August, 2016

  • California Updates Various Provisions

    California has passed Assembly Bill 1650 which amends its real estate licensee advertising requirements to require additional disclosures. Existing law requires that, where a real estate licensee publishes, circulates or distributes in any newspaper or periodical or by mail any matter pertaining to any activity for which a license is required, that the advertisement disclose: that the licensee is performing an act for which a real estate license is required, the licensee’s license identification number, and, in the event the licensee is also a mortgage loan originator, his or her NMLS license number.

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  • HARP Extended through September 2017, Streamlined Refinance Program for High LTV Borrowers Announced

    August 25, 2016, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises), at FHFA’s direction, will implement a new refinance offering aimed at borrowers with high loan-to-value (LTV) ratios. The FHFA announcement is provided below:

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  • Illinois Enacts Digital Assets Act Provisions

    Illinois House Bill 4648, regarding The Revised Uniform Fiduciary Access to Digital Assets Act, covers procedures and requirements for the access and control by guardians, executors, agents, and other fiduciaries of the digital assets belonging to persons who are deceased, legally disabled, or subject to a trust. Among other items, the bill covers applicability of the Act, user direction for disclosure of digital assets, terms-of-service agreements, custodian compliance and immunity, and the Act’s relation to federal laws governing electronic signatures.

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  • Illinois Amends Credit Union Act

    The Illinois Credit Union Act has been amended by changing Sections 4, 22, 33, 46, and 52 and adding Section 64.7. This article will highlight some of the most important changes. These provisions are effective immediately.

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  • Maine Aligns State and Federal Provisions Regarding Alternative Mortgage Transactions

    The Maine Department of Professional and Financial Regulation adopted provisions, effective immediately, that will help to unify the Bureau of Financial Institutions and Bureau of Consumer Credit Protection’s Alternative Mortgage Transactions joint rule with the CFPB’s Regulation D.

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  • Alaska Modifies Provisions Regarding Powers of Attorney

    The legislature of the state of Alaska has recently updated its power of attorney provisions, including an important update to the statutory power of attorney form, with an effective date of January 1, 2017. The power of attorney provisions first outlines what constitutes acceptance by, and the liability of, an agent.

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  • Illinois Amends: Uniform Real Property Electronic Recording Act, Residential Real Property Disclosure Act, and Making Home Affordable Program

    The state of Illinois has amended various laws in recent weeks. Many of the amendments only make minor changes to existing law but this article will explore some of the important changes.

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  • Rhode Island Amends Foreclosure and Homestead Exemption Statutes

    The State of Rhode Island has recently passed an act relating to Mortgage Foreclosure and Sale. Rhode Island has amended RIGL Ch. 34-27 Mortgage Foreclosure and Sale by adding Section 34-27-8 Requirement of affidavit from certain tax exempt entities. The amended statute affects the sale of residential property by a mortgagee.

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  • Alaska Amends Provisions Regarding Mortgage Loan Originator Licensing

    Effective as of January 1st, 2017, the Alaska legislature amended provisions regarding mortgage loan lenders’ and originators’ licensing requirements in addition to the inclusion of a “registered depository institution” in the Act. The following focuses on the inclusion of the latter entity throughout the amended provisions.

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  • CFPB Finalizes New Servicing Rules, Expands Foreclosure Protections

    August 4, 2016 the Consumer Financial Protection Bureau (CFPB) finalized new rules under RESPA and Truth in Lending. The final rule amends certain mortgage servicing rules issued in 2013.
    Amendments to the 2013 Mortgage Rules under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z)

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