More about Elizabeth Dailey
Elizabeth Dailey, JD, is a Regulatory Compliance Director with CLA. She is a graduate of the University of New Hampshire and earned her juris doctor at New England Law. She is admitted to the Massachusetts Bar.
Blog Posts by Elizabeth Dailey:
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With Interest Rates Soaring, Borrowers Turn to Buydown Agreements
As interest rates and property values remain at a steady high, borrowers are trending towards 2-1 temporary buydown agreements to keep their initial mortgage payments down. These borrowers are hopeful that they will be able to refinance in the future to bring their payments down permanently.
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Virginia Modifies Real Estate Provisions
The state of Virginia has amended several of its real estate provisions, including those relating to mortgage brokers, the misuse of the power of attorney, and residential property disclosures. These updates are effective as of July 1, 2022.
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CFPB Amends Mortgage Servicing Rule
The Consumer Financial Protection Bureau (CFPB) has issued a final rule amending Regulation X to provide relief to borrowers facing financial hardship amid the COVID-19 emergency. The final rule was effective as of August 31, 2021.
The final rule consists of five amendments to Regulation X intended to encourage borrowers and servicers to work collaboratively on foreclosure avoidance options.
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Revised Qualified Mortgage Rule
In December of 2020, the Consumer Finance Protection Board (CFPB) issued a new General Qualified Mortgage (QM) final rule. Although the new final rule took effect on June 30, 2021, the required compliance date of July 1, 2021 was pushed back to October 1, 2022.
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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.
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Taxpayer First Act
The Taxpayer First Act, signed into law on July 1, 2019, contains a provision stating that persons receiving tax return information must obtain express permission from taxpayers before disclosing that information to a third party. This provision of the Act is effective as of December 28, 2019.
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Texas Enacts Licensing Provisions
The Texas Finance Commission has adopted provisions regarding licensing requirements for certain licensees. These provisions are effective immediately.
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Illinois Modifies Foreclosure Provisions
Illinois has amended its provisions regarding notice of foreclosure. These provisions are effective immediately.
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Illinois Modifies Personal Information Protection Act Provisions
The state of Illinois has modified its provisions regarding notice of breach under its Personal Information Protection Act. These provisions are effective as of January 1, 2020.