Residential MortgageCompliance Monitor

June, 2016

  • FHA Publishes Update to Handbook 4000.1

    June 30, 2016, HUD issued a Transmittal Memorandum to the following entities: All FHA Approved Mortgagees All Direct Endorsement Underwriters All FHA Roster Appraisers All FHA Roster Inspectors All FHA Approved 203(k) Consultants All HUD Approved Housing Counselors All HUD Approved Nonprofit Organizations All Governmental Entity Participants All Real Estate Brokers All Closing Agents The […]


  • Hawaii Adopts Amendments Regarding MLO and Mortgage Servicing Licensing

    The State of Hawaii has enacted Senate Bill 2850 which amends its mortgage loan originators law and mortgage servicers law. The purpose of the bill is to bring consistency to the terminology of the chapters, to bring clarity to the scope of each chapter and to update references to federal law in the chapters. The […]


  • New York Amends and Enacts Foreclosure Provisions

    New York recently amended and enacted several statutory provisions that relate to foreclosures.  These provisions take effect on December 20, 2016. Settlement Conferences First, there are some changes that effect mandatory settlement conferences for foreclosure actions on real property of which the defendant is a resident.  The legislation states that at the conference, parties should […]


  • Georgia Adopts Various Provisions Applicable to Residential Mortgage Act

    The Georgia Department of Banking and Finance adopted various provisions with respect to the Residential Mortgage Act including licensing fees, examinations and renewals, advertising requirements, maintenance of records, and administrative fines.  These provisions are effective on July 10, 2016. Chapters 80-5 and 80-11: Financial Institutions and Brokers and Lenders 80-5-1-.07 License Renewal Periods and Requirements […]


  • South Carolina Revises Consumer Protection Codes

    The state of South Carolina General Assembly 121st Session, 2015-2016, enacted provisions regarding its Consumer Protection Code. These provisions cover a wide array of changes and are effective immediately. Selected changes can be found below, see bottom for state link. SECTION 1. Section 37-1-201(1) of the 1976 Code This provision amends the definition of a […]


  • South Carolina Powers of Attorney

    Effective on January 1, 2017, South Carolina enacted incorporations and amendments to its South Carolina Uniform Power of Attorney Act (Act). This was done largely by adopting large provisions of the Uniform Power of Attorney Act (UPOAA) while noting some key differences. Section I will provide a brief outline of the foundations of the power […]


  • New Hampshire Amends Provisions Regarding Mortgage Servicers

    RSA 397-A Licensing of Nondepository Mortgage Bankers, Brokers, and Servicers 397-A:1 Definitions XII. “Mortgage banker” means a person not exempt under RSA 397-A:4 who, for compensation or gain, or in the expectation of compensation or gain, whether such compensation or gain is direct or indirect: (a)  Makes or originates a mortgage loan as payee on […]


  • Montana Surety Bond Requirements for Mortgage Brokers and Lenders

    Effective June 18, 2016, entities applying for a mortgage broker or mortgage lender license for the first time in Montana, with no prior business history or a business history of less than one year at the time of application, are now required to purchase a surety bond in the amount of $25,000.00.  Previous to this […]


  • Fannie Mae Reschedules DU 10.0 and Credit Trending Data to September 24, 2016

    On June 20, 2016, Fannie Mae issued a statement with their DU Release Notes that Desktop Underwriter® (DU®) Version 10.0 release has been rescheduled for the weekend of September 24, 2016. The information contained in the Release Notes that is specific to trended credit data is provided below: Trended Credit Data Credit reports currently used […]


  • CFPB Updates Mortgage Servicing Examination Procedures

    CFPB Releases Special Edition of Supervision Highlights and Updates Mortgage Servicing Exam Procedures June 22, 2016  the Consumer Financial Protection Bureau (CFPB) released a special edition supervision report focused specifically on mortgage servicers. The report found that some mortgage servicers continue to use failed technology that has already harmed consumers, putting the company in violation […]


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