This topic consolidates legislative summaries of new and revised state laws pertaining to licensing, originating, and servicing mortgage loans.
Colorado's Governor has signed a bill into law to help protect reverse mortgage borrowers from foreclosure if they are impacted by natural disasters.
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).
Search our Compliance Calendar for current regulatory changes & updates.
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.
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.
Massachusetts has signed legislation that legalizes remote online notarizations (RON) to all notaries in the commonwealth, taking effect in January 2024.
Utah HB94 makes several changes to the requirements for reverse mortgages and is effective May 3, 2023.
"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 Mexico's Financial Institutions Division of the Regulation and Licensing Department have published a rule regarding APR fees and usury limits, among other provisions related to small dollar loan amounts effective March 29, 2023.
CBS News - Shaun Boyd
As reported by CBS News Colorado, State Rep. Kyle Brown plans to introduce a bill that would extend the time a reverse mortgage borrower may be out of their home from one year to five years when the absence is due to a disaster.
The Wyoming Homeowner Assistance Fund Program is helping more homeowners by opening up applications for assistance to include forward mortgage payments of up to three consecutive months.
Saul Ewing, LLP - Consumer Finance Litigation Bulletin- Francis X. Riley III
Bankruptcy disclosures, debt collection disclosures, and service members' disclosures may be included in a 90-day pre-foreclosure notice without voiding the notice under Section 1304 of the New York Real Property Actions and Proceedings Law, according to a Court of Appeals decision on February 14, 2023.
"We are already ahead of the game and without having to add additional FTEs."
- Julie Baril, QC Manager at Norcom Mortgage
The Ohio Department of Commerce announced its annual loan prepayment penalty adjustment for 2023 so that no penalties may be imposed on prepayment or refinancing of a residential mortgage loan of less than $107,633 effective as of January 1, 2023
The Maryland Commissioner of Financial Regulation issued an Industry Advisory Regulatory Notice summarizing amendments, recodifications, and newly adopted regulations under COMAR 09.03.12 Foreclosure Procedures for Residential Property, effective March 1, 2023.
The Office of the Commissioner of Financial Regulation has issued updated guidance regarding the Homeowner Assistance Fund as it pertains to servicer expectations.
The governor of New York signed into law Senate bill 6328A which prohibits discrimination in lending based on citizenship or immigration status on December 23, 2022.
