State Mortgage Compliance
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Ohio Amends Mortgage Loan Law and Establishes Residential Mortgage Lending Act
Ohio House Bill 199 amends multiple sections of the Ohio Revised Code to create the Ohio Residential Mortgage Lending Act for the purpose of: regulating all non-depository lending secured by residential real estate, limiting the application of the current “Mortgage Loan Law” to unsecured loans and loans secured by other than residential real estate, and modifying an exemption to the Ohio Consumer Installment Loan Act.
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Texas Adopts Mortgage Lending Provisions
Texas has adopted provisions related to mortgage lending. These provisions are effective as of January 7, 2018.
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Texas Adopts Pre-Licensing Education Provisions
The Finance Commission of Texas has implemented provisions regarding pre-licensing education. These provisions are effective as of January 4, 2018.
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Pennsylvania Amends Mortgage Loan Licensing Provisions and Modifies “Base Figure” Definition
Pennsylvania has modified provisions regarding mortgage loan licensing and has updated its definition of “base figure” from $244,856 to $250,324 for the 2018 calendar year.
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New Jersey Adopts Provisions Regarding Appraisal Fees
The state of New Jersey has recently lessened the state’s restrictions on appraisal fees, effective immediately.
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Ohio Loan Prepayment Penalty Adjustment for 2018
The Ohio Department of Commerce announced its annual loan prepayment penalty adjustment for 2018.
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Wisconsin Amends Provisions Regarding Recording Information
The state of Wisconsin recently amended various provisions relating to the identification and location of information assigned to documents filed or recorded in the county register of deeds office, effective immediately.
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Wisconsin Modifies Provisions Regarding Sale of Foreclosed Property
The state of Wisconsin recently modified its provisions regarding procedures on the sale of a foreclosed property by a sheriff or referee. These provisions are effective immediately.
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New Jersey Issues Bulletin Regarding 2018 High-Cost Home Loan Dollar Adjustment
The New Jersey Department of Banking and Insurance has issued a Bulletin setting out the maximum principal amount for loans that may be considered “high-cost home loans” under the New Jersey Home Ownership Security Act of 2002. The adjusted dollar amount may be effective for loan applications received on or after January 1, 2018.
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Texas Approves Revisions to Home Equity Loans
Texas approved a proposed constitutional amendment that includes, but is not limited to, establishing a lower amount for expenses to borrowers and removing certain financing expense limitations for a Home Equity Loan (HEL), authorizing certain lenders to make HELs; changing certain options for the refinancing of HELs; amending the threshold for advances on an HEL; and expanding HELs to loans on agricultural homestead properties. These changes in Senate Joint Resolution 60 are effective on January 1, 2018.