State Mortgage Compliance
-
New Mexico Adopts Requirements for Scrivener’s Error Affidavit
Effective May 18, 2016 New Mexico adopted requirements for a scrivener’s-error affidavit detailing a definition, qualified individuals who may submit the document, requirements for admissibility, and applicability. DEFINITION A scrivener’s error affidavit may be used to correct drafting or clerical errors in real property instruments. The following is a delineation of errors it may be […]
-
South Dakota Defines Written Agreement
Effective July 1, 2016 the legislature of South Dakota defined written agreements between debtors and creditors as documents in writing, whether in physical or electronic form. Furthermore, the written agreement must evidence a demonstration by the parties’ agreement to the terms, conditions of an extension of credit, and the rate of interest. Written agreements also […]
-
Wyoming Adopts Provisions Regarding Uniform Real Property Electronic Recording Act
Wyoming adopted provisions regarding the Uniform Real Property Electronic Recording Act. The provisions, effective on January 1, 2017, include validating electronic documents for recording, authorizing electronic recordings by county clerks, and providing that a county clerk who accepts electronic recordings of deeds, mortgages, conveyances, and other like documents, must establish procedures to govern the electronic […]
-
Florida Clarifies Unlawful Inducements Related to Title Insurance
February 19, 2016 The Florida Department of Financial Services, Division of Insurance Agents and Agency Services has adopted Regulation 69-B-186.010 to help interpret Florida Statute 626.9541(1)(h)3, which prohibits certain activities related to title insurance because such activities constitute unfair methods of competition or deceptive acts or practices prohibited by Florida Statute 626.9521. Regulation 69-B-186.010 provides […]
-
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 […]
-
Changes Related to the Use of the Freddie Mac Primary Mortgage Market Survey for Subprime Loans in New York
By Theresa M. Dydzak, J.D. Effective January 1, 2016, Federal Home Loan Mortgage Corporation ceased publication of regional breakout figures in its weekly Primary Mortgage Market Survey for 30 and 15 year fixed rate mortgages as well as 5/1hybrid and 1 year adjustable rate mortgages. These figures were used to determine if loans should be […]
-
Illinois Amends Law Regarding the Abandoned Residential Property Municipality Relief Fund
By Robert Harrison, J.D.The State of Illinois has amended its Code of Civil Procedure Section 15-1507.1. The amendment makes two changes; the repeal date of the section is changed from March 2, 2016 to March 2, 2017 and the inoperative date of Subsections 15-1507.1 (a) and (b) is changed from January 1, 2016 to January […]
-
Montana Revises Record Keeping and Reporting Requirements
By Margaret Wright, J.D.January 14, 2016 Effective December 24, 2015 the Montana Department of Administration adopted the November proposed amendments concerning record keeping requirements for mortgage brokers and mortgage lenders and reporting forms for mortgage servicers. The requirements of ARM 2.59.1710 and 2.59.1724 regarding maintenance of records and ARM 2.59.1743 regarding servicer reporting forms have […]
-
Changes under the California Finance Lenders Law and California Residential Mortgage Lending Act
By Linaldo Donovan January 11, 2016 The California Department of Business Oversight adopted provisions under the Finance Lenders Law and Residential Mortgage Lending Act that provides that certain non-depository lenders, brokers and servicers who are subsidiaries and affiliates of depository institutions are not exempt from licensure when engaged in the business of originating, brokering or […]
-
Nevada Adopts Mortgage Servicer Regulations
On January 6, 2016, Nevada has adopted license regulations for its mortgage servicers. These measures are in effect as of January 1, 2016. Who must obtain a license? The regulations require anyone who advertises, presents themselves or operates as a mortgage servicer to obtain a license issued according to NRS 645F and the Nevada Mortgage […]