Compliance Newshub
State News

This topic consolidates legislative summaries of new and revised state laws pertaining to licensing, originating, and servicing mortgage loans. 

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February 06, 2024

New Jersey Bulletin 24-01: 2024 High-Cost Home Loan Dollar Adjustment

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January 17, 2024

New Jersey Amends Provisions Regarding Sheriffs Sales and Community Wealth Preservation Program

The State of New Jersey immediately amends provisions regarding foreclosure procedure and the Community Wealth Preservation Program.

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December 27, 2023

Ohio Adjusts Loan Limit for Prepayment/Refinancing Penalties

On Tuesday, December 26th, 2023, the Ohio Department of Commerce announced the annually adjusted loan limit amount for assessing penalties for prepayment or refinancing of mortgage loans to no less than $110,223, effective on January 1st, 2024.

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November 29, 2023

Vermont Announces Declared Rate for 2024

The Declared Rate for determining high-interest/high-point home loans in Vermont will be eight percent in 2024.

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November 09, 2023

Oklahoma Requires Citizenship Affidavit to be Recorded with Deeds

Effective November 1, 2023, Oklahoma county clerks will require an affidavit regarding compliance with state laws on foreign property ownership to be included with every deed filed.

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October 24, 2023

California Senate Bill 455

On October 13, 2023, California Senate Bill 455 was signed into law, requiring transferor mortgage servicers to provide any material written records between the borrower and servicer relating to the borrower's election to repair or replace property damaged in a disaster for which a state of emergency was proclaimed using insurance proceeds, and requiring the transferee servicer to honor any written agreements made prior to the transfer relating to such repairs.

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Learn Why Clients Love ACES

Learn Why Clients Love ACES

"By partnering with ACES, we have witnessed an overall improvement in the quality of our reviews."

-Hilda Melendez, Quality Control Systems Director at Lennar Mortgage

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September 25, 2023

NY Amends Disclosure Re: Flood Insurance on Property Disclosure Statements

On September 22, 2023, the Governor of New York signed into law changes to section 462 of the real property law related to the property disclosure statement, effective March 20, 2024.

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August 16, 2023

Texas House Bill 219 - Updates Provisions Related to Release of Lien After Payoff

Effective September 1st, 2023, Texas House Bill 219 has amended provisions related to the timing requirements for lien releases after mortgagor payoff.

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June 20, 2023

Colorado Law Protects Reverse Borrowers Impacted by Natural Disasters from Foreclosure

Colorado's Governor has signed a bill into law to help protect reverse mortgage borrowers from foreclosure if they are impacted by natural disasters.

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May 23, 2023

Maryland HAF: New FAQs for Mortgage Servicers

The Maryland Department of Housing and Community Development and the Office of the Commissioner of Financial Regulation (OCFR) have published new frequently asked questions for mortgage servicers about the Maryland Homeowner Assistance Fund (HAF).

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Introducing: ACES PROTECT®

Introducing: ACES PROTECT®

Automated compliance tests to ensure compliance on more loans in less time

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April 25, 2023

Oklahoma SB 794 Supervised Loan Rates

SB 794 increases the maximum loan finance charge that may be levied by a supervised lender by including the federal funds rate published by the Board of Governors of the Federal Reserve System.

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April 07, 2023

New Jersey Bulletin No. 23-01 2023 High-Cost Home Loan Dollar Adjustment

The New Jersey Department of Banking and Insurance issued a bulletin addressing its annual review regarding the definition of a “high-cost home loan” under the Home Ownership Security Act of 2002, increasing the maximum principal amount of a loan that may be considered under this definition to $556,429.97 and is effective for all completed applications subject to the Act received on or after January 1, 2023.

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April 03, 2023

Massachusetts Passes RON Legislation

Massachusetts has signed legislation that legalizes remote online notarizations (RON) to all notaries in the commonwealth, taking effect in January 2024.

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March 27, 2023

Utah Amends Reverse Mortgage Requirements

Utah HB94 makes several changes to the requirements for reverse mortgages and is effective May 3, 2023.

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