State Mortgage Compliance
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Oklahoma Amends Provisions Regarding Consumer Credit
by: Lee Greenberg The state of Oklahoma recently amended provisions regarding consumer credit in House Bill 3346. The new law is effective July 1, 2014. Under the law, a seller or lessor is required to disclose information required by the Federal Consumer Credit Protection Act to a buyer to whom credit is extended or lessee with […]
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Illinois Modifies Provisions Regarding Consumer Fraud and Deceptive Business Practices Act
by: Lee GreenbergThe state of Illinois recently modified Section 2MM of the Consumer Fraud and Deceptive Business Practices Act in House Bill 3380. The new legislation takes effect on June 1, 2014.Under the new law, the following persons may request that a security freeze be placed on the credit report of a disabled person: A […]
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Colorado Adds Provisions Regarding Residential Mortgage Foreclosures
The state of Colorado recently added provisions regarding residential mortgage foreclosures in House Bill 1295. The new legislation takes effect January 1, 2015, and applies to foreclosure proceedings in which the notice of election and demand is filed on or after said date. The new law includes the following additions: • At least thirty days before […]
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Maryland Revises Statutes Regarding Interest on Escrow Accounts and Savings Accounts Created for a Specific Purpose
by: Paul McSheffreyWith Senate Bill 583, the Maryland legislature has revised commercial and financial statutes relating to escrow accounts created in connection with loans secured by a first mortgage or deed of trust on residential property. Section 12-109(b)(1) now contains a new minimum interest rate payable to borrowers with such escrow accounts. A lending institution […]
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Indiana Revises Pre-licensing Education Requirements
by: Zachary PearlsteinThe Indiana Department of Financial Institutions has recently updated the state’s pre-licensing education requirements for mortgage loan originators. The department has eliminated a prior requirement of two hours of education on the topic of state law and rules concerning residential mortgage lending. The revised provisions are effective as of April 21, 2014. […]
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State of Georgia Modifies Loan Originator Licensing Requirements
by: Zachary PearlsteinGeorgia has recently updated its mortgage lender and broker licensing requirements, effective immediately. The state has exempted employees of certain nonprofit corporations, which promote affordable housing, from mortgage loan originator licensing requirements. The updated provisions state that employees of bona fide nonprofit corporations, who act as loan originators only for such corporations, and […]
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Arizona Enacts Changes to Mortgage Regulations
by: Matthew Dailey Arizona Enacts Bills Modifying Purchase Money Mortgage Liability, Loan Originators and Escrow Protection Letters The state of Arizona recently enacted two House bills and one Senate bill amending the laws regarding the mortgage industry. Arizona Updates Provisions Regarding Purchase Money Mortgages The state of Arizona updated its provisions relating to liens of […]
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Texas Adopts Provisions Regarding Loan Status Forms
by: Matthew Dailey The Texas Department of Savings and Mortgage Lending adopted provisions regarding loan status forms. These provisions are effective on May 1, 2014. When conditional qualification is given to a mortgage applicant by an originator, the form must resemble Form A under 7 TAC s.80.201(a). Most importantly, written confirmation is needed from the […]
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Wisconsin Amends Provisions Regarding Mortgage Loan Originators
by: Matthew DaileyThe state of Wisconsin recently enacted Senate Bill 534 on April 23 amending its provisions regarding the regulation of mortgage loan originators, mortgage brokers, and mortgage bankers. The bill also touches on branch offices, loan processors or underwriters, independent contractors and loan financing. These provisions are effective after the publication date of April […]
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New York Adopts Credit Exposure Provisions
by: Margaret WrightOn April 9, 2014, the New York Department of Financial Services adopted an emergency rule regarding credit exposure arising from derivative transactions. The April 9, 2014 emergency rule is effective immediately, however is set to expire June 22, 2014. Beginning in January 2013, similar emergency rules have been adopted concerning the same topic; […]