Real Estate Lending
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Washington Enacts Uniform Power of Attorney Act and Amends Foreclosures Deeds of Trust Statute
Washington has enacted a Uniform Power of Attorney statute that takes effect on January 1, 2017. Additionally, Washington has amended its Foreclosure Deeds of Trusts legislation which is effective on July 1, 2015. Uniform Power of Attorney Washington’s power of attorney statute applies to all powers of attorney except a power joined with an interest […]
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Modification to Utah’s Mortgage Lending and Servicing Act
Utah’s Mortgage Lending and Servicing Act was recently amended. The changes take effect on May 9, 2016. 70D-2-102 Section 70D-2-102 revised the definition of the term mortgage lender as follows: (7) “Mortgage Lender” means an entity that performs each of the following related to originating a mortgage loan: (a) taking and processing an application; (b) […]
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CFPB Releases 2015 Consumer Complaint Report
March 22, 2016, the Consumer Financial Protection Bureau (CFPB) released its annual Consumer Complaint Report. The breakdown of the number of complaints received for each category were as follows: Debt collection: 85,200 Credit reporting: 55,000 Mortgages: 50,800 Key points of the CFPB Report that pertain to residential mortgages are summarized below. The illustrations below show […]
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CFPB Broadens Qualified Mortgage Rule for Rural and Underserved Areas
March 22, 2016 the Consumer Financial Protection Bureau (CFPB) issued an interim final rule that broadens the availability of certain special provisions for small creditors that operate in rural or underserved areas. The new rule, which takes effect March 31, 2016, implements Congress’s recent legislation, the Helping Expand Lending Practices in Rural Communities (HELP) Act, that […]
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Changes Impacting Mortgage Loan Originators in Virginia
Virginia has enacted or reenacted four sections of its Code that impact to Mortgage Loan Originators. § 6.2-1712.1. Inactive mortgage loan originator licenses Recently, Virginia enacted § 6.2-1712.1 which governs inactive mortgage loan originator licenses. The section explains that even after a qualified candidate is granted a mortgage loan originator license, they will remain inactive […]
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Modification to Michigan Consumer Mortgage Protection Act
Michigan’s Consumer Mortgage Protection Act is “an act to prohibit certain lending practices; to require disclosure of certain information for home loans; to prescribe certain duties and obligations of the lender in a home loan transaction; to prescribe the powers and duties of certain state agencies and officials; and to prescribe penalties and provide for […]
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American Bankers Association Publishes TRID Study
The American Bankers Association has completed a survey regarding the TILA-RESPA Integrated Disclosure (TRID) Rule. The ABA survey had 548 banker participants composed a diverse group both in geography and asset size. The data was collected from February 1, 2016 to February 17, 2016. This timely survey shows that TRID rule compliance: is still a […]
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Freddie Mac Expands LTVs for Super Conforming Mortgages
February 17, 2016 Freddie Mac published Seller/Servicer Bulletin 2016-3 entitled: LTV/TLTV/HLTV ratio and Indicator Score requirements – March 28, 2016. Key sections of the bulletin are provided below. LTV/TLTV/HLTV ratio and Indicator Score requirements – March 28, 2016: Updates to our requirements for loan-to-value (LTV)/total LTV (TLTV)/Home Equity Line of Credit (HELOC) TLTV (HTLTV) ratios […]
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FHFA, Fannie Mae, and Freddie Mac Announce Independent Dispute Resolution Program
By Anna DeSimone February 2, 2016, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac have implemented an independent dispute resolution (IDR) process for resolving repurchase disputes. The IDR process is the final piece of the Representation and Warranty Framework for Lenders and is available on loans delivered to Fannie Mae […]
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New Jersey Enacts Escrow Agent and Foreclosure Provisions
By Linaldo Donovan New Jersey Enacts Provisions Regarding Escrow Agent Evaluation Services The state of New Jersey enacted provisions by making it an unlawful practice under its Consumer Fraud Act for an escrow agent evaluation service to prepare a report for use by a mortgage lender in evaluating the capacity of an escrow agent to […]