More about ryan.peters@claconnect.com
Blog Posts by ryan.peters@claconnect.com:
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Washington Recent Regulatory Updates
Washington Enacts Law Relating to Services and Processes Available When Residential Real Property is Abandoned or in Foreclosure and Establishes Student Loan Bill of Rights
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Michigan Amends Requirements for Foreclosure by Advertisement and Limitation of Actions
Michigan has amended 1961 PA 236 (the Act), section 600.3204, concerning foreclosure of a mortgage by advertisement, and section 600.5807, concerning limitation of actions. The amended Act is effective May 7, 2018.
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Michigan Mortgage Loan Originator Licensing Act 2018 Schedule of Fees
The Michigan Department of Insurance and Financial Services has released the schedule of fees under the Mortgage Loan Originator Licensing Act for the licensing year January 1, 2018, to December 31, 2018.
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New York Amends Law Concerning Limitations on Mortgage Guaranty Insurance Companies
Mortgage insurers providing coverage on loans secured by a first lien on real estate may now elect to pay the entire indebtedness to the insured and acquire title to the authorized real estate security.
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Illinois Amends Predatory Lending Database Program Requirements
Illinois has modified the Predatory Lending Database Program of the Residential Real Property Disclosure Act, effective immediately.
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North Carolina Enacts Prohibition on Attorneys Serving as Trustees from Representing Noteholders or Borrowers while Initiating a Foreclosure Proceeding
North Carolina recently enacted House Bill 770, effective immediately. The Bill amends North Carolina General Statues § 45-10, Substitution of trustees in mortgages and deeds of trust.
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North Carolina Enacts Uniform Power of Attorney Act
North Carolina recently enacted the Uniform Power of Attorney Act (the Act), effective January 1, 2018. The Act amends the North Carolina General Statues by adding Chapter 32C, cited as the North Carolina Uniform Power of Attorney Act.
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North Carolina Clarifies Process for Correcting Nonmaterial and Descriptive Errors in Recorded Instruments of Title
North Carolina House Bill 584 serves to clarify the process for correcting nonmaterial errors in recorded instruments of title, creates a curative procedure for obvious description errors in documents of title, and creates a seven-year curative provision for certain defects in recorded instruments of title. The act is effective August 31, 2018, and applies to curative affidavits filed on or after that date.
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Georgia Department of Banking and Finance Adopts Mortgage Servicing Rules
The State of Georgia Department of Banking and Finance (“the Department”) has adopted rules regarding mortgage servicing standards and records retention, effective July 19, 2017.
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Michigan Amends Requirements Concerning Statement of Marital Status in Instruments Conveying or Mortgaging Real Estate
Michigan has amended Act 79 of 1915, concerning the required statement of marital status in written instruments conveying or mortgaging real estate, effective immediately.