, electronic documents and an electronic notary public. Also, the […]
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Nebraska Updates Regarding Consumer Protection
Nebraska has enacted changes to two Acts for the protection of consumers all of which take effect on July 19, 2016 or 3 months following the adjournment of the legislative session. Credit Report Protection Act One of the changes to the act includes the definition of a protected consumer. It is now defined as: “an […]
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Mississippi Reenacts and Updates SAFE Mortgage Act
Effective on July 1, 2016 Mississippi reenacted the SAFE Mortgage Act and updated license requirements, document retention procedures, self-reporting, and set new limitations. Continuing Education Mississippi enacted amendments that delineate the requirements of continuing education for a licensed mortgage loan originator. Each mortgage loan originator must complete a total of eight hours of continuing education […]
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Kansas Amends its Mortgage Business Act
Effective July 1, 2016 Kansas amended its provisions regarding its Mortgage Business Act (hereinafter referred to as the MBA). This includes definitions, exemptions, licensing and registration, proof of display of license, bond requirements, prohibited acts and retention of records. Section I. K.S.A. 2015 Supp. 9-2201 The following is the definitive list of definitions that exhibited […]
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Washington Recent Updates
Washington recently made various updates to multiple code sections. Definitions For updates to various definitions please refer to the following code sections: WAC 208-620-010, WAC 208-620-011 and for reverse mortgages under WAC 208-620-800 and WAC 208-620-820. WAC 208-620-104 Exemptions from licensing as a consumer loan company A person is exempt if they are, “selling property […]
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Idaho Amends Foreclosure Sale Provisions
Effective July 1, 2016 Idaho adopted requirements amending Idaho Code Section 45-1506 on the duties of the purchaser of a trust deed foreclosure sale in regards to untitled property. Commencing the Process Under the amendment the purchaser has a four step procedure to follow: (1) determination of occupancy; (2) storage; (3) notice; and (4) satisfaction […]