State Mortgage Compliance
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Hawaii Amends Statutes Regarding Examinations and Licensing Fees
by: Nicole Legere, Esq.The state of Hawaii recently amended Chapter 454M of the Hawaii revised statutes by adding provisions which authorize the Commissioner of Financial Institutions to conduct exams and investigations. Additional amendments were made to adjust fees for mortgage servicer licensees to use the NMLS licensing system. These amendments are effective immediately. Investigation Authority […]
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Consumer Financial Protection Bureau Complaint Data Now Searchable by State
by: Anna DeSimoneMay 31, 2013 the Consumer Financial Protection Bureau (CFPB) expanded its Consumer Complaint Database to include state-by-state information. The CFPB also added complaints about money transfers and credit reporting to the database. In March, the database expanded from more than 19,000 credit card complaints to nearly 90,000 complaints on credit cards, mortgages, student […]
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Nevada Amends Various Provisions Regarding Mortgage Industry
by: Zachary Pearlstein, Esq.The state of Nevada has revised a variety of provisions related to mortgage lending and brokering, effective immediately.New definitions For the purposes of the statutory provisions governing the licensing and regulation of mortgage brokers and mortgage agents: – “Employee” means a natural person (1) whose manner and means of performance of work […]
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Oregon Enacts Various Legislation Regarding Lending
by: Paul McSheffrey, Esq. Modifications to Provisions Regarding Interest on Lender’s Security Protection The Oregon Legislative Assembly recently passed Enrolled House Bill 2688. The Bill creates new provisions and amends Oregon statute 87.202 regarding statements of account for foreclosures of liens on chattel. The amendments to ORS 87.202 apply to foreclosures by sale that […]
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District of Columbia Enacts Emergency Foreclosure Amendment Act of 2013
by: Margaret Wright, Esq.On May 22, 2013 the Council of the District of Columbia enacted the “Saving D.C. Homes from Foreclosure Enhanced Emergency Amendment Act of 2013.” The Act is effective immediately land serves to extend the emergency amendments to the D.C. Official Code Right to Cure Residential Mortgage Foreclosure Default, Foreclosure Mediation and Establishment […]
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Colorado Modifies Provision Regarding Legal Descriptions on Real Estate Documents
by: Lee Greenberg, Esq.The state of Colorado recently modified a provision regarding the preparation of instruments affecting real estate and the legal description of property through the enactment of House Bill 13-1307. The new law has an effective date of August 7, 2013, unless a petition is filed against the law within ninety days of […]
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Texas Regulatory Round-Up
by: Margaret Wright, Esq. Proposed Updates for Reverse Mortgages The Texas Legislature has recently proposed an amendment to the Texas Constitution which will allow a reverse mortgage to be utilized for the purchase of homestead property that the borrower will occupy as a principal residence. Previously, reverse mortgages could not be used for purchase […]
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Missouri Modifies Provisions Regarding Real Estate Loan Reporting
by: Lee Greenberg, Esq. The state of Missouri recently modified several provisions regarding the reporting of residential real estate loans through the enactment of Senate Bill No. 235. The new law has an effective date of August 28, 2013. The current law requires the directors of the Division of Finance and the Division of Credit […]
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Maryland Enacts Mortgage Assistance Relief Services Act
by: Paul McSheffrey, Esq. The Maryland General Assembly has recently enacted the Maryland Mortgage Assistance Relief Services Act with the passage of House Bill 291. The Bill repeals and adds to various Maryland Commercial and Real Property laws. The intent of the Maryland General Assembly was to provide within State law, the consumer protections available […]
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Changes and Additions to Vermont’s Foreclosure Mediation Program
by: Emily Ross, Esq.With House Bill 431, the Vermont Legislature recently made changes to the Vermont mediation program established in 2010 to comply with the mediation requirement of HAMP. HAMP, or the Home Affordable Modification Program is a federal program set up as a result of the mortgage crisis that allows homeowners having trouble paying […]