More about Margaret Wright
Margaret Wright, JD, is regulatory compliance director with CLA. She is a graduate of Stonehill College and earned her juris doctor at Suffolk University Law School. She is admitted to the Massachusetts Bar.
Blog Posts by Margaret Wright:
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Montana Revises Record Keeping and Reporting Requirements
By Margaret Wright, J.D.January 14, 2016 Effective December 24, 2015 the Montana Department of Administration adopted the November proposed amendments concerning record keeping requirements for mortgage brokers and mortgage lenders and reporting forms for mortgage servicers. The requirements of ARM 2.59.1710 and 2.59.1724 regarding maintenance of records and ARM 2.59.1743 regarding servicer reporting forms have […]
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Massachusetts Updates Flood Insurance Regulations
By Margaret Wright, J.D.September 15, 2015 Massachusetts has finalized the recent amendments to 209 CMR 57 regarding the required purchase of flood insurance by a purchaser or owner of residential property located in a designated special flood area. These amendments are in effect as of September 11, 2015.Limitations on Required Flood InsuranceThe regulation places restrictions […]
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NH Amends Discharge of Mortgage by Affidavit Requirements
By Margaret Wright, J.D.The New Hampshire state legislature has recently amended the requirements of 224:1 Mortgages of Realty; Discharge by Affidavit (RSA:7-a Discharge by Affidavit) and 224:2 Penalty for Failure to Timely Discharge a Mortgage (RSA 479:8 Penalty). These amendments are effective January 1, 2016.RSA 479:8 has been amended to include a penalty provision where […]
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New Hampshire Increases Homestead Exemption Amount
By Margaret Wright, J.D.The New Hampshire Legislature has enacted House Bill 147 amending RSA 480:1 and RSA 529:20 to reflect an increase in the homestead exemption amount for every person from $100,000 to $120,000. This amendment is effective as of January 1, 2016. A homestead is a dwelling owned and used as the principal place […]
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Oregon Amends Reverse Mortgage Disclosure Provisions
By Margaret Wright, J.D.The Oregon Legislature has enacted House Bill 2532 relating to required disclosures in communications about reverse mortgages. The Act takes effect upon its passage with an operative date of January 1, 2016.The Notice of Reverse Mortgage Prohibition in Homestead Property Tax Deferral Program, ORS 86A.196, has been amended to include additional disclosure […]
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Kentucky Enacts the Uniform Voidable Transactions Act
By Margaret Wright J.D.The Kentucky Legislature has recently enacted the Uniform Voidable Transactions Act concerning creditor claims where the debtor has subsequently transferred the asset or incurred obligation under certain circumstances. The Act takes effect January 1, 2016.Under the Act, voidable transactions are outlined as follows:(1) A transfer made or obligation incurred by a debtor […]
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Mortgage Servicing and Regulatory Compliance
by Margaret Wright, J.D.Mortgage servicing is becoming solidified as an area of major regulatory importance. The Consumer Financial Protection Bureau’s more recent entry into the mortgage servicing rulemaking arena has resulted in updated and new servicing regulatory requirements. Additionally, the current servicing market has shown that although delinquencies are down overall, servicing income and employment […]
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New York Adopts Force-Placed Insurance Regulation
By Margaret Wright, J.D.Effective February 6, 2015, New York has adopted regulations concerning force-placed insurance. As a result of an investigation, the New York State Department of Financial Services had found that current force-placed insurance practices were resulting in excessive force-placed insurance rates, inadequate notice to consumers and questionable business practices and relationships.Notice RequirementThe new […]
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Massachusetts Updates Truth in Lending Regulations
By Margaret Wright, J.D.The Code of Massachusetts Regulations Truth in Lending section (209 CMR 32) has recently been amended to align to recent Federal Regulation Z updates. Many states, including Massachusetts, have adopted their own Truth in Lending regulations as permitted to do so where the regulations are substantially similar to Regulation Z and adequately […]
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Connecticut Enacts New Laws for Foreclosure Alternatives
by: Margaret Wright CT Foreclosure by Market Sale, Servicer Licensing and Foreclosure Mediation House Bill No. 5514 Optional Method of Foreclosure Effective October 1, 2014, the Connecticut state legislature has enacted House Bill No. 5514 providing for an alternate method of foreclosure. Under the new bill a first mortgage against a property may be foreclosed by […]