This topic consolidates legislative summaries of new and revised state laws pertaining to licensing, originating, and servicing mortgage loans.
Black, Mann & Graham L.L.P.
Tthe Finance Commission of Texas published proposed amendments to the Texas Residential Mortgage Loan Companies (7 TAC Chap.80) and Texas Mortgage Bankers and Residential Mortgage Loan Originators (7 TAC Chap. 81), with comments due by October 24, 2020.
DS News – Roy Diaz
The United States Bankruptcy Court for the Southern District of Ohio announced a Mortgage Modification Mediation Program (MMM Program) to simplify negotiations and expedite the settlement process between debtors and creditors within the bankruptcy proceedings.
Search our Compliance Calendar for current regulatory changes & updates.
California Senate Bill 1148 makes substantial amendments to the mortgages and deeds of trust foreclosure laws effective January 1, 2021.
California Senate Bill 1079 makes substantial amendments to the residential property foreclosure laws effective January 1, 2021.
National Mortgage News--Amanda Fries
New York Gov. Andrew M. Cuomo is extending the foreclosure and eviction moratorium (Tenant Safe Harbor Act) to January 1, 2021.
Hawaii Senate Bill 2275 updates the laws regarding notaries public to conform to the Revised Uniform Law on Notarial Acts (2018), the Hawaii Uniform Electronic Transactions Act, other state notary laws, and current notary practices effective 1/1/2021.
Automated compliance tests to ensure compliance on more loans in less time
The Texas Joint Financial Regulatory Agencies adopted a final rule regarding Payoff Statements effective September 20, 2020.
Buckley LLP
California Assembly Bill 1864 passed by the Legislature on August 31, enacts the enacts the California Consumer Financial Protection Law (CCFPL) and establishes the Department of Financial Protection and Innovation (DFPI) (formerly the Department of Business Oversight (DBO) effective January 1, 2021.
The Oklahoma Secretary of State has adopted permanent provisions relating to its Remote Online Notary Act, OAC 655:25-1.
California Assembly Bill 3088 enacts the Tenant, Homeowner, and Small Landlord Relief and Stabilization Act of 2020 which enacts the COVID-19 Tenant Relief Act of 2020 and COVID-19 Small Landlord and Homeowner Relief Act of 2020 effective August 31, 2020.
"ACES has made my life so much easier from a QC perspective. It's life-changing"
- Kelly Cooper Spencer, QC & Business Intelligence Data Manager at Thrive Mortgage
National Mortgage News
According to the Connecticut Department of Economic and Community Development, the number of new housing permits issued in July increased by 10.2% over the same time in 2019.
D.C. Act 23-405, Coronavirus Support Second Congressional Review Emergency Amendment Act of 2020, amends The Revised Uniform Law on Notarial Acts Act of 2018 to add Sec. 807 Remote notarizations effective August 19, 2020 through November 16, 2020.
The Washington Department of Licensing extended the emergency rules allowing for remote notarization in Washington state through November 22, 2020.
For mortgages on properties in Oregon, lenders must provide the Fannie Mae Notice of Accommodations form required by Oregon HB 4204 known as the Oregon COVID-19 Borrower Relief Act.
