New Hampshire Amends Provisions Regarding Mortgage Exemptions
The state of New Hampshire has recently amended its provisions regarding mortgage exemptions, effective immediately.
Through House Bill 740, the state of New Hampshire has exempted a specific type mortgage from the current law regarding licensing of nondepository mortgage bankers, brokers, and servicers. In New Hampshire, RSA 397-A regulates the licensing of nondepository mortgage bankers, brokers, and servicers. The new provisions exempt second mortgage loans from RSA 397-A under certain circumstances.
The new provisions exempt second mortgage loans from licensing laws, for the purpose of financing down payments or closing costs associated with the first mortgage loan, if the second mortgage loan is funded by a state entity that is already exempt and the second mortgage loan is originated by a licensed loan originator in association with the first mortgage. According to the House Commerce and Consumer Affairs Committee, this change will make it possible for the Housing Authority to provide second mortgage support for projects that it cannot currently offer.
Zachary Pearlstein, JD, is a Regulatory Compliance Director with CLA's Mortgage Advisory Division. He joined CLA on January 1, 2014, as part of its acquisition of Bankers Advisory, Inc. Zachary oversees Mortgage Advisory's regulatory compliance team, which focuses on federal and state compliance, fair lending, and the Home Mortgage Disclosure Act (HMDA). He is a graduate of Brandeis University and earned his juris doctor at Suffolk University Law School. He is admitted to the Massachusetts Bar.
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