State Mortgage Compliance
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Louisiana Amends and Reenacts Provisions Relating to Blighted Property and Health, Housing, Fire Code, Environmental, and Other Ordinance Violations-Senate Bill No. 51
by: Louis Danastorg Louisiana’s Legislature has recently acted to amend and reinstitute provisions relating to administrative adjudication procedures regarding blighted property and health, housing, fire code, environmental, or other ordinance violations. In Louisiana any municipality or parish may prescribe civil fines for property declared blighted or violations of public health, housing, fire code, environmental and […]
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Oregon Amends Provisions Regarding Foreclosure Avoidance Mediation Program
by: Paul McSheffreyThe Oregon Department of Justice recently amended its rules required by 2013 legislation to implement the Foreclosure Avoidance Mediation Program established in Oregon Laws 2013, chapter 304. A list of the various rules that were adopted and amended follows. The newly adopted rules include 137-110-0300 and 137-110-0605. Rule 137-110-0300 provides for beneficiary exemptions. […]
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Delaware Amends Laws Relating to Foreclosures
by: Louis DanastorgDelaware has recently amended titles 10 and 29 of the Delaware Code regarding its real estate foreclosure proceedings. Plaintiffs to a mortgage foreclosure involving an owner-occupied one-to-four family primary residence must wait 45 days before filing the action after sending a Notice of Intent to Foreclose to the borrower. Such notice may only […]
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Oregon Modifies Foreclosure Provisions
by: Paul McSheffrey Modifications to Form and Procedure for Foreclosure Avoidance Measure Notices The Oregon Department of Justice as recently amended its rules regarding foreclosure avoidance measure notices. The rules implement the foreclosure avoidance measure notice provisions found in OR Laws 2013, chapter 304. These rules describe and procedure that a beneficiary must follow when […]
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California Modifies Provisions of the Financial Code Relating to Mortgage Lenders
by: Lee GreenbergThe state of California recently modified several provisions of the Financial Code relating to mortgage lenders in Assembly Bill No. 1091. The legislation becomes effective on January 1, 2014.Assembly Bill No. 1091 includes the following amendments to the Financial Code: Under the existing law, California business and industrial development corporations, licensed pawnbrokers and […]
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North Carolina Amends its Anti-Predatory Lending Law – House Bill 692
by: Louis DanastorgRecently, North Carolina amended its anti-predatory lending laws to make them no more restrictive than federal lending regulations, having been concerned anti-predatory lending laws in North Carolina had become burdensome to instate lenders. First, the General Assembly revised its consideration of the points and fees, mortgage finance charges, assessed to a borrower as […]
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Illinois Amends Mortgage Licensing and Residential Foreclosure Laws
by: Nicole LegereAmendments to the Residential Mortgage License Act Illinois recently amended the Residential Mortgage License Act of 1987 with changes to sections 1-3 and 4-2, and also by adding section 7-15. These changes address requirements for exempt company registration under the Residential Mortgage License Act of 1987, and allow for the sponsorship of individual […]
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Maryland Amends Education Requirements for Mortgage License Renewal
by: Paul McSheffreyThe Commissioner of Financial Regulation in Maryland has amended Regulation 09.03.06.17, relating to continuing education requirements for mortgage lending licensees. The purpose of the amendments were to clarify the regulation by making the definition of persons required to complete continuing education consistent with the licensure requirements found in Financial Institutions Article, §11-506(b)(2), (3), […]
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New Hampshire Amends Provisions Regarding General Consumer Credit Laws
by: Amanda NicholsonThe state of New Hampshire has made changes to the laws governing mortgage bankers, mortgage brokers, loan servicers and services offered to consumers. The amendments apply to obtaining a broker or banker license and maintaining copies of documents. These amendments have also repealed the provisions limiting an individual from working as a mortgage […]
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Texas Amends Statutes Regarding Loan Officers and Licensing Fees
by: Matthew DaileyThe state of Texas recently adopted changes under the Texas Finance Code which grants rulemaking authority to the Finance Commission of Texas. The amendments concern mortgage loan originators and bankers and the licensing regulations that affect them. These amendments are effective as of September 15, 2013. 7TAC§§80.100, 80.103, 81.100, 81.103 – Licensing Any person […]