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Illinois Amends Mortgage Licensing and Residential Foreclosure Laws
by: Nicole LegereAmendments to the Residential Mortgage License Act Illinois recently amended the Residential Mortgage License Act of 1987 with changes to sections 1-3 and 4-2, and also by adding section 7-15. These changes address requirements for exempt company registration under the Residential Mortgage License Act of 1987, and allow for the sponsorship of individual […]
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Maryland Amends Education Requirements for Mortgage License Renewal
by: Paul McSheffreyThe Commissioner of Financial Regulation in Maryland has amended Regulation 09.03.06.17, relating to continuing education requirements for mortgage lending licensees. The purpose of the amendments were to clarify the regulation by making the definition of persons required to complete continuing education consistent with the licensure requirements found in Financial Institutions Article, §11-506(b)(2), (3), […]
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New Hampshire Amends Provisions Regarding General Consumer Credit Laws
by: Amanda NicholsonThe state of New Hampshire has made changes to the laws governing mortgage bankers, mortgage brokers, loan servicers and services offered to consumers. The amendments apply to obtaining a broker or banker license and maintaining copies of documents. These amendments have also repealed the provisions limiting an individual from working as a mortgage […]
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Texas Amends Statutes Regarding Loan Officers and Licensing Fees
by: Matthew DaileyThe state of Texas recently adopted changes under the Texas Finance Code which grants rulemaking authority to the Finance Commission of Texas. The amendments concern mortgage loan originators and bankers and the licensing regulations that affect them. These amendments are effective as of September 15, 2013. 7TAC§§80.100, 80.103, 81.100, 81.103 – Licensing Any person […]
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Agencies Issue Revised Risk Retention Proposal and QRM Definition
by: Marissa BlundellOn August 28, 2013, the Federal Reserve Board, HUD, the FDIC, the FHFA, the OCC and the SEC (collectively, “the agencies”) revised the jointly proposed risk retention rule originally issued in 2011. The new proposal provides two alternative revised definitions for “qualified residential mortgage” (QRM). Comments regarding this new proposal are due October […]
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CFPB Releases Second Update of Exam Procedures for Mortgage Rules
by: Anna DeSimoneAugust 15, 2013 the Consumer Financial Protection Bureau (CFPB) released a second update to its exam procedures in connection with the new mortgage regulations issued in January 2013. These updates cover the Ability-to-Repay/Qualified Mortgages, high-cost mortgages, and appraisals for higher-priced mortgage loans, as well as new amendments related to the escrows rule. The […]
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Maryland Faces Backlog of Foreclosures
by: Paul McSheffreyThe Washington Post recently featured an article “Thousands of Marylanders are losing homes in second wave of foreclosures“, which discusses the large backlog of foreclosures in the state. As mentioned in the article, the foreclosure timeline in Maryland is now among the longest in the nation. Some of the reasons for this backlog […]
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VA Increases Net Value Percentage
by: Sarah Lagattolla August 9, 2012 the Department of Veteran Affairs has announced that the percentage used to determine Net Value for properties will increase to 14.95%. The change will take place effective October 8, 2013. The Net Value is a key component in the formulas for determining whether a loan holder has the option […]
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CFPB Updates QM and ATR Small Entity Compliance Guide
by: Anna DeSimoneAugust 14, 2013 the CFPB updated its Small Entity Compliance Guide to the Ability to Repay and Qualified Mortgage Rule. The Bureau updated this guide to reflect finalized changes to the rule. The revisions amend the final rule issued January 10, 2013,which is set to take effect on January 10, 2014.Notable changes impacting […]
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Connecticut Enacts Provision for Private Transfer Fees
by: Louis Danastorg An Act Concerning Private Transfer Fees – CT Senate Bill 859 Connecticut recently enacted provisions concerning private transfer fees, Senate Bill 859, which redefines private transfer fees and invalidates the practice of imposing private transfer fee obligations against titles of real property. Under the new provisions, any fee payable at the […]
