State Mortgage Compliance
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Maryland Faces Backlog of Foreclosures
by: Paul McSheffreyThe Washington Post recently featured an article “Thousands of Marylanders are losing homes in second wave of foreclosures“, which discusses the large backlog of foreclosures in the state. As mentioned in the article, the foreclosure timeline in Maryland is now among the longest in the nation. Some of the reasons for this backlog […]
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Connecticut Enacts Provision for Private Transfer Fees
by: Louis Danastorg An Act Concerning Private Transfer Fees – CT Senate Bill 859 Connecticut recently enacted provisions concerning private transfer fees, Senate Bill 859, which redefines private transfer fees and invalidates the practice of imposing private transfer fee obligations against titles of real property. Under the new provisions, any fee payable at the […]
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Nebraska Changes Loan Broker Provisions and Amends Residential Mortgage Licensing Act
by: Louis Danastorg Legislative Bill 279-Loan Brokers Earlier this year Nebraska made changes to its state laws relating to loan brokers. Typically, loan broker describes any person that in anticipation of compensation from a borrower arranges for a loan and assists with the loan application process. Loan brokers are employed as agents that solicit […]
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Oregon Enacts Short Sale Provisions Involving Nonprofits in Context of Foreclosure
by: Paul McSheffreyOregon has enacted new provisions regarding residential foreclosures with House Bill 3389. The Act amends Oregon statutes ORS 86.705 and 86.735. One of the amendments regards transactions where a nonprofit entity purchases property subject to a residential trust deed or purchases a note from a beneficiary that secures a grantor’s obligation. In these […]
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New York Issues Banking Law Guidance for Subprime Loans
by: Nicole LegereThe New York Department of Financial Services (the Department) has issued additional guidance on the interpretation of state banking law. This is in response to recent readings of section 6-m of the New York Banking Law, which have resulted in a number of loans being incorrectly deemed sub-prime. Under section 6-m, a sub […]
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North Carolina Provides Alternative Procedure for Satisfaction of Security Interest
by: Louis DanastorgRecently North Carolina’s General Assembly introduced and ratified an alternate procedure for satisfaction of security interests-effective July 1, 2013. The revisions provide for the use of a satisfaction agent, who would be authorized to record an affidavit of satisfaction when he or she had reasonable belief the secured obligation had been paid or […]
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North Carolina Corrects and Amends the Notary Public Act
by: Louis DanastorgOn June 18th, 2013 North Carolina’s General Assembly ratified corrections and amendments to the Notary Public Act. Within North Carolina notaries public facilitate the recording of security instruments affecting real property with the Registry of Deeds. Typically notaries public will perform signature acknowledgements, administer oaths and affirmations, and verify or prove signatures presented […]
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Missouri Modifies Statutes Regarding Real Estate Loans and Loan Fees
by: Paul McSheffrey Provisions Regarding Real Estate Loans The Missouri General Assembly recently passed House Bill NOS. 446 & 211, amending a statute regarding real estate loans. The statute, found at Section A. Chapter 443, is amended to now include a new section 443.454. The new section precludes local laws from affecting the rights associated […]
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North Carolina Enacts Modifications to its Consumer Finance Act
by: Louis Danastorg North Carolina’s Consumer Finance Act allows banks and non-banking institutions to make consumer loans under $10,000; now $15,000-reminiscent of predatory “payday” loans and cash advances, which are currently banned in the state. Consumer finance lenders typically offer scaled interest rate schemes and shorter loan terms, collecting various additional fees that drive up […]
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North Carolina Amends SAFE Act
by: Louis Danastorg North Carolina’s General Assembly Amends the Secure and Fair Enforcement Mortgage Licensing Act to Provide for the Licensure of a Transitional Mortgage Loan Originator Earlier this July, North Carolina’s General Assembly amended a number of NC SAFE provisions related and applying to applications for the licensure of transitional mortgage loan originators filed […]