State Mortgage Compliance
-
Recent Changes to Ohio Mortgage Lending Laws
by: Emily Ross, Esq., Associate CounselChanges to Ohio Law under House Bill 479 With Substitute House Bill 479 (“HB 479”) the Ohio Legislature amended and enacted large sections of the Ohio Code. Some important changes cover such varied topics as the recording of personal property transfers, the intersection of non recourse loans and post solvency […]
-
Recent Changes to Michigan Lending Laws
by: Nicole Legere, Esq., Senior Counsel MICHIGAN BILL 1283 and 1284:An Amendment to the Mortgage Loan Definition The state of Michigan recently passed Senate Bill 1283, which amended the Mortgage Brokers, Lenders, and Servicers Licensing Act. This act is responsible for regulating the licensure and/or registration of mortgage brokers, lenders and servicers. The new bill […]
-
Massachusetts Division of Banks Issues Loan Modification Guidance
by: Anna DeSimone Guidance Relative to Residential Mortgage Loan Modifications for Non-Delinquent Borrowers and Troubled Debt Restructuring (TDR) December 27, 2012 the Massachusetts’ Division of Banks issued guidance in response to industry inquiries relative to the classification of the modification of a residential mortgage loan as a troubled debt restructuring (TDR) when the value of […]
-
Vermont Issues Clarification for High Rate Loan Qualification
by: Emily Ross, Esq. The Vermont Department of Financial Regulation recently released a memorandum clarifying interest rates set for High Rate Loans for the 2013 calendar year. Vermont law states that any lender granting loans that charge borrowers in excess of four points or interest in excess of three percent over the declared interest […]
-
Pennsylvania Implements Consumer Financial Protection Act
by: Lee Greenberg, Esq. The General Assembly of the Commonwealth of Pennsylvania recently revised the Banking Code of 1965 and the Department of Banking Code of 1933 through the enactment of House Bill 2368 and House Bill 2369. The new laws include several significant changes to various provisions of the respective banking codes, including the implementation […]
-
Changes in California Lending and Foreclosure Laws
by Emily Ross, Esq.The California legislature recently passed multiple bills that either extend or strengthen already existing consumer protection statutes. These include extending a law to limit loan modification compensation, solidifying and extending the definition of who needs to be licensed to be a loan originator, adding additional language requirements to Notices of Default and […]
-
New York Amends Loan Originator Compensation Rules
by Nicole Legere, Esq.Senior Counsel New York has recently enacted several new amendments intended to clarify permissible forms of loan originator compensation. Specifically, these amendments address yield spread premiums (YSP’s) which are fees paid to the broker from the lender, and are often based on the terms of the loan. YSP’s were found to be confusing to […]
-
Hawaii State Legislature Change Foreclosure Laws
by Nicole Legere, Esq.Senior Counsel CHANGES TO THE HAWAII FORECLOSURE PROCESS The Hawaii state legislature has recently passed HB 1875, which is intended to implement the recommendations of the mortgage foreclosure taskforce. This taskforce was created specifically to recommend ways to improve the methods by which foreclosures are conducted in Hawaii. The recommendations include creating […]
-
Massachusetts Passes Act to Prevent Unlawful and Unnecessary Foreclosures
by Marissa Aquila Blundell, Esq.Sr. VP & General Counsel The Massachusetts legislature recently approved an Act to Prevent Unlawful and Unnecessary Foreclosures, which Governor Patrick is expected to sign in the next few days. Major provisions in the bill will be effective immediately upon its being signed and will impact the Massachusetts foreclosure process significantly. […]
-
Rhode Island Amends Homestead, Property Transfers and Transfer Fee Laws
by Nathan Walker Esq. Associate Counsel The Rhode Island Legislature recently amended provisions regarding the homestead estate exemption, transfers of property to a revocable living trust, and transfer fees on the sale of real property. These changes are effective immediately. The Homestead Estate Exemption The homestead estate exemption granted by Rhode Island General Law 9-26-4.1, which prohibits […]