More about Theresa Dydak
Blog Posts by Theresa Dydak:
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Nebraska Updates Regarding Consumer Protection
Nebraska has enacted changes to two Acts for the protection of consumers all of which take effect on July 19, 2016 or 3 months following the adjournment of the legislative session. Credit Report Protection Act One of the changes to the act includes the definition of a protected consumer. It is now defined as: “an […]
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Washington Recent Updates
Washington recently made various updates to multiple code sections. Definitions For updates to various definitions please refer to the following code sections: WAC 208-620-010, WAC 208-620-011 and for reverse mortgages under WAC 208-620-800 and WAC 208-620-820. WAC 208-620-104 Exemptions from licensing as a consumer loan company A person is exempt if they are, “selling property […]
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State of Virginia Amends Requirements for Real Estate Settlement Agents
The state of Virginia has amended provisions for its real estate settlement agents. These changes take effect on July 1, 2016. Code section 55-525.16 has been revised to include a definition of the term “closing disclosure.” The legislation defines closing disclosure as follows: “the combined mortgage loan disclosure statement of final loan terms and 48 […]
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West Virginia Updates Multiple Regulations
West Virginia recently made amendments to its Good Funds Settlement Act, Power of Attorney Statute, Consumer Credit and Protection Act and Mortgage Modification and Refinance Loans. Good Funds Settlement Act The amendment to the Good Funds Settlement Act was made to allow interest to accrue on a loan during the rescission period required by the […]
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Utah Amends Multiple Statutes and Enacts Uniform Power of Attorney
Utah has made amendments to its statutes that govern the Foreclosure of Residential Rental Property and Trustees and Non-Judicial Foreclosures as well as its Residential Mortgage Practices and Licensing Act. It also enacted a Uniform Power of Attorney Statute. Each of these changes takes effect on May 9, 2016. Foreclosure of Residential Rental Property Utah […]
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Washington Enacts Uniform Power of Attorney Act and Amends Foreclosures Deeds of Trust Statute
Washington has enacted a Uniform Power of Attorney statute that takes effect on January 1, 2017. Additionally, Washington has amended its Foreclosure Deeds of Trusts legislation which is effective on July 1, 2015. Uniform Power of Attorney Washington’s power of attorney statute applies to all powers of attorney except a power joined with an interest […]
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Modification to Utah’s Mortgage Lending and Servicing Act
Utah’s Mortgage Lending and Servicing Act was recently amended. The changes take effect on May 9, 2016. 70D-2-102 Section 70D-2-102 revised the definition of the term mortgage lender as follows: (7) “Mortgage Lender” means an entity that performs each of the following related to originating a mortgage loan: (a) taking and processing an application; (b) […]
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Changes Impacting Mortgage Loan Originators in Virginia
Virginia has enacted or reenacted four sections of its Code that impact to Mortgage Loan Originators. § 6.2-1712.1. Inactive mortgage loan originator licenses Recently, Virginia enacted § 6.2-1712.1 which governs inactive mortgage loan originator licenses. The section explains that even after a qualified candidate is granted a mortgage loan originator license, they will remain inactive […]
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Modification to Michigan Consumer Mortgage Protection Act
Michigan’s Consumer Mortgage Protection Act is “an act to prohibit certain lending practices; to require disclosure of certain information for home loans; to prescribe certain duties and obligations of the lender in a home loan transaction; to prescribe the powers and duties of certain state agencies and officials; and to prescribe penalties and provide for […]
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Changes Related to the Use of the Freddie Mac Primary Mortgage Market Survey for Subprime Loans in New York
By Theresa M. Dydzak, J.D. Effective January 1, 2016, Federal Home Loan Mortgage Corporation ceased publication of regional breakout figures in its weekly Primary Mortgage Market Survey for 30 and 15 year fixed rate mortgages as well as 5/1hybrid and 1 year adjustable rate mortgages. These figures were used to determine if loans should be […]