Tag Archive: "Virginia"
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State of Virginia Amends Requirements for Real Estate Settlement Agents
The state of Virginia has amended provisions for its real estate settlement agents. These changes take effect on July 1, 2016. Code section 55-525.16 has been revised to include a definition of the term “closing disclosure.” The legislation defines closing disclosure as follows: “the combined mortgage loan disclosure statement of final loan terms and 48 […]
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Changes Impacting Mortgage Loan Originators in Virginia
Virginia has enacted or reenacted four sections of its Code that impact to Mortgage Loan Originators. § 6.2-1712.1. Inactive mortgage loan originator licenses Recently, Virginia enacted § 6.2-1712.1 which governs inactive mortgage loan originator licenses. The section explains that even after a qualified candidate is granted a mortgage loan originator license, they will remain inactive […]
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Virginia Recording and Title Provisions Amended
By Paul McSheffrey, J.D.Tenancy by the EntiretiesThe Virginia legislature has recently adopted changes to statutes regarding tenants by the entireties. Under 55-20.2(B) property held by a husband and wife as tenants by the entireties and conveyed to their revocable or irrevocable trusts shall have the same immunity from the claims of their separate creditors as […]
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Virginia Amends Provisions Relating to Notaries, Appraisers, and Rescission of Deeds Fees
by: Louis DanastorgVirginia’s legislature has enacted amendments to the VA Code relating to notary advertising prohibitions, appraisal management company licensure and civil actions to rescind deeds proven to have been obtained by fraud or undue influence. Senate Bill 503: NotariesSection 47.1-15.1: Addition Prohibition on Advertising No notary may offer or provide legal advice on immigration […]
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State of Virginia Modifies Provisions Regarding Recorded Writings
by: Louis DanastorgVirginia has amended its provisions relating to the form and effect of deeds, deeds of trust, and the recordation of deeds and deeds of trust. Section 17.1-223: Duty of Clerk to Record Writing and Make IndexWritings authorized by law to be recorded shall be recorded with all its certificates by or under the […]
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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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Changes in Virginia Lending Laws
by: Emily Ross, Esq.The Virginia Corporation Commission (“Commission”) has adopted proposed changes to Chapter 160 of Title 10 of the Virginia Administrative Code that were proposed by the Bureau of Financial Institutions (“Bureau”). These changes went into effect on January 28, 2013. The Commission modified and added to the established definitions of mortgage lending to […]