Mortgage Servicing
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Texas Adopts Technical Regulatory Amendments
Effective June 30, 2016, the Texas Legislature has adopted several technical amendments to various provisions relating to Mortgage Bankers, Residential Mortgage Loan Servicers and Residential Mortgage Loan Originators in order to provide clarification and to improve grammar and readability.
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Hawaii Adopts Amendments Regarding MLO and Mortgage Servicing Licensing
The State of Hawaii has enacted Senate Bill 2850 which amends its mortgage loan originators law and mortgage servicers law. The purpose of the bill is to bring consistency to the terminology of the chapters, to bring clarity to the scope of each chapter and to update references to federal law in the chapters. The […]
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New Hampshire Amends Provisions Regarding Mortgage Servicers
RSA 397-A Licensing of Nondepository Mortgage Bankers, Brokers, and Servicers 397-A:1 Definitions XII. “Mortgage banker” means a person not exempt under RSA 397-A:4 who, for compensation or gain, or in the expectation of compensation or gain, whether such compensation or gain is direct or indirect: (a) Makes or originates a mortgage loan as payee on […]
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Montana Surety Bond Requirements for Mortgage Brokers and Lenders
Effective June 18, 2016, entities applying for a mortgage broker or mortgage lender license for the first time in Montana, with no prior business history or a business history of less than one year at the time of application, are now required to purchase a surety bond in the amount of $25,000.00. Previous to this […]
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CFPB Updates Mortgage Servicing Examination Procedures
CFPB Releases Special Edition of Supervision Highlights and Updates Mortgage Servicing Exam Procedures June 22, 2016 the Consumer Financial Protection Bureau (CFPB) released a special edition supervision report focused specifically on mortgage servicers. The report found that some mortgage servicers continue to use failed technology that has already harmed consumers, putting the company in violation […]
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Connecticut Amends Financial Institution Regulations
The Connecticut state legislature recently passed House Bill 5571: “An Act Concerning Banking and Consumer Protections.” The Act includes 93 Sections with varied effect dates amending and revising statutory provisions relating to financial institutions. The areas receiving the most attention under the Act include: Purchases and Sales of Securities The sections concerning securities outline the […]
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Oklahoma Revises Mortgage Holder Release Requirements
By Brian Castine Although multiple updates across various statutes occurred in Bill NO. 3201, the following pertains to mortgage holder release requirements. The State of Oklahoma has reduced the number of days that the mortgagee is afforded to release a mortgage without incurring a penalty. The mortgage must now be released by the holder within […]
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Colorado Modifies Statutes related to Assisting in Foreclosure Proceed Recovery
By Robert Harrison, J.D.Colorado has modified provisions regarding the conditions under which a person may assist another for compensation in obtaining the proceeds of a foreclosure sale after all liens have been satisfied. Colorado Revised Statutes, 6-1-105, has been modified to add examples of deceptive trade practices. A deceptive trade practice now includes entering into […]
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Arizona Revises Telephone Solicitations Definitions
The Arizona state legislature recently passed Senate Bill 1375 revising Sections 44-1271 and 44-1282 of the Arizona Revised Statutes relating to telephone solicitations. These revisions are effective as of August 6, 2016. The Section 44-1271 definition of "Telephone solicitation" has been revised to "any voice communication from a live operator, announcing device or otherwise that […]
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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 […]