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Nebraska Modifies Provisions Regarding Real Property
The state of Nebraska modified its provisions relating to real property and the recording of instruments and the rights and duties of secured creditors with respect to the Residential Mortgage Licensing Act. These provisions are effective on July 17, 2018.
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Utah Modifies Provisions Regarding Record Requirements and Investigations under RMPLA
The state of Utah modified its provisions under its Residential Mortgage Practices and Licensing Act (RMPLA) relating to licensure requirements, record requirements and investigations. These provisions are effective on May 8, 2018.
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Fannie Mae Now Permits Lenders to Contribute toward Borrower Closing Costs
April 3, 2018 Fannie Mae Issued Selling Guide #2018-03 clarifying lender-sourced contributions to fund closing costs and prepaid fees. Lenders may take advantage of the change immediately. Below are the key points of the announcement: A lender-sourced contribution may not be: Used to fund any portion of the down payment; Subject to repayment requirements, or […]
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West Virginia Recent Regulatory Updates
West Virginia Modifies Provisions Regarding SAFE Mortgage Licensing Act, Uniform Power of Attorney Act, Uniform Fiduciary Access to Digital Assets Act and Uniform Voidable Transactions Act.
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Arizona Amends Provisions Relating to Notaries Public
The state of Arizona amended its provisions relating to notaries public through House Bill 2178. These provisions are effective on July 20, 2018 (or 90 days following adjournment of the current legislative session). Arizona Revised Statutes Section 41-311 is amended to modify the definition of “Notarial act” or “notarization” to specify that it only verifies […]
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Florida Enacts Provisions Regarding Mortgage Brokering Exemptions
The state of Florida recently passed House Bill 193, which exempts certain individuals from the state’s mortgage loan originator and broker regulations, under certain circumstances. This bill will become effective on July 1, 2018.
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Texas Amends Provisions Regarding Home Equity Lending
The state of Texas has amended 7 TAC Chapter 153 Home Equity Lending. Key changes effective March 29th 2018 include: The current three percent fee limitation has been replaced with a two percent fee limitation. The revisions clarify that the fees included in the limitation calculation do not include certain third party charges such as […]
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South Dakota Computerized Data Breach Notification Requirements
The state of South Dakota has enacted provisions regarding notifications relating to system security breaches where personal or protected information has been or may have been acquired by an unauthorized person.
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Florida Enacts Provisions Regarding Business Purpose Mortgage Loans
The state of Florida has recently enacted House Bill 935, regarding business purpose mortgage loans. The updated provisions are effective as of July 1, 2018.
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Indiana Amends Provisions Regarding Notarial Acts and Remote Notarial Acts
The state of Indiana amended provisions relating to notarial acts through Senate Bill 372. Provisions in this bill range from being effective immediately to being effective on July 1, 2019. Many of the amendments make technical changes to the standard language and definitions as they relate to notarial acts. There are also new provisions in Senate Bill 372 that specify requirements for remote notarial acts.
