State Mortgage Compliance
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Connecticut Enacts New Laws for Foreclosure Alternatives
by: Margaret Wright CT Foreclosure by Market Sale, Servicer Licensing and Foreclosure Mediation House Bill No. 5514 Optional Method of Foreclosure Effective October 1, 2014, the Connecticut state legislature has enacted House Bill No. 5514 providing for an alternate method of foreclosure. Under the new bill a first mortgage against a property may be foreclosed by […]
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New York Adopts Shared Appreciation Mortgage Modification
by: Margaret Wright New York has adopted regulations concerning shared appreciation mortgage modification as Title 3 NYCRR Part 83. Upon the sale of a residential property, a shared appreciation agreement provides a share to the lender or servicer in the appreciation of the value of the property. In order to have a shared appreciation agreement, […]
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Hawaii Amends Provisions Regarding Mortgage Requirement
by: Lee Greenberg The state of Hawaii recently amended several provisions of the Secure and Fair Enforcement for Mortgage Licensing Act in Senate Bill No. 2817. The new legislation became effective on July 1, 2014. The legislation added the following five definitions to the Act: “Elder” means an individual who is sixty-two years of age or […]
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Florida Enacts Provisions Regarding Consumer Collection Practices
by: Lee Greenberg The state of Florida recently enacted provisions regarding consumer collection practices in House Bill 413. The legislation becomes effective on October 1, 2014. Under the new law, a person may not engage in business in Florida as a consumer collection agency without first registering in accordance with the law, and thereafter maintaining a […]
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Florida Amends Provisions Regarding Mortgage Brokerage and Lending Law
by: Lee Greenberg The state of Florida recently amended several provisions of FS 494, Florida’s Mortgage Brokerage and Lending Law, through the enactment of Senate Bill No. 1012. The new legislation becomes effective on July 1, 2014. Changed Definition of Loan Origination Fee The new law changed the definition of “loan origination fee.” Under the law, […]
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Louisiana Amends Consumer Credit Provisions – House Bill 766
by: Louis Danastorg Louisiana’s legislature amended and enacted provisions governing licensees of consumer credit and deferred presentment transactions relating to contract nullification, license requirements, record retention and loan payment plans. R.S. 9:3518.4 nullifies, voids, or otherwise makes unenforceable any consumer credit transaction made by a creditor that has not obtained a Louisiana license. An unlicensed […]
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Hawaii Enacts Escrow Depository Rule, Amends Mortgage Servicing Regs
by: Lee Greenberg Provisions Regarding Escrow Depositories The state of Hawaii recently enacted provisions regarding escrow depositories in Senate Bill 1067. The provisions become effective on July 1, 2014. The new law defines the powers and duties of the commissioner. Any person who violates the new law will be subject to an administrative fine of a […]
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Maryland Enacts Provisions Regarding the State Trust Act
by: Paul McSheffrey With House Bill 83, the Maryland legislature has recently enacted provisions regarding the State Trust Act. The Bill provides for the codification of Maryland’s trust laws at Title 14.5 of the Maryland Trust Act. The Act applies to express charitable or non-charitable trusts, as well as trusts created in accordance with a […]
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South Carolina Amends Mortgage Satisfaction and Foreclosure Expedition
by: Louis Danastorg House Bill 3134-Satisfaction of Mortgage Recently, South Carolina’s legislature amended Section 29-3-330 of the South Carolina Code, relating to the methods by which certain parties may discharge or cancel a mortgage. A mortgagee of record, or its duly authorized representative, may satisfy or release a security instrument by any of the following […]
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Louisiana Enacts Credit Report and Mortgage Servicer Laws
by: Louis Danastorg House Bill 844: Credit Reports of Protected Persons Louisiana has enacted R.S. 9:3571.3, provisions relating to credits reports, security freezes, and the release of credit information of protected persons. Protected person refers to someone sixteen years old or younger, an interdicted person having been appointed a curator, or an incapacitated person having […]