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Pennsylvania Modifies Provisions Regarding Powers of Attorney
by: Lee Greenberg The state of Pennsylvania recently modified provisions regarding powers of attorney in House Bill No. 1429. Some of the provisions are effective immediately while others are effective on January 1, 2015. House Bill No. 1429 requires a power of attorney to be dated, and it must be signed by the principal or by […]
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California Amends Mortgage Loan Originator Education Requirements
by: Lee Greenberg The state of California recently amended provisions regarding mortgage loan originator education requirements in Senate Bill No. 1459. The new legislation becomes effective on January 1, 2015. Under the law, an applicant for a mortgage loan originator license is required to complete at least 20 hours of approved prelicensing education. Prelicensing education courses […]
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CFPB Proposes Updates to HMDA Reporting
by: Anna DeSimone Bureau Aims to Simplify the Reporting Process for Financial Institutions July 24, 2014 the Consumer Financial Protection Bureau (CFPB) proposed a rule to improve information reported about the residential mortgage market. The rule would shed more light on consumers’ access to mortgage credit by updating the reporting requirements of the Home Mortgage […]
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Financial Crimes Enforcement Network Publishes SAR Statistics
by: Anna DeSimone The Financial Crimes Enforcement Network (FINCEN) has published the first issue of SAR Stats, the successor publication to The SAR Activity Review: By the Numbers. This issue examines only data contained on the 1,369,529 unique FinCEN SARs (Form 111) with filing dates between March 1, 2012 and December 31, 2013. The adoption of the new unified SAR form and […]
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Connecticut Enacts New Laws for Foreclosure Alternatives
by: Margaret Wright CT Foreclosure by Market Sale, Servicer Licensing and Foreclosure Mediation House Bill No. 5514 Optional Method of Foreclosure Effective October 1, 2014, the Connecticut state legislature has enacted House Bill No. 5514 providing for an alternate method of foreclosure. Under the new bill a first mortgage against a property may be foreclosed by […]
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New York Adopts Shared Appreciation Mortgage Modification
by: Margaret Wright New York has adopted regulations concerning shared appreciation mortgage modification as Title 3 NYCRR Part 83. Upon the sale of a residential property, a shared appreciation agreement provides a share to the lender or servicer in the appreciation of the value of the property. In order to have a shared appreciation agreement, […]
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CFPB Issues Guidance Regarding Brokers Shifting to “Mini-Correspondent” Model Bureau Describes Evaluation of Mini-Correspondent Transactions
by: Anna DeSimone July 11, 2014, the Consumer Financial Protection Bureau (CFPB) issued guidance regarding mortgage brokers transitioning to a “mini-correspondent” lender model. The full content of the CFPB Press Release is provided: The CFPB is concerned that some mortgage brokers may be shifting to the mini-correspondent model under the mistaken belief that identifying themselves […]
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Obama Administration Releases June Housing Scorecard
by: Anna DeSimone July 10, 2014, the U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury released the June edition of the Obama Administration’s Housing Scorecard, a comprehensive report on the nation’s housing market. The latest data show progress among key indicators, including growing equity and a rebound in the sale […]
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Hawaii Amends Provisions Regarding Mortgage Requirement
by: Lee Greenberg The state of Hawaii recently amended several provisions of the Secure and Fair Enforcement for Mortgage Licensing Act in Senate Bill No. 2817. The new legislation became effective on July 1, 2014. The legislation added the following five definitions to the Act: “Elder” means an individual who is sixty-two years of age or […]
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Florida Enacts Provisions Regarding Consumer Collection Practices
by: Lee Greenberg The state of Florida recently enacted provisions regarding consumer collection practices in House Bill 413. The legislation becomes effective on October 1, 2014. Under the new law, a person may not engage in business in Florida as a consumer collection agency without first registering in accordance with the law, and thereafter maintaining a […]
