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California Modifies Provisions Regarding Service Member Protections
The State of California modified its provisions relating to service member protections under its Military and Veterans Code. These provisions are effective on January 1, 2019.
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Delaware Updates Requirements for Filing Mortgagee Change of Address
The State of Delaware has amended Title 25 § 2124 of the Delaware Code to require a statement of mortgagee address change be filed in the recorder of deeds office within 60 days of the change.
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Freddie Mac Announces Affordable Housing Preservation and Rural Housing Initiatives
Featuring Community Land Trusts and Allowances for Sweat Equity September 28, 2018, Freddie Mac issued Bulletin 2018-16, Duty to Serve Affordable Housing Preservation and Rural Housing. Key points of the bulletin are summarized below. In its Duty to Serve plan, Freddie Mac committed to increasing support for very low-, low- and moderate-income families in three historically […]
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Florida Adopts Provisions Regarding Loan Officer Licensing for Military Members
The Florida Department of Financial Services has recently adopted provisions relating to fee waiver procedures for military personnel, veterans, and spouses seeking a loan originator license or renewal of a loan originator license. These provisions are effective on September 25, 2018.
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Fannie Mae Will Consider Appraisal Waiver in Rural High-Needs Areas
Home Inspection Alternative Issued Through Desktop Underwriter® For certain home purchase transactions in rural high-needs areas, Fannie Mae may offer to waive the appraisal in exchange for a mandatory home property inspection. The rural high-needs appraisal waiver seeks to help low- to moderate-income borrowers avoid unanticipated, potentially high-cost, post-purchase repairs. This offer will be considered […]
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California Amends Provisions Regarding Consumer Protection
The state of California amended its consumer protection provisions. These provisions are effective on January 1, 2019.
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Vermont Adopts Provisions Related to Residential Real Estate Mortgage Loan Commitment Letters
Vermont enacted provisions related to form, content, and timing of residential real estate mortgage loan commitment letters; Regulation B-2018-02 supersedes and replaces Regulation B-98-1.
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New Jersey Amends Licensing Provisions under RMLA
The state of New Jersey has recently amended provisions under its Residential Mortgage Lending Act (RMLA). These amendments are effective on November 22, 2018.
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Interpretive and Procedural HMDA Rule Issued by Bureau of Consumer Financial Protection
On August 31, 2018, just in time for the unofficial end of summer marked by this Labor Day weekend, the Bureau has provided additional information related to the impact of regulatory relief measures on 2018 HMDA reporting requirements. To recap, legislation took effect in the late spring which provided a partial exemption for reporting of […]
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Illinois Modifies Several Mortgage Provisions
Illinois has amended provisions regarding notice of sale requirements under the judicial sale procedures of a foreclosed property, provisions under its Residential Mortgage License Act regarding mortgage loan advertisements and licensing requirements.
