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Nevada Amends Various Provisions Regarding Mortgage Industry
by: Zachary Pearlstein, Esq.The state of Nevada has revised a variety of provisions related to mortgage lending and brokering, effective immediately.New definitions For the purposes of the statutory provisions governing the licensing and regulation of mortgage brokers and mortgage agents: – “Employee” means a natural person (1) whose manner and means of performance of work […]
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CFPB Releases Exam Procedures for New Mortgage Rules
by: Anna DeSimoneJune 4, 2013 the Consumer Financial Protection Bureau (CFPB) published the first update to its exam procedures for the new mortgage regulations it issued in January 2013. The exam procedures offer financial institutions and mortgage companies valuable guidance on what the CFPB will be looking for as the rules become effective. The new […]
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Oregon Enacts Various Legislation Regarding Lending
by: Paul McSheffrey, Esq. Modifications to Provisions Regarding Interest on Lender’s Security Protection The Oregon Legislative Assembly recently passed Enrolled House Bill 2688. The Bill creates new provisions and amends Oregon statute 87.202 regarding statements of account for foreclosures of liens on chattel. The amendments to ORS 87.202 apply to foreclosures by sale that […]
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District of Columbia Enacts Emergency Foreclosure Amendment Act of 2013
by: Margaret Wright, Esq.On May 22, 2013 the Council of the District of Columbia enacted the “Saving D.C. Homes from Foreclosure Enhanced Emergency Amendment Act of 2013.” The Act is effective immediately land serves to extend the emergency amendments to the D.C. Official Code Right to Cure Residential Mortgage Foreclosure Default, Foreclosure Mediation and Establishment […]
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CFPB Amends Rule Regarding Electronic Fund Transfer Act
by: Donna M. Saati, Esq.On May 22, 2013, the Bureau of Consumer Financial Protection (“CFPB” or the “Bureau”) amended its regulation which implements the Electronic Fund Transfer Act (“EFTA”), and the official interpretation to the regulation (the “2013 Final Rule”). The 2013 Final Rule refines three (3) narrow aspects of prior final rules issued on […]
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Colorado Modifies Provision Regarding Legal Descriptions on Real Estate Documents
by: Lee Greenberg, Esq.The state of Colorado recently modified a provision regarding the preparation of instruments affecting real estate and the legal description of property through the enactment of House Bill 13-1307. The new law has an effective date of August 7, 2013, unless a petition is filed against the law within ninety days of […]
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NCUA Announces Technical Changes to Regulations
by: Anna DeSimone May 31, 2013 the Board of the National Credit Union Administration (NCUA) announced a number of technical amendments to NCUA’s regulations. The final rule was based on issues identified by staff and through NCUA’s rolling, three-year regulatory review process. In addition, the Board is making a number of nomenclature changes to NCUA’s […]
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CFPB Amends Ability-to-Repay Rule
by: Anna DeSimoneOn May 29, 2013 the Consumer Financial Protection Bureau (CFPB) finalized rules regarding the Ability-to-Repay rule. The CFPB created specific exemptions and modifications to the Ability-to-Repay rule for small creditors, community development lenders, and housing stabilization programs. The May 29th rule amends the CFPB’s Ability-to-Repay rule finalized on January 10, 2013. The amendments […]
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Fannie Mae Revises Rules for Age of Documents, SS Benefits, Clarifies 4506T and more
by: Michelle Peters On May 28, 2013, Fannie Mae issued Selling Guide updates with Announcement SEL-2013-04. The changes included in this most recent update include miscellaneous income and documentation requirements, single entity ownership within condominium projects, addition of 5-year adjustable program to the Texas Section 50(a)(6) mortgage option, real estate tax calculations as part of […]
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Texas Regulatory Round-Up
by: Margaret Wright, Esq. Proposed Updates for Reverse Mortgages The Texas Legislature has recently proposed an amendment to the Texas Constitution which will allow a reverse mortgage to be utilized for the purchase of homestead property that the borrower will occupy as a principal residence. Previously, reverse mortgages could not be used for purchase […]
