State Mortgage Compliance
-
New Jersey Enacts Provisions Regarding Foreclosure Consultants
by: Matthew DaileyThe New Jersey Department of Banking and Insurance enacted provisions to the New Jersey Residential Mortgage Lending Act regarding foreclosure consultants. These provisions were proposed on May 6, 2013 and are effective as of January 6, 2014. The state of New Jersey has addressed foreclosure issues by proposing new rules creating the requirement […]
-
Recent Changes to Illinois Registration Fees and NMLS Requirements
by: Nicole LegereThe Illinois Division of Banking recently adopted several changes to the registration fee requirements for loan originators. These changes included the addition of an exempt entity registration fee. There were also requirements added regarding the use of the Nationwide Mortgage Licensing System (NMLS) unique identifier on various loan documents. The new requirements became […]
-
Arkansas Modifies Fair Mortgage Lending Act Provisions
by: Matthew DaileyOn January 10, the Arkansas Securities Department finalized amendments to the Rules of the Fair Mortgage Lending Act. The provisions are effective as of February 9, 2014. The following is a summary of the changes. RULE 5010-1 Licensee Duties-Servicing For new loans and transferred loans, payment instructions must be in the form and […]
-
Oregon Adopts Consumer Finance Licensing Rules
by: Paul McSheffreyThe Oregon Department of Consumer and Business Services has adopted rules establishing the process for accepting consumer finance licensing applications, renewals, and administrative actions via the Nationwide Mortgage Licensing System. The Division of Finance and Corporate Securities has enacted 41-730-0010 regarding definitions, 441-730-0025 regarding license applications, and 441-730-0030 regarding charges to be paid. […]
-
Michigan Updates Security Freeze Act
by: Zachary PearlsteinEffective January 3, 2014, the state of Michigan has added provisions under the Security Freeze Act. A “security freeze” is a restriction placed on a consumer’s credit report at the request of the consumer, which prohibits a consumer reporting agency from releasing the consumer’s credit report (or any information derived from the consumer’s […]
-
Washington Amends Mortgage Originator and Escrow Agent Rules
by: Margaret WrightThe Washington Department of Financial Institutions has issued amendments effective January 1, 2014 to the Mortgage Broker Practices Act, Consumer Loan Act and Escrow Agent Registration Act. Mortgage Broker Practices Act and Consumer Loan Act The Mortgage Broker Practices Act and Consumer Loan Act sections concerning loan originator pre-licensing education and testing requirements […]
-
Wisconsin Enacts Provisions Regarding Mortgage Satisfaction and Real Estate Transfer Fees
by: Matthew DaileyThe state of Wisconsin enacted provisions relating to mortgage satisfaction and an exception to the real estate transfer fee. The bill replaces the old provisions with mortgage satisfaction provisions that are similar to the Uniform Residential Mortgage Satisfaction Act (URMSA). These provisions are effective immediately. Under the bill, a creditor who has a […]
-
New Jersey Issues High Cost Loan and Mortgage License Renewal Bulletins
by: Margaret WrightThe New Jersey Department of Banking recently issued two Bulletins concerning high cost home loans and Residential Mortgage Act 2014 licensing information. High Cost Home Loan Definition Bulletin No. 13-20 addresses the NJ Home Ownership Security Act of 2002’s required annual review and maximum principal amount adjustment for determination of a high cost […]
-
Georgia Makes Revisions to Chapter 80 Regulations
by: Zachary PearlsteinEffective immediately, the Georgia Department of Banking and Insurance has issued final revisions to Chapter 80, which seeks to promote safe and fair mortgage lending. These revisions relate principally to branch manager qualifications, loan processors acting as brokers, and fees and charges. Branch Manager Qualifications: A branch manager is defined as an individual […]
-
Iowa Amends Mortgage Filing and Transfer Rules
by: Louis Danastorg Senate File 445-Transfers of Real Estate and Filing of a Mortgage Release Certificate Effective immediately, Iowa’s General Assembly has amended Iowa’s Code relating to the execution, filing and recording of a mortgage release certificate. Application:The title guaranty division in the Iowa finance authority may execute and record a certificate of release in […]