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Virginia Amends Provisions Regarding Tenants by the Entireties
The General Assembly of Virginia has recently updated House Bill 2050, section 55-20.2, which concerns the severing of a tenancy by the entireties. These changes will become effective on July 1, 2017.
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New York Adopts Cybersecurity Requirements for Financial Services Companies
New York has adopted provisions regarding cybersecurity requirements for financial services companies.
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Fannie Mae Updates Servicing Guide
February 15, 2017, Fannie Mae issued Announcement SVC-2017-02: Servicing Guide Updates. The Guide has been updated with the following changes, several of which will simplify servicing: Relieves servicers of responsibility for paying most post-foreclosure taxes and homeowners’ association, condo, or co-op fees and assessments for acquired properties. This change will reduce costs and operational risk […]
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Colorado Adopts MLO and Mortgage Company Provisions
The Colorado Department of Regulatory Agencies, Division of Real Estate, has adopted provisions regarding mortgage loan originators and mortgage companies. Amendments include updates and repeals to definitions and professional standards under 4 CCR 725-3. These amendments are effective as of March 17, 2017.
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Illinois Modifies Provisions Regarding Annual Audits of Residential Mortgage Licensees
The state of Illinois modified its provisions regarding annual audits under the Residential Mortgage License Act.
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Oregon Amends Mortgage Loan Originator License Requirements
Effective January 1, 2017, Oregon has amended “Mortgage Loan Originator Continuing Education Requirements; Curing Deficiencies; License Sanctions for Failure to Maintain Continuing Education” to align the state licensing requirements to the Nationwide Mortgage Licensing System and Registry (NMLS) licensing requirements.
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Fannie Mae Updates Selling Guide
Key highlights include appraisals, confidentiality and seller/servicer financial eligibility requirements January 31, 2017, Fannie Mae issued Announcement SEL-2017-01 which announces a number of Selling Guide updates. Below is a brief summary of key updates. Please refer to Announcement SEL-2017-01 for additional updates and complete information on the topics highlighted in this article. Selling Guide Announcement Confidentiality […]
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Nevada Adopts Regulations Related to Mortgage Brokers, Mortgage Bankers, and Escrow Agents
Nevada recently adopted regulations R125-16, R126-16, and R070-16 related to mortgage brokers, mortgage bankers, and escrow agents.
The regulations are effective as of January 27, 2017.
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Ohio Amends Provisions Regarding Unconscionable Acts or Practices Relating to Residential Mortgages
Ohio has modified provisions regarding unconscionable acts or practices as they relate to residential mortgages.
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Ohio Amends Revised Fiduciary Access to Digital Assets Act
Ohio has enacted provisions amending its Revised Fiduciary Access to Digital Assets Act and has updated its sample Power of Attorney form. These provisions are effective as of April 5, 2017.
