Mortgage Lending
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Oregon Implements Provisions Concerning Commercial Construction Lending Exemption
The Oregon Department of Consumer and Business Services implemented provisions concerning commercial construction lending exemption under its licensing of mortgage loan originator regulation. These provisions are effective immediately.
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California Adopts Several Provisions affecting Mortgage Lenders, Mortgage Servicers, and Fiduciaries
California adopts several provisions affecting mortgage lenders, mortgage servicers, and fiduciaries.
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Massachusetts Updates Mortgage Licensing Provisions
Effective immediately the Massachusetts Division of Banks has updated the provisions of 209 CMR 41 in order to clarify and reduce reporting requirements in part due to the NMLS.
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Massachusetts Adopts Truth in Lending Provisions
Massachusetts has adopted provisions under its Truth in Lending Act. These amendments are effective as of August 26, 2016.
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Texas Amends Regulated Lenders and Credit Access Provisions
The Texas Finance Commission, Office of Consumer Credit Commissioner, amended provisions under its chapter regarding Regulated Lenders and Credit Access Businesses. These provisions are effective on September 8, 2016.
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Massachusetts Amends Community Investment Provisions
Massachusetts has recently amended its statutory provisions relating to Mortgage Lender Community Investment. The amendments are effective as of July 29, 2016.
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HARP Extended through September 2017, Streamlined Refinance Program for High LTV Borrowers Announced
August 25, 2016, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises), at FHFA’s direction, will implement a new refinance offering aimed at borrowers with high loan-to-value (LTV) ratios. The FHFA announcement is provided below:
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Maine Aligns State and Federal Provisions Regarding Alternative Mortgage Transactions
The Maine Department of Professional and Financial Regulation adopted provisions, effective immediately, that will help to unify the Bureau of Financial Institutions and Bureau of Consumer Credit Protection’s Alternative Mortgage Transactions joint rule with the CFPB’s Regulation D.
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Rhode Island Amends Foreclosure and Homestead Exemption Statutes
The State of Rhode Island has recently passed an act relating to Mortgage Foreclosure and Sale. Rhode Island has amended RIGL Ch. 34-27 Mortgage Foreclosure and Sale by adding Section 34-27-8 Requirement of affidavit from certain tax exempt entities. The amended statute affects the sale of residential property by a mortgagee.
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Alaska Amends Provisions Regarding Mortgage Loan Originator Licensing
Effective as of January 1st, 2017, the Alaska legislature amended provisions regarding mortgage loan lenders’ and originators’ licensing requirements in addition to the inclusion of a “registered depository institution” in the Act. The following focuses on the inclusion of the latter entity throughout the amended provisions.