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Missouri Modifies Provisions Regarding Financial Institutions
by: Paul McSheffreyThe state of Missouri has recently enacted House Bill No. 329, replacing various statutes relating to financial institutions. These sections are effective immediately. Under 361.160, the director of finance must arrange to visit and examine bank and trust companies annually. The amendment creates an exception for a “private trust company”, defined as “one […]
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Nebraska Amends Mortgage Licensing Act & Modifies Broker Provisions
by: Matthew DaileyTwo legislative bills approved by the governor of Nebraska earlier this year will go into effect on October 4, 2013. Legislative Bill 290 revised the Residential Mortgage Licensing Act primarily by changing provisions relating to notice requirements of a licensee. Legislative Bill 279 essentially redefined what constitutes a loan broker in Nebraska. Legislative […]
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Freddie Mac Addresses Ability to Repay, Quality Control and Other Rules
by: Anna DeSimoneOctober 1, 2013, Freddie Mac issued an Industry Letter Information Relating to the CFPB Final Rule on Ability to Repay. On August 20, 2013, Freddie Mac issued Single-Family Seller/Servicer Guide Bulletin 2013-16, which announced its new purchase eligibility requirements in response to the final rule issued by the Consumer Financial Protection Bureau (CFPB) […]
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Fannie Mae Addresses Ability to Repay, QC and Operational Controls
by: Anna DeSimoneOctober 1, 2013, Fannie Mae released Lender Letter #2013-07: Quality Control and Additional Information Related to the Ability to Repay and Qualified Mortgage Requirements. At the direction of the Federal Housing Finance Agency (FHFA), Fannie Mae and Freddie Mac have worked together to formulate and align on certain requirements that address the Consumer […]
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Louisiana Amends and Reenacts Provisions Relating to Blighted Property and Health, Housing, Fire Code, Environmental, and Other Ordinance Violations-Senate Bill No. 51
by: Louis Danastorg Louisiana’s Legislature has recently acted to amend and reinstitute provisions relating to administrative adjudication procedures regarding blighted property and health, housing, fire code, environmental, or other ordinance violations. In Louisiana any municipality or parish may prescribe civil fines for property declared blighted or violations of public health, housing, fire code, environmental and […]
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Oregon Amends Provisions Regarding Foreclosure Avoidance Mediation Program
by: Paul McSheffreyThe Oregon Department of Justice recently amended its rules required by 2013 legislation to implement the Foreclosure Avoidance Mediation Program established in Oregon Laws 2013, chapter 304. A list of the various rules that were adopted and amended follows. The newly adopted rules include 137-110-0300 and 137-110-0605. Rule 137-110-0300 provides for beneficiary exemptions. […]
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Delaware Amends Laws Relating to Foreclosures
by: Louis DanastorgDelaware has recently amended titles 10 and 29 of the Delaware Code regarding its real estate foreclosure proceedings. Plaintiffs to a mortgage foreclosure involving an owner-occupied one-to-four family primary residence must wait 45 days before filing the action after sending a Notice of Intent to Foreclose to the borrower. Such notice may only […]
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Oregon Modifies Foreclosure Provisions
by: Paul McSheffrey Modifications to Form and Procedure for Foreclosure Avoidance Measure Notices The Oregon Department of Justice as recently amended its rules regarding foreclosure avoidance measure notices. The rules implement the foreclosure avoidance measure notice provisions found in OR Laws 2013, chapter 304. These rules describe and procedure that a beneficiary must follow when […]
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California Modifies Provisions of the Financial Code Relating to Mortgage Lenders
by: Lee GreenbergThe state of California recently modified several provisions of the Financial Code relating to mortgage lenders in Assembly Bill No. 1091. The legislation becomes effective on January 1, 2014.Assembly Bill No. 1091 includes the following amendments to the Financial Code: Under the existing law, California business and industrial development corporations, licensed pawnbrokers and […]
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North Carolina Amends its Anti-Predatory Lending Law – House Bill 692
by: Louis DanastorgRecently, North Carolina amended its anti-predatory lending laws to make them no more restrictive than federal lending regulations, having been concerned anti-predatory lending laws in North Carolina had become burdensome to instate lenders. First, the General Assembly revised its consideration of the points and fees, mortgage finance charges, assessed to a borrower as […]
