State Mortgage Compliance
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Oregon Updates Mortgage Lending Rules to Comply with Federal Disclosure Requirements
December 31, 2015By Laura Eckstein, J.D.The Oregon Department of Consumer and Business Services, Division of Finance and Corporate Securities, amended its recordkeeping requirements to accommodate the recent changes made by the Consumer Financial Protection Bureau (“CFPB”) to the federally-mandated mortgage disclosures. Since 2011 federal law has mandated that the CFPB establish a single disclosure scheme […]
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Massachusetts Amends Provisions Clearing Titles to Foreclosed Properties
By Laura Eckstein, J.D.December 2, 2015 Massachusetts amended provisions clearing title to foreclosed properties and foreclosure sales involving an arm’s length purchaser. These provisions are effective December 31, 2015.M.G.L. c. 244 § 15The amendments to chapter 244 of the General Laws strike out section 15 as appearing in the 2014 Official Edition, and add subsections […]
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Colorado Adopts Multiple Licensing Education Revisions for Mortgage Loan Originators
By Laura Eckstein, J.D.November 23, 2015 The Colorado Department of Regulatory Agencies, Division of Real Estate adopted multiple provisions regarding licensing education for mortgage loan originators. Such provisions include pre-licensing requirements, continuing education requirements, and renewal, reinstatement, and suspension of a license. These provisions are effective on March 1, 2016. Chapter 2: Requirements for Licensure2.1 […]
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North Carolina Enacts Provisions Regarding Registration System for Processors or Underwriters not Engaged in the Mortgage Business
By Brian CastineEffective as of November 1, 2015 the state of North Carolina has updated the registration system for individuals that are solely involved in processing or underwriting of residential mortgage loans. These provisions explicitly exclude those involved in the mortgage business. These updates include license issuance and renewal, applications fees, bond requirements, recordkeeping, and […]
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Vermont Revises Rules Regarding Non-Discrimination in Financial Services
by Robert Harrison, J.D.November 5, 2015 Vermont Reg. B-2015-01 implements 8 V.S.A. § 10403 which prohibits discrimination by financial service providers based on sex, marital status, race, color, religion, national origin, age, sexual orientation, gender identity, or handicapping condition.The revised rule focuses on the notice that is required when adverse action is taken by a […]
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Texas Updates Regulations Regarding Mortgage Loan Companies and Plain Language Contract Provisions
By Laura Eckstein, JD Mortgage Loan Companies Duties and ResponsibilitiesEffective November 5, 2015, the Texas Department of Savings and Mortgage Lending adopted provisions regarding the duties and responsibilities of mortgage loan companies, mortgage bankers, and residential mortgage loan originators. Loan Status FormsAs amended, 7 TAC §80.201(a) requires that written confirmation of a conditional qualification must […]
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Georgia Adds Provisions Regarding TILA-RESPA Integrated Disclosures
October 30, 2015By Zachary Pearlstein, JDThe Georgia Department of Banking and Finance has recently added several provisions concerning the TILA-RESPA Integrated Disclosure requirements, effective November 16, 2015.(1) The new provisions state that every mortgage lender or mortgage broker must make the following disclosures in writing to applicants for residential mortgage loans: (a) within three business […]
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Florida Adopts Escrow Disbursement Provisions
By Robert Harrison, J.D. October 26, 2015 The escrow disbursement provisions adopted by the state of Florida requires any person disbursing escrow funds that are held as part of a real estate transaction, where at least one title policy is to be issued, to provide the parties to the transaction with certain information: 1. Certification statement […]
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California Updates Mortgage Loan Disclosure Statement Requirements
By Linaldo DonovanOctober 22, 2015The implementation of the TILA-RESPA Integrated Disclosure rule is now in effect as of October 3, 2015. Brokers and licensees should take notice of the requirements of Mortgage Loan Disclosure Statement (MLDS) under Real Estate Laws in California. MLDS is a disclosure required under Business and Professions Code (B&P) section 10240 […]
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Utah Adopts Provisions Regarding Residential Mortgage Practices and Licensing Rules
By Laura McCarthy, J.D.Effective immediately, the Utah Department of Commerce, Division of Real Estate has adopted provisions including, but not limited to, changes to existing sections regarding entity registration, instructor registration as well as licensee conduct. The changes to the Utah Residential Mortgage Practices and Licensing Rules are as follows:Section R162-2c-201 Registering entities must list […]