January, 2020
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Wisconsin Enacts Provisions Regarding Financial Institutions
The state of Wisconsin has recently enacted provisions regarding financial institutions, which include temporary authority to act as a mortgage loan originator while a license application is pending. Provisions in this bill range from effective immediately to effective on May 2, 2021.
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New Jersey Issues Bulletin Regarding 2020 High-Cost Home Loan Dollar Adjustment
The New Jersey Department of Banking and Insurance has issued a bulletin setting out the maximum principal amount for loans that may be considered “high-cost home loans” under the New Jersey Home Ownership Security Act of 2002. The adjusted dollar amount is effective for loan applications received on or after January 1, 2020.
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Colorado Enacts MLO Licensing Provisions
The Colorado Division of Real Estate has adopted provisions regarding the temporary authority to act as a mortgage loan originator. These provisions are effective immediately.
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New York Adopts Reverse Mortgage Provisions
New York has enacted provisions relating to the regulation of reverse mortgages that are issued pursuant to the Federal Home Equity Conversation Mortgage Program. These provisions are effective as of March 5, 2020.