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Reminder: MERS Annual Reports must be submitted by December 31, 2017!
Contact us today to be sure your Annual Report is complete and submitted by the deadline.
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Michigan Mortgage Loan Originator Licensing Act 2018 Schedule of Fees
The Michigan Department of Insurance and Financial Services has released the schedule of fees under the Mortgage Loan Originator Licensing Act for the licensing year January 1, 2018, to December 31, 2018.
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Oregon Adopts Temporary Administrative Order Regarding Mortgage Servicer Licensing
The Mortgage Loan Servicer Practices Act necessitates that Oregon mortgage servicers attain a license from the Department of Consumer and Business Services (DCBS) by January 1, 2018. In order to provide time for the application process, a temporary rule has been adopted to create a licensing program in advance of the January 1, 2018 compliance date. This temporary rule adopted by Oregon sets application requirements for obtaining a license, requirements for corporate surety bonds and irrevocable letters of credit, and application and renewal fees. The rule also clarifies which entities are exempt from licensing.
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Vermont Issues Declared Rate for 2018
The Vermont Commissioner of Taxes issued a memo regarding the average prime loan rate charged by banks for 2018. This rate is the basis for determining whether a loan is a high-rate/high-point loan.
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OCC Issues Guidance for Impact of CRA Ratings on Licensing Applications
November 8, 2017, the Office of the Comptroller of the Currency (OCC) issued this guidance to provide transparency regarding its framework for evaluating certain types of licensing applications.
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Iowa Amends Rules Governing Military Service Member Home Ownership Assistance Program
The Iowa Finance Authority has recently clarified and simplified the rules governing the state’s Military Service Member Home Ownership Assistance Program, effective November 29, 2017.
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New York Amends Law Concerning Limitations on Mortgage Guaranty Insurance Companies
Mortgage insurers providing coverage on loans secured by a first lien on real estate may now elect to pay the entire indebtedness to the insured and acquire title to the authorized real estate security.
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Preferred Language Question to be Added to New Uniform Residential Loan Application
October 20, 2017, Federal Housing Finance Agency (FHFA) announced its decision to add a preferred language question to the new Uniform Residential Loan Application (URLA). This question will enable borrowers who prefer to communicate in a language other than English to identify that language. It also provides clear disclosures that the mortgage transaction is likely […]
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Montana Revises Definition of “Alter” Pertaining to Mortgage Loan Documents
The state of Montana has updated the definition of “alter” as used in MCA 32-9-124(1)(l).
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Illinois Amends and Repeals Certain Provisions of the Residential Mortgage License Act
The Illinois Department of Financial and Professional Regulation adopted rules to repeal and amend certain portions of its Residential Mortgage License Act. The changes to Title 38 of the Illinois Administrative Code Section 1050 are effective immediately.
