Real Estate Lending
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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 […]
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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 […]