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Nevada Revises Foreclosure Mediation Program and Enacts Real Property Laws
by: Zachary Pearlstein, Esq. Nevada Revises Provisions Regarding Foreclosure Mediation Program Nevada has revised provisions regarding its foreclosure mediation program, effective October 1, 2013. New regulations require a trustee to send information about the Foreclosure Mediation Program to the homeowner concurrently with, but separately from, the copy of the notice of default and election to […]
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Florida Modifies Mortgage Broker Licensing Provisions and Consumer Finance Charges
by: Lee Greenberg, Esq. Mortgage Broker Licensing Provisions The state of Florida recently modified provisions regarding mortgage broker licensing in House Bill 665. The legislation becomes effective on October 1, 2013. House Bill 665 authorizes, rather than requires, the Office of Financial Regulation, to deny a mortgage broker or mortgage lender license application if the […]
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Freddie Mac Launches Loan Quality Advisor (LQA)
by: Anna DeSimoneIn April 2013, Freddie Mac launced Loan Quality AdvisorSM (LQA) as part of its Greater Purchase Certainty initiative. LQA is a web-based risk and eligibility assessment tool that gives lenders an automated way to identify credit, data, and purchase eligibility issues before loans are delivered to Freddie Mac. By helping lenders spot and […]
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Maine Amendments: Fair Credit Reporting Act and SAFE Act
by: Margaret Wright, Esq. Maine Fair Credit Reporting Act On April 23, 2013 the Maine Senate enacted an amendment to update the Maine Fair Credit Reporting Act to be consistent with federal law. The new amendment repeals former Fair Credit Reporting Act section 10 MRSA c.210 and replaces it with new section 10 MRSA c.209-B, […]
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Mississippi Revises SAFE Act Provisions
by: Lee Greenberg, Esq.The state of Mississippi recently revised several SAFE Act provisions through the enactment of Senate Bill No. 2696. The new law has an effective date of July 1, 2013 and includes the following amendments:• A revised definition of “qualifying individual” as it is used in the Act and as it pertains to applications […]
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Ohio Passes New Legislation Allowing Temporary Loan Originator Licenses
by: Emily Ross, Esq.The Ohio Division of Financial Institutions recently adopted regulations detailing the issuance of temporary Loan Originator Licenses for out-of-state loan originators new to the state. Ohio Admin. Code 1301.8. These new regulations further define the regulations allowing temporary licenses passed by the General Assembly that went into effect in March of 2013. […]
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Florida Legislature Enacts Foreclosure Provisions
by: Lee Greenberg, Esq.The state of Florida recently enacted several foreclosure provisions under House Bill No. 87 which become effective immediately. House Bill No. 87 revised the limitations period for commencing an action to enforce a claim of a deficiency judgment after a residential mortgage foreclosure action. The existing law provides a five year statute […]
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Hawaii Amends Statutes Regarding Examinations and Licensing Fees
by: Nicole Legere, Esq.The state of Hawaii recently amended Chapter 454M of the Hawaii revised statutes by adding provisions which authorize the Commissioner of Financial Institutions to conduct exams and investigations. Additional amendments were made to adjust fees for mortgage servicer licensees to use the NMLS licensing system. These amendments are effective immediately. Investigation Authority […]
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Consumer Financial Protection Bureau Complaint Data Now Searchable by State
by: Anna DeSimoneMay 31, 2013 the Consumer Financial Protection Bureau (CFPB) expanded its Consumer Complaint Database to include state-by-state information. The CFPB also added complaints about money transfers and credit reporting to the database. In March, the database expanded from more than 19,000 credit card complaints to nearly 90,000 complaints on credit cards, mortgages, student […]
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Federal Register Publishes Final ATR and QM Standards under TILA
by: Anna DeSimoneJune 12, 2013 the Federal Register published the Final Rule by the Consumer Financial Protection Bureau, Ability-to-Repay and Qualified Mortgage Standards Under the Truth in Lending Act (Regulation Z)The Bureau of Consumer Financial Protection (Bureau) is amending Regulation Z, which implements the Truth in Lending Act (TILA). Regulation Z generally prohibits a creditor […]
