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Michigan Amends Requirements for Foreclosure by Advertisement and Limitation of Actions
Michigan has amended 1961 PA 236 (the Act), section 600.3204, concerning foreclosure of a mortgage by advertisement, and section 600.5807, concerning limitation of actions. The amended Act is effective May 7, 2018.
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Maine Amends Provision Related to Debt Collection
This bill amends the law regarding the information that a debt buyer must possess for purposes of debt collection.
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U.S. House of Representatives Approves New Rules for TRID and Mortgage Loan Originators
The House has passed a Mortgage Bankers Association-supported bill that amends the TILA/RESPA Integrated Disclosure rule, and supports flexibility for mortgage loan originators.
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CLA’s 2017 Annual Report: Knowing, Helping, Creating Opportunities
Access our 2017 Annual Promise Report for facts, stories, pictures, videos, and more about where we’ve been, where we’re headed, and the opportunities we’ve created for our clients, our people, and our communities.
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Arizona Adopts Provisions Regarding Notary Fees
The Arizona Office of the Secretary of State amended provisions relating to notary public fees: Arizona Administrative Code Section R2-12-1102.
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Ohio Amends Mortgage Loan Law and Establishes Residential Mortgage Lending Act
Ohio House Bill 199 amends multiple sections of the Ohio Revised Code to create the Ohio Residential Mortgage Lending Act for the purpose of: regulating all non-depository lending secured by residential real estate, limiting the application of the current “Mortgage Loan Law” to unsecured loans and loans secured by other than residential real estate, and modifying an exemption to the Ohio Consumer Installment Loan Act.
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Texas Adopts Mortgage Lending Provisions
Texas has adopted provisions related to mortgage lending. These provisions are effective as of January 7, 2018.
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Texas Adopts Pre-Licensing Education Provisions
The Finance Commission of Texas has implemented provisions regarding pre-licensing education. These provisions are effective as of January 4, 2018.
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Pennsylvania Amends Mortgage Loan Licensing Provisions and Modifies “Base Figure” Definition
Pennsylvania has modified provisions regarding mortgage loan licensing and has updated its definition of “base figure” from $244,856 to $250,324 for the 2018 calendar year.
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CFPB Issues HMDA Public Statement
On December 21, 2017, the CFPB issued a public statement with respect to the recently effective HMDA rule. For HMDA data collected in 2018 and reported in 2019, “the Bureau does not intend to assess penalties with respect to errors in data collected in 2018 and reported in 2019.” Examinations of 2018 HMDA data will be diagnostic to help institutions identify compliance weaknesses and will credit good faith compliance efforts.
