This topic consolidates legislative summaries of new and revised state laws pertaining to licensing, originating, and servicing mortgage loans.
DSNews--David Wharton
The State of New York Court of Appeals issued its decision in a case involving a lender's option to accelerate foreclosure, then voluntarily discontinue the foreclosure action, and its impact on the state's statute of limitations (SOL) timelines for foreclosures.
New York Senate Bill 884 amends the Reverse Mortgage Pre-Foreclosure Notice requirements to include additional information necessary to explain the mortgagor's rights in a foreclosure process, amends the information to be filed with the Superintendent to include an affirmative statement that final approval from the HUD was received to accelerate the reverse mortgage loan or that no such approval from HUD is required; and provides that authorized lenders shall comply with all applicable laws, regulations and any guidelines issued by HUD on loss mitigation for reverse mortgages, including record retention of specified loan-level data and loss mitigation data; effective on April 14, 2021.
Search our Compliance Calendar for current regulatory changes & updates.
DS News – Christina Hughes Babb
To help homeowners experiencing COVID-related struggles, Washington D.C. reopened its HomeSaver foreclosure prevention program.
Wyoming Senate File 0029 creates the Wyoming Revised Uniform Law on Notarial Acts, which repeals the Wyoming Uniform Law on Notarial Acts and allows for remote online notarization and remote ink notarization effective July 1, 2021.
The Chief Title Examiner in Massachusetts issued a memorandum addressing requirements concerning notary acknowledgments, and the Massachusetts forms of acknowledgment required by state law, as those requirements pertain to certain documents presented for registration, including powers of attorney.
The California Department of Financial Protection and Innovation (DFPI) is requesting comments on the establishment of regulations under the California Consumer Financial Protection Law (CCFPL) established by Governor Newsome on September 25, 2020; comments are due by March 8.
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The Ohio Department of Commerce has announced the 2021 loan prepayment penalty adjustment in which no penalties can be imposed on prepayment or refinancing of a residential mortgage loan less than $93,119 as of January 1, 2021.
The Georgia Department of Banking and Finance adopted new licensing provisions effective January 28, 2021.
Ballard Sparh, LLP--Sarah T. Reise; Jason M. Cover
Illinois Senate Bill 1792, among other things, enacts the "Predatory Loan Prevention Act" which extends the 36% “all-in” Military Annual Percentage Rate (MAPR) finance charge cap of the federal Military Lending Act (MLA) to “any person or entity that offers or makes a loan to a consumer in Illinois” unless made by a statutorily exempt entity (i.e., a bank, savings bank, savings and loan association, credit union or insurance company) and amends the Illinois Consumer Installment Loan Act and the Payday Loan Reform Act to apply this same 36% MAPR cap.
M Report – Phil Hall
According to a recent report published by the California Association of Realtors (CAR), the California housing market closed in 2020 with a vibrant sales rate and a fifth record-high median price in December, despite the hurdles stemming from the pandemic.
Automated compliance tests to ensure compliance on more loans in less time
Ohio has amended its provisions relating to licensing restrictions and requirements effective on the 91st day after being filed with the Secretary of State.
Reverse Mortgage Daily--Chris Clow
The Vacant Important Properties (VIP) Initiative aims to convert vacant or distressed properties into homes for area families, expanding the inventory of homes in the lower New York region.
Ballard Spahr LLP--Michael R. Guerrero
The California Consumer Financial Protection Law became effective on January 1st giving the California Department of Financial Protection and Innovation broad jurisdiction and authorities similar to those of the CFPB thus the new nickname of “mini-CFPB.”
The Florida Department of Financial Services has amended the application procedures for Loan Originator License to provide an additional 45 days for submission of additional application information and to provide for the disposition of incomplete applications effective January 18, 2021.
