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CFPB Proposes Amendments to ECOA to Provide More Flexibility for Lenders
The Consumer Financial Protection Bureau (CFPB) has issued proposed changes to the Equal Credit Opportunity Act in order to provide lenders with additional flexibility when collecting consumer ethnicity and race information.
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Freddie Mac Announces Selling Guide Updates
March 16, 2017, Freddie Mac issued Bulletin 2017-2, announcing system enhancements and selling requirement revisions that expand homeownership opportunities and make it easier to do business with Freddie Mac. The changes include: Freddie Mac Loan Product Advisor® Updates Enhancing Loan Product Advisor to allow the assessment of mortgages where no borrower has a credit score. […]
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Virginia Amends Residential Property Disclosure Act
The Virginia Residential Property Disclosure Act has been amended to include new sections outlining definitions and new disclosures required regarding pending building or zoning violations and additional other revisions.
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New York Amends Mortgage Loan Consummation Definition (Update)
The state of New York recently added an amendment to its banking laws to define the term “consummation of a mortgage loan.” This has been updated from previous notice.
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Arkansas Enacts Provisions Regarding Electronic Notary Public Act
The state of Arkansas has recently enacted House Bill 1479, which creates the Arkansas Electronic Notary Public Act. These provisions will become effective on August 18, 2017.
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Wyoming Adopts Provisions Concerning The Uniform Consumer Credit Code and The Uniform Power of Attorney Act
The Wyoming Department of Audit, Division of Banking, adopted provisions regarding licensing fees, which are effective immediately.
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Virginia Uniform Fiduciary Access to Digital Assets Act
Virginia has enacted the ‘Uniform Fiduciary Access to Digital Assets Act.’ The Act allows a user to use an online tool or to direct in a will, trust, power of attorney or other record disclosure the release of all, none or some of the users digital assets in the possession of a custodian to a designated recipient.
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Virginia Amends Various Residential Real Estate Provisions
Virginia Amends Provisions Regarding Tenant Escrow Funds and Security Deposits, Notices to Tenants in the Event of Foreclosure and Provisions Regarding Electronic Filing of Land Records
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Fannie Mae Announces Simplifying Servicing™ Initiative
February 15, 2017, Fannie Mae published Servicing News announcing Fannie Mae’s Simplifying Servicing™. The announcement highlights a new user interface for the SMDU workout decisioning tool, investor reporting enhancements, relief from post-foreclosure expenses and Flex Modification to assist borrowers. To view the Servicing News in its entirety, including the summaries highlighted below: Servicing News The Fannie […]
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Oregon Implements Rules Regarding Surety Bond Information
The Oregon Department of Consumer and Business Services, Finance and Securities Regulation, implemented rules allowing licensees to submit required surety bond information through the Nationwide Mortgage Licensing System and Registry. These provisions are effective on April 1, 2017.
