Mortgage Lending
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U.S. House Passes Bill to Change SAFE Licensing Rules
By Anna DeSimone SAFE Transitional Licensing Act of 2015 moves to SenateMay 22, 2016, the United States House of Representatives passed a bill named the SAFE Transitional Licensing Act of 2015. The act will permit registered loan originators to move to another state to continue originating loans for as long as 120 days while applying […]
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Connecticut Amends Provisions Regarding Housing Discrimination and Fair Housing Laws
Connecticut amended its provisions by requiring the Commission on Human Rights and Opportunities to create a one-page disclosure form containing information on housing discrimination and Federal and state fair housing laws. Additionally, it requires persons offering residential property containing two or more units for sale, exchange, or for lease with an option to buy, to […]
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Georgia Modifies Provisions Regarding Banking and Finance
Georgia modified multiple provisions relating to banking and finance. These provisions are effective on July 1, 2016. Mortgage Lenders and Brokers The amendments replaced the phrase “Nationwide Mortgage Licensing System and Registry” with “Nation-wide Multistate Licensing System and Registry” in the following code sections: Code Section 7-1-1000, relating to definitions relative to mortgage lenders and […]
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FFIEC Seeks Comments on Proposed Revisions to Uniform Interagency Consumer Compliance Rating System
The Federal Financial Institutions Examination Council (FFIEC) released press release seeking public comment on its proposal to revise the existing Uniform Interagency Consumer Compliance Rating System to reflect regulatory, supervisory, technological, and market changes since the system was established. The press release is reproduced below. The Consumer Compliance Rating System is a supervisory policy for […]
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FHLB MPF Updates Early Payment Default (EPD) Quality Control
April 28, 2016, the Federal Home Loan Bank’s Mortgage Partnership Finance program issued PFI Advisory 2016-115 to announce an update regarding Early Payment Default (EPD) quality control. The rule takes effect May 1, 2016. View the original publication here. The MPF Provider Quality Control Department will begin conducting quality control reviews for all conventional mortgage […]
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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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Mississippi Reenacts and Updates SAFE Mortgage Act
Effective on July 1, 2016 Mississippi reenacted the SAFE Mortgage Act and updated license requirements, document retention procedures, self-reporting, and set new limitations. Continuing Education Mississippi enacted amendments that delineate the requirements of continuing education for a licensed mortgage loan originator. Each mortgage loan originator must complete a total of eight hours of continuing education […]
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Kansas Amends its Mortgage Business Act
Effective July 1, 2016 Kansas amended its provisions regarding its Mortgage Business Act (hereinafter referred to as the MBA). This includes definitions, exemptions, licensing and registration, proof of display of license, bond requirements, prohibited acts and retention of records. Section I. K.S.A. 2015 Supp. 9-2201 The following is the definitive list of definitions that exhibited […]
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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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Idaho Amends Foreclosure Sale Provisions
Effective July 1, 2016 Idaho adopted requirements amending Idaho Code Section 45-1506 on the duties of the purchaser of a trust deed foreclosure sale in regards to untitled property. Commencing the Process Under the amendment the purchaser has a four step procedure to follow: (1) determination of occupancy; (2) storage; (3) notice; and (4) satisfaction […]