-
Washington State Revises Consumer Loan Act
by: Margaret Wright, Esq. The Washington State Senate has passed Senate Bill 5207 amending the Washington Consumer Loan Act. Notably, the Bill in part makes amendments regarding fee collection, key definitions, enforcement in relation to licensee violations, exemptions, and recordkeeping requirements. Fee Collection Advanced fees may no longer be collected for loan modification […]
-
Oklahoma Amends Uniform Consumer Credit Code
by: Lee Greenberg, Esq.The state of Oklahoma recently amended several provisions of the Uniform Consumer Credit Code through the enactment of House Bill 1829. The new law has an effective date of July 1, 2013; however, the amendments are effective immediately under an emergency clause. House Bill 1829 updates the Uniform Consumer Credit Code […]
-
Freddie Mac Updates Servicing Requirements
by: Anna DeSimoneFreddie Mac recently issued two updates to its servicing guidelines: Bulletin 2013-3 on February 13, 2012 and Bulletin 2013-6: on April 15, 2013. Outlined below are the key points to the two bulletins: Bulletin 2013-3 (2/13/13) Effective on the date of the bulletin, Freddie Mae published the following updates and revisions to the […]
-
Fannie Mae Announces Servicing Revisions for Execution of Legal Documents
by: Anna DeSimoneOn April 17, 3013 Fannie Mae issued Servicing Announcement 2013-09, Execution of Legal Documents. The agency is revising several aspects of its execution of legal documents policy. This Announcement addresses policy changes related to: Quitclaim deedsLimited power of attorneyExecution of assumptionsReleases of securityExecuting legal documents Effective Date: Servicers are required to implement the […]
-
Fannie Mae Announces Servicing Rules for Delinquency Status Reporting
by: Anna DeSimoneOn April 10, 2013 Fannie Mae issued Servicing Announcement SVC-2013-08, Delinquency Status Reporting and Hierarchy. This Announcement provides new and updated policy requirements for the following: Introduction of a Delinquency Status Code Hierarchy, and Updates to Delinquency Status Code Definitions Effective Date: Servicers are encouraged to implement the new policies in this […]
-
Recent Changes to Mortgage Laws in Kansas and Idaho
by: Nicole Legere, Esq.Kansas Revisions to Mortgage Interest Rates Kansas Senate Bill 52 was recently passed to increase the maximum annual interest rate, from its previous limitation of no more than 1.5 percentage points, to no more than 3.5 percentage points above the specified monthly floating cap set by the Federal Home Loan Mortgaging Corporation. […]
-
Revisions to the Montana Mortgage Act
by: Nicole Legere, Esq.The state of Montana recently revised the Montana Mortgage Act to bring it into compliance with federal rules. These revisions include changes to mortgage broker/lender licensing requirements updates to licensing exceptions and educational requirements, as well as new additions to the reasons for license denial. These amendments shall be effective on October […]
-
CFPB Publishes TILA Escrow Compliance Guide for Small Entities
by: Marissa Aquila Blundell, Esq.On April 18, 2013, the Consumer Financial Protection Bureau (CFPB) published a TILA Escrow Compliance Guide for Small Entities, the latest in a series of implementation guides designed to help small creditors comply with new regulations issued in accordance with the Dodd-Frank Wall Street Reform and Consumer Financial Protection Act. […]
-
HUD Launches Self-Endorsed FHA Lender Insurance Program for High-Performing Lenders
by: Anna DeSimone April 9, 2013, HUD issued Mortgagee Letter 2013-10 along with a Revised Lender Insurance Guide. The Mortgagee Letter explains enhancements to the Lender Insurance program based on a Final Rule published in the Federal Register on January 25, 2012. FHA’s Lender Insurance Program (LI) enables high-performing lenders to insure FHA forward […]
-
Utah Enacts Changes to Lender Licensing and Property Laws
by: Emily Ross, Esq.Changes to Lender Licensing Laws The Utah legislature recently amended the Utah Residential Mortgage Practices and Licensing Act by modifying requirements for licensure. In addition to other unchanged requirements, applicants for licensure as a residential mortgage lender must now authorize the division to obtain credit reports, which were not previously required. Also, […]
