This topic consolidates legislative summaries of new and revised state laws pertaining to licensing, originating, and servicing mortgage loans.
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).
The state of New York has established the Coronavirus Emergency Eviction and Foreclosure Prevention Act, effective immediately and expire on May 1, 2021.
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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.
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.
"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
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.
Black, Mann & Graham LLP
The Finance Commission of Texas and the Texas Credit Union Commission adopted amendments to multiple home equity lending regulations, including technical edits, updates, and repeals; effective November 26, 2020.
Automated compliance tests to ensure compliance on more loans in less time
New York Senate Bill 4188 requires financial institutions to notify a customer thirty days prior to charging a fee based on account inactivity and requires such notice to include a telephone number and the full contact information of a representative of the financial institution responsible for resolving any matter relating to the fee; effective February 9, 2021.
Troutman Pepper Hamilton Sanders LLP
The Maryland Court of Appeals issued an order requiring that parties seeking to foreclose a lien on a residential property or to foreclose the right of redemption of a residential property to file a verified Declaration of Exemption from Moratorium.
New York Senate Bill 4190 requires the inclusion of the name and telephone number of the mortgage servicer for a plaintiff in a mortgage foreclosure action involving a one-to four-family residential property on the Order of Reference pertaining to such action and is effective November 11, 2020.
DS News--Phil Hall
A California referendum to change how the state's property taxes are enacted did get the votes to pass and there are some who say it would address California's housing affordability issues.
