More about Zachary Pearlstein
Blog Posts by Zachary Pearlstein:
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Indiana Revises Pre-licensing Education Requirements
by: Zachary PearlsteinThe Indiana Department of Financial Institutions has recently updated the state’s pre-licensing education requirements for mortgage loan originators. The department has eliminated a prior requirement of two hours of education on the topic of state law and rules concerning residential mortgage lending. The revised provisions are effective as of April 21, 2014. […]
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State of Georgia Modifies Loan Originator Licensing Requirements
by: Zachary PearlsteinGeorgia has recently updated its mortgage lender and broker licensing requirements, effective immediately. The state has exempted employees of certain nonprofit corporations, which promote affordable housing, from mortgage loan originator licensing requirements. The updated provisions state that employees of bona fide nonprofit corporations, who act as loan originators only for such corporations, and […]
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Kentucky Modifies Provisions Regarding Right of Redemption
by: Zachary PearlsteinThe General Assembly of the Commonwealth of Kentucky has recently amended KRS 426.530, which describes the right of redemption of real property that has been sold in pursuance of a judgment or order of a court. The revisions are effective on July 14, 2014, or 90 days after legislative adjournment. The update states […]
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Indiana Amends Licensing Provisions
by: Zachary PearlsteinThe state of Indiana has recently updated its licensing regulations to allow federal savings banks to retain and sponsor mortgage loan originators, under certain circumstances. These regulations are effective on July 1, 2014. The updated provisions apply to federal savings banks that are exempt from statutes concerning the licensing of creditors in first […]
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Oregon Amends Provisions Regarding Foreclosure Avoidance Notice
by: Zachary PearlsteinEffective January 31, 2014, the Oregon Department of Justice has revised provisions concerning the foreclosure avoidance measure notice. This update implements the foreclosure avoidance measure notice provisions of Oregon Laws 2013, chapter 304. It provides the form and content of the notice that is to be issued by a beneficiary, when the beneficiary […]
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Michigan Updates Security Freeze Act
by: Zachary PearlsteinEffective January 3, 2014, the state of Michigan has added provisions under the Security Freeze Act. A “security freeze” is a restriction placed on a consumer’s credit report at the request of the consumer, which prohibits a consumer reporting agency from releasing the consumer’s credit report (or any information derived from the consumer’s […]
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Georgia Makes Revisions to Chapter 80 Regulations
by: Zachary PearlsteinEffective immediately, the Georgia Department of Banking and Insurance has issued final revisions to Chapter 80, which seeks to promote safe and fair mortgage lending. These revisions relate principally to branch manager qualifications, loan processors acting as brokers, and fees and charges. Branch Manager Qualifications: A branch manager is defined as an individual […]
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Michigan Modifies Provisions Regarding Foreclosures
by: Zachary PearlsteinMichigan has revised various regulations concerning the redemption of foreclosed property. The revised bill, which is effective immediately, contains the following provisions: 1) A purchaser’s deed is void if the mortgagor (or their heirs or personal representative), or any person lawfully claiming under the mortgagor, redeems the sold premises by paying the required […]
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Michigan Revises Provisions Regarding Mortgage Modification Program
by: Zachary PearlsteinMichigan has revised its mortgage modification program, and adopted provisions under the federal loss mitigation program, effective immediately. Under the revised bill: • One may foreclose a mortgage by advertisement if: a) The power to sell has become operative through a default condition that has occurred with the mortgage;b) A legal action has not […]
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Michigan Enacts Provisions Regarding Federal Loss Mitigation Procedures
by: Zachary Pearlstein Michigan has enacted a bill that requires lenders to comply with federal loss mitigation procedures, effective immediately. The revised bill applies to loss mitigation procedures prior to foreclosure, where the following conditions exist: a) The mortgaged property is claimed as a principal residence exempt from tax under section 7cc of […]