State Mortgage Compliance
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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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Montana Revises Escrow Business Licensing Provisions
The state of Montana has revised certain provisions relating to escrow business licensing to align with the 2014 requirement that escrow business license applications be processed through the Nationwide Multistate Licensing System (NMLS).
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New Jersey Adjusts Definition of “High-Cost Home Loan”
New Jersey Department of Banking and Insurance adjusts definition of “high-cost home loan” under the New Jersey Home Ownership Security Act of 2002.
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Ohio Issues Correction to Mortgage Loan Prepayment Penalty Adjustment for 2017
The Ohio Department of Commerce has issued a correction to the previously published loan prepayment penalty adjustment for 2017.
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Kentucky Adopts Provisions Relating to Mortgage Company and Broker Licensing and Registration
The Kentucky Department of Financial Institutions, Division of Non-Depository Institutions, adopted provisions relating to licensing and registration that are effective immediately. These adopted provisions explain the processes and requirements for licensure, registration, and electronic submission of filings and fees with the nationwide mortgage licensing system operated by the State Regulatory Registry, LLC.
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Vermont Releases Declared Average Prime Loan Rate for 2017
Vermont’s Commissioner of Taxes released a memorandum regarding the average prime loan rate charged by banks for 2017.
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New York defines “consummation of a mortgage loan” for purposes of TILA and RESPA
“The term ‘consummation of a mortgage loan’ means, for purposes of the act of congress entitled Truth in Lending Act and the regulations thereunder and the Real Estate Settlement Procedures Act of 1974, as amended, and the regulations thereunder, when the applicant for the mortgage loan executes the promissory note and mortgage.”
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Pennsylvania updates “base figure” definition under the Loan Interest and Protection Law
Pennsylvania has adjusted the definition of “base figure” under the Loan Interest and Protection Law.
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Texas Adopts Provisions Concerning Home Equity Lending
The Finance Commission of Texas and Credit Union Commission adopted provisions concerning home equity lending, which will be effective on November 24, 2016. The provisions include sections concerning 3% fee limitation, security of the equity loan, pre-closing disclosures, one year prohibition, and authorized lenders.
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Florida Adopts Mortgage Loan Originator Licensing Provisions
Florida has adopted provisions regarding loan originator license applications, renewals, and reactivation. The purpose of the amendments is to streamline the process for individuals seeking to be licensed as loan originators. The provisions are effective as of November 24, 2016.