This topic consolidates legislative summaries of new and revised state laws pertaining to licensing, originating, and servicing mortgage loans.
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.
Ohio has amended its provisions relating to licensing restrictions and requirements effective on the 91st day after being filed with the Secretary of State.
Search our Compliance Calendar for current regulatory changes & updates.
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.
The Finance Commission of Texas adopted amendments to existing rules at Title 7, Texas Administrative Code (TAC), Part 4, Chapter 80, Subchapter A, §80.1 and §80.2; Subchapter C, §§80.200, 80.202 - 80.206; and Subchapter D, §80.300 and §80.301 (effective January 3, 2021).
"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
The state of New York has established the Coronavirus Emergency Eviction and Foreclosure Prevention Act, effective immediately and expire on May 1, 2021.
Oregon amended the disclosure of consumer complaint submission requirements with modified language that must be included in each periodic mortgage statement and each notice sent to a borrower by a licensee or a person required to have a license under ORS 86A.303 to 86A.339 issued after March 31, 2021.
Weiner Brodsky Kider PC
The Colorado Secretary of State issued extended regulations enacting requirements for remote notarizations that become temporarily effective on December 31, 2020, but permanently effective 20 days after publication in the Colorado register.
New York Assembly Bill 5630 reforms the statutory short form and other powers of attorney for purposes of financial and estate planning effective June 13, 2021.
"ACES has shined a light on our productivity and empowered us to hold our teams accountable."
- Emilee Rada, Director of Lending Operations at Georgia's Own Credit Union
New York Senate Bill 4408 requires an authorized lender which seeks to foreclose upon a reverse mortgage to provide notice to the department of financial services and to the mortgagor, directs the department of financial services to provide notice to the mortgagor of legal service organizations which may assist them with the default or foreclosure, and prohibits authorized lenders from making advance payment of debts upon the mortgaged real property; effective April 14, 2021.
Troutman Pepper Hamilton Sanders LLP
The California Attorney General has issued the fourth set of proposed modifications under the California Consumer Privacy Act of 2018 (CCPA), including amendments to the proposed offline notice of the consumers’ right to opt-out of the sale of personal information, as well as amendments to the opt-out button option on websites.
Weiner Brodsky Kider PC
On November 18, the California Department of Financial Protection and Innovation issued a notice of third modifications to proposed regulations under the California Financing Law to implement Assembly Bill (AB) 1284, which includes the transition of all license applications through NMLS and establishes requirements for administrators of the PACES program.
Effective January 1, 2021, the declared rate is 4.0% for determining whether a loan is a high-rate/high-point loan under Vermont law.
