State Mortgage Compliance
-
Lending Compliance Updates for State of Virginia
by: Emily Ross Mandatory Flood Insurance Amounts Limited On March 17, 2014 the Virginia General Assembly approved a change limiting flood insurance requirements by lenders. Previously, the Code of Virginia (6.2-412) stated that lenders cannot require a borrower to maintain property insurance coverage in an amount greater than the replacement value of the improvements that […]
-
Pennsylvania Amends Provisions Regarding Deficiency Judgments
by: Lee GreenbergThe state of Pennsylvania recently amended provisions of the Pennsylvania Consolidated Statutes regarding deficiency judgments in House Bill 84. The legislation is effective immediately. Under the new law, the following actions must be commenced within six (6) months following execution and delivery of the sheriff’s deed for property sold in connection with the […]
-
West Virginia Re-enacts Mortgage Licensing, Lending and Servicing Acts
by: Louis DanastorgWest Virginia SAFE Mortgage Licensing Act and West Virginia Mortgage Lender, Broker and Servicer Act – Senate Bill 383 Earlier this month West Virginia passed an act to amend and reenact definitions within the West Virginia SAFE Mortgage Licensing Act and the West Virginia Mortgage Lender, Broker and Servicer Act (WV Codes ยง31-17A-2 […]
-
Mississippi Modifies Provisions Regarding Real Property Identification Requirements
by: Matthew DaileyThe state of Mississippi modified its rules by clarifying required identifying information regarding what must be included in an instrument pertaining to real property that is presented to the applicable chancery court clerk for recording. The information relates to the name, mailing address and telephone number of every grantor, grantee, borrower or other […]
-
Missouri Adopts Rules Requiring the Creation of an Account with NMLS for Residential Mortgage Loan Brokers
by: Paul McSheffreyThe Missouri Department of Insurance, Financial Institutions and Professional Registration recently amended 20 CSR 1140-30.240 regarding supervision of residential mortgage loan brokers. The changes require that before applying for or renewing a Missouri Residential Mortgage Loan Broker License, the applicant must register with the Nationwide Mortgage Licensing System and Registry (NMLS). Each applicant […]
-
Wyoming Amends Provisions Regarding Notary Fees
by: Paul McSheffreyWith Enrolled Act No. 26, the Legislature of the State of Wyoming has amended its rules regulating notaries. The Act amends W.S. 34-26-302(a)(i) through (vii) to increase the amount of fees that a notarial officer may charge. Several notarial acts are affected including taking an acknowledgment, administering an oath or affirmation without a […]
-
New Jersey Re-adopts and Amends Predatory Lending Regulation
by: Margaret WrightThe Predatory Lending regulations implemented under New Jersey Home Ownership Security Act (“the Act”) have been re-adopted and certain definitions have been technically amended to be consistent with new January 2014 federal Home Ownership and Equity Protection Act (“HOEPA”) amendments. The Effective Re-adoption Date is February 12, 2014 and the Effective Amendment Date […]
-
Montana Amends Loan Originator Licensing Requirements and Clarifies Various State Regulations
by: Nicole LegereIntroduction The state of Montana’s Department of Administration (the Department) amended a number of requirements regarding the licensing of mortgage loan originators. These amendments are the result of the conforming of state licensing laws to those under the Nationwide Mortgage Licensing System (NMLS). In addition, the state also clarified important lending definitions, and […]
-
Iowa Updates HOME Program and Military Home Ownership Assistance
by: Louis Danastorg REG: IAC 265 HOME Investment Partnerships Program and Military Service Member Home Ownership Assistance Program Iowa has recently updated the HOME Investment Partnerships Program to clarify certain rules. Also, Iowa adopted the Military Service Member Home Ownership Assistance Program to implement Iowa Code sections 16.5(1)”r” and 16.54. The purpose of these […]
-
Oregon Amends Provisions Regarding Foreclosure Avoidance Notice
by: Zachary PearlsteinEffective January 31, 2014, the Oregon Department of Justice has revised provisions concerning the foreclosure avoidance measure notice. This update implements the foreclosure avoidance measure notice provisions of Oregon Laws 2013, chapter 304. It provides the form and content of the notice that is to be issued by a beneficiary, when the beneficiary […]