Mortgage Lending
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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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Indiana Amends Provisions Regarding Financial Institutions
The General Assembly of the State of Indiana has recently passed House Enrolled Act No. 1181, amending various sections of the Indiana Code concerning financial institutions, effective July 1, 2016. SECTION 25. IC 28-7-1-12, AS AMENDED BY P.L.35-2010, SECTION 153, IS AMENDED TO READ AS FOLLOWS Sec. 12. Every credit union and every affiliate of […]
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Colorado Modifies Provisions Regarding MLO Disclosure Law
The General Assembly of the State of Colorado has recently modified its provisions regarding mortgage loan originator disclosure law, aligning state law with recent changes in Federal Law. The updated provisions, which are effective immediately, state that a mortgage loan originator’s disclosures must comply with all applicable requirements of: THE FEDERAL “TRUTH IN LENDING ACT”, […]
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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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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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Arizona Modifies Provisions Regarding Consumer Lenders
Arizona modified its provisions relating to consumer lenders prohibited acts and insurance. These provisions are effective on August 26, 2016 (or 90 days following adjournment of the legislative session). Prohibited Acts A licensee is prohibited from knowingly using false, misleading, or deceptive advertising in connection with rates, terms, or conditions for a consumer lender loan. […]
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CFPB Releases 2015 Consumer Complaint Report
March 22, 2016, the Consumer Financial Protection Bureau (CFPB) released its annual Consumer Complaint Report. The breakdown of the number of complaints received for each category were as follows: Debt collection: 85,200 Credit reporting: 55,000 Mortgages: 50,800 Key points of the CFPB Report that pertain to residential mortgages are summarized below. The illustrations below show […]
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CFPB Broadens Qualified Mortgage Rule for Rural and Underserved Areas
March 22, 2016 the Consumer Financial Protection Bureau (CFPB) issued an interim final rule that broadens the availability of certain special provisions for small creditors that operate in rural or underserved areas. The new rule, which takes effect March 31, 2016, implements Congress’s recent legislation, the Helping Expand Lending Practices in Rural Communities (HELP) Act, that […]
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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 […]