State Mortgage Compliance
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Nevada Adopts Provisions Regarding Foreclosure Mediation Program
By Zachary Pearlstein, J.D.The State of Nevada has recently updated various provisions regarding the foreclosure mediation program, including provisions that will abolish the program on June 30th, 2017. Nevada law has created a foreclosure mediation program, which states that unless waived, mediation must be conducted as a condition of a judicial foreclosure proceeding, or the […]
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Texas Adopts Provisions Regarding Basic Manual for the Writing of Title Insurance
By Matthew Dailey, J.D.July 27, 2015 The Texas Department of Insurance adopted amendments to the Basic Manual of Rules, Rates and Forms for the Writing of the Title Insurance in the State of Texas. The amendments create an addendum to the Closing Disclosure form under Regulation Z. These provisions are effective on August 1, 2015.28 […]
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New Hampshire Increases Homestead Exemption Amount
By Margaret Wright, J.D.The New Hampshire Legislature has enacted House Bill 147 amending RSA 480:1 and RSA 529:20 to reflect an increase in the homestead exemption amount for every person from $100,000 to $120,000. This amendment is effective as of January 1, 2016. A homestead is a dwelling owned and used as the principal place […]
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Rhode Island Amends Banking Regulation 6
By Marlana Melendez, J.D. The Department of Business Regulation adopts the following amendment to Banking Regulation 6. The amendment applies to Lenders, Loan Brokers, and Small loan lenders as defined by the Rhode Island General Laws. Additionally, this amendment adds provisions regarding net branching, insurance claim check agents, mortgage loan originators, financial responsibility and criminal […]
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Oregon Amends Provisions Regarding Payoff Statements and Borrower Obligations under Real Estate Loan Agreements
By Paul McSheffrey, JDJuly 8, 2015 The Oregon legislature recently passed House Bill 3244, amending Oregon statute ORS 86.157. These changes concern payoff statements and the obligations of borrowers under real estate loan agreements. The definitions found within 86.157(1)(a)-(g) have been amended. The definitions for “borrower” and “lender” now include an assignee or successor in […]
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An Act Regarding Maine’s Power of Sale Foreclosure Law
By Linaldo Donovan-Green On June 5, 2015, the Maine Legislature enacted new amendments to Power of Sale Foreclosure Law. The following “power” is a statutory power in written into a mortgage which is triggered upon any default in the performance of a mortgage. Under the provision, a mortgagee may foreclose and sell encumbered real estate […]
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Georgia Updates Foreclosure Provisions
By Zachary Pearlstein, J.D.Effective July 1, 2015, the State of Georgia has updated its provisions regarding foreclosures, and the witnessing requisites of deeds, mortgages, and bills of sale.Code Section 44-5-30 of Title 44 of the Official Code of Georgia Annotated, relating to property, has been updated to state that except for documents electronically filed, a […]
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Oregon Amends Reverse Mortgage Disclosure Provisions
By Margaret Wright, J.D.The Oregon Legislature has enacted House Bill 2532 relating to required disclosures in communications about reverse mortgages. The Act takes effect upon its passage with an operative date of January 1, 2016.The Notice of Reverse Mortgage Prohibition in Homestead Property Tax Deferral Program, ORS 86A.196, has been amended to include additional disclosure […]
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Minnesota Amends Provisions Regarding Foreclosure
by Matthew Dailey, J.D.The state of Minnesota amended its provisions relating to the action to foreclose. Affected are the publication requirements and defenses to foreclosure sales. These provisions regarding advertisements are effective on July 1, 2015 and apply to foreclosures in which the notice of pendency is recorded on or after that date. The State […]
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Texas Amends Provisions Regarding Licensing Exemptions
By Matthew Dailey, J.D.The state of Texas amended its provisions relating to exemptions from the applicability of the state Secure and Fair Enforcement for Mortgage Licensing Act of 2009. These provisions are effective on September 1, 2015.IRS Designated 501(c)(3) EntitiesSenate Bill 1203 was enacted by the legislature to deal with Section 156.202 of the Finance […]