Mortgage Servicing
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Washington State Updates Consumer Loan Licensing Requirements
Effective January 1, 2018, the amount of a surety bond required for a consumer loan license will change. Furthermore, two new sections were added to Washington’s Consumer Loan Act concerning capital requirements for non-depository residential mortgage loan servicers.
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CFPB Publishes Notice Regarding Semiannual Regulatory Agenda
December 23, 2016 the Consumer Financial Protection Bureau (CFPB) published Federal Register Notice Vol. 81, No. 247, Semiannual Regulatory Agenda. The notice is published as part of the Fall 2016 Unified Agenda of Federal Regulatory and Deregulatory Actions.
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CFPB Publishes Small Entity Compliance Guide for New Servicing Rules
November 30, 2016 the Consumer Financial Protection Bureau (CFPB) published a Small Entity Compliance Guide on the final rules that were announced in August 2016, known as the 2016 Mortgage Servicing Rule.
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CFPB Outlines Next Priority Areas for Enforcement and Supervision
In a speech to the Mortgage Bankers Association October 25, Consumer Financial Protection Bureau Director Richard Cordray highlighted three priority areas for enforcement and supervision in the next year.
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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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California Updates Various Provisions
California has passed Assembly Bill 1650 which amends its real estate licensee advertising requirements to require additional disclosures. Existing law requires that, where a real estate licensee publishes, circulates or distributes in any newspaper or periodical or by mail any matter pertaining to any activity for which a license is required, that the advertisement disclose: that the licensee is performing an act for which a real estate license is required, the licensee’s license identification number, and, in the event the licensee is also a mortgage loan originator, his or her NMLS license number.
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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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CFPB Finalizes New Servicing Rules, Expands Foreclosure Protections
August 4, 2016 the Consumer Financial Protection Bureau (CFPB) finalized new rules under RESPA and Truth in Lending. The final rule amends certain mortgage servicing rules issued in 2013.
Amendments to the 2013 Mortgage Rules under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z) -
CFPB Outlines Foreclosure Prevention Guiding Principles
August 2, 2016 the Consumer Financial Protection Bureau (CFPB) outlined consumer protection principles to guide mortgage servicers, investors, government housing agencies, and policymakers as they develop new foreclosure relief solutions.
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Ohio Creates the D.O.L.L.A.R. Deed Program
Ohio has created a program which provides a loss mitigation alternative for borrowers in default on their mortgage. This creative program gives those struggling to pay their mortgages an unconventional way to maintain and reclaim rights and possession of their real property. Sections 5315.01, 5315.02, 5315.03, 5315.04, and 5315.05 of the Revised Code create the D.O.L.L.A.R. Deed Program.