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Freddie Mac Issues Clarifications and Guidance for Rural Markets
by: Anna DeSimoneApril 1, 2014, Freddie Mac Issued Bulletin 2014-5: Properties Located in Rural Market Areas. The bulletin highlights Freddie Mac’s property and appraisal requirements and was issued in response to a Federal Housing Finance Agency directive to Freddie Mac to provide certain clarifications and guidance regarding property and appraisal requirements for properties located in […]
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Indiana Amends Licensing Provisions
by: Zachary PearlsteinThe state of Indiana has recently updated its licensing regulations to allow federal savings banks to retain and sponsor mortgage loan originators, under certain circumstances. These regulations are effective on July 1, 2014. The updated provisions apply to federal savings banks that are exempt from statutes concerning the licensing of creditors in first […]
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Fannie Mae Issues Reminders for Loan Servicing Compliance – Recap of STAR Rating
by: Anna DeSimoneMarch 28, 2014 Fannie Mae issued Servicing Notice: Late or Inaccurate Mortgage Loan Reporting announcing that effective May 1, 2014, Fannie Mae will begin issuing warning letters to and assessing compensatory fees on servicers that submit late or inaccurate reports.Currently, Fannie Mae sends a Failed Business Rules Report to a servicer that fails […]
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OCC Issues Asset Based Lending Booklet
by: Anna DeSimone March 27, 2014 the Office of the Comptroller of the Currency (OCC) issued its “Asset-Based Lending” booklet, which is new to the Comptroller’s Handbook. The OCC’s “Asset-Based Lending” booklet provides guidance to examiners and bankers regarding Asset-Based Lending (ABL) activities and risks, prudent credit risk management and underwriting expectations, credit administration, […]
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Lending Compliance Updates for State of Virginia
by: Emily Ross Mandatory Flood Insurance Amounts Limited On March 17, 2014 the Virginia General Assembly approved a change limiting flood insurance requirements by lenders. Previously, the Code of Virginia (6.2-412) stated that lenders cannot require a borrower to maintain property insurance coverage in an amount greater than the replacement value of the improvements that […]
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Pennsylvania Amends Provisions Regarding Deficiency Judgments
by: Lee GreenbergThe state of Pennsylvania recently amended provisions of the Pennsylvania Consolidated Statutes regarding deficiency judgments in House Bill 84. The legislation is effective immediately. Under the new law, the following actions must be commenced within six (6) months following execution and delivery of the sheriff’s deed for property sold in connection with the […]
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West Virginia Re-enacts Mortgage Licensing, Lending and Servicing Acts
by: Louis DanastorgWest Virginia SAFE Mortgage Licensing Act and West Virginia Mortgage Lender, Broker and Servicer Act – Senate Bill 383 Earlier this month West Virginia passed an act to amend and reenact definitions within the West Virginia SAFE Mortgage Licensing Act and the West Virginia Mortgage Lender, Broker and Servicer Act (WV Codes ยง31-17A-2 […]
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Mississippi Modifies Provisions Regarding Real Property Identification Requirements
by: Matthew DaileyThe state of Mississippi modified its rules by clarifying required identifying information regarding what must be included in an instrument pertaining to real property that is presented to the applicable chancery court clerk for recording. The information relates to the name, mailing address and telephone number of every grantor, grantee, borrower or other […]
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Missouri Adopts Rules Requiring the Creation of an Account with NMLS for Residential Mortgage Loan Brokers
by: Paul McSheffreyThe Missouri Department of Insurance, Financial Institutions and Professional Registration recently amended 20 CSR 1140-30.240 regarding supervision of residential mortgage loan brokers. The changes require that before applying for or renewing a Missouri Residential Mortgage Loan Broker License, the applicant must register with the Nationwide Mortgage Licensing System and Registry (NMLS). Each applicant […]
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Wyoming Amends Provisions Regarding Notary Fees
by: Paul McSheffreyWith Enrolled Act No. 26, the Legislature of the State of Wyoming has amended its rules regulating notaries. The Act amends W.S. 34-26-302(a)(i) through (vii) to increase the amount of fees that a notarial officer may charge. Several notarial acts are affected including taking an acknowledgment, administering an oath or affirmation without a […]
