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New England Mortgage Expo 2018
CLA is proud to speak and exhibit at The New England Mortgage Expo on January 12, 2018 at the Mohegan Sun. CLA Bankers Advisory principal, Marissa Blundell, will be speaking from 1:15 – 2 p.m. during the 2018 HMDA Impact on Fair Lending Compliance session.
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New Jersey Adopts Provisions Regarding Appraisal Fees
The state of New Jersey has recently lessened the state’s restrictions on appraisal fees, effective immediately.
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Ohio Loan Prepayment Penalty Adjustment for 2018
The Ohio Department of Commerce announced its annual loan prepayment penalty adjustment for 2018.
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Fannie Mae Selling Guide Updated
On December 19, 2017, Fannie Mae updated its Selling Guide to address underwriting borrowers with frozen credit, disaster-affected loans, and additional areas. With this update, Fannie Mae also provides additional detail related to its expectations and requirements for sellers/servicers’ Internal Audit function.
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Wisconsin Amends Provisions Regarding Recording Information
The state of Wisconsin recently amended various provisions relating to the identification and location of information assigned to documents filed or recorded in the county register of deeds office, effective immediately.
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Wisconsin Modifies Provisions Regarding Sale of Foreclosed Property
The state of Wisconsin recently modified its provisions regarding procedures on the sale of a foreclosed property by a sheriff or referee. These provisions are effective immediately.
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New Jersey Issues Bulletin Regarding 2018 High-Cost Home Loan Dollar Adjustment
The New Jersey Department of Banking and Insurance has issued a Bulletin setting out the maximum principal amount for loans that may be considered “high-cost home loans” under the New Jersey Home Ownership Security Act of 2002. The adjusted dollar amount may be effective for loan applications received on or after January 1, 2018.
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Texas Approves Revisions to Home Equity Loans
Texas approved a proposed constitutional amendment that includes, but is not limited to, establishing a lower amount for expenses to borrowers and removing certain financing expense limitations for a Home Equity Loan (HEL), authorizing certain lenders to make HELs; changing certain options for the refinancing of HELs; amending the threshold for advances on an HEL; and expanding HELs to loans on agricultural homestead properties. These changes in Senate Joint Resolution 60 are effective on January 1, 2018.
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Maryland Prescribes a Model Form for Expedited Foreclosure Proceedings for Vacant and Abandoned Properties
Effective November 6, 2017, the state of Maryland has amended regulation .08 under COMAR 09.03.12, Foreclosure Procedures for Residential Property.
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California Enacts Building Homes and Jobs Act and Imposes New Fee
The state of California has recently enacted the Building Homes and Jobs Act, effective January 1, 2018. The purpose of the Act is to establish a permanent, ongoing source of funding for affordable housing development. This funding will go to existing state programs that provide assistance for emergency housing, multifamily housing, farmworker housing, home ownership for very low and low-income households, and down payment assistance for first-time home buyers.
