This topic consolidates legislative summaries of new and revised state laws pertaining to licensing, originating, and servicing mortgage loans.
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.
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.
Search our Compliance Calendar for current regulatory changes & updates.
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.
Reverse Mortgage Daily--Chris Clow
The New York Department of Financial Services (DFS) issued updates to regulations governing both Home Equity Conversion Mortgages (HECMs) and proprietary reverse mortgage products, addressing such items as termination events, letters of credit, and counseling affidavits, among others.
"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
DSNews--Krista Franks Brock
The New York state legislature passed AB 6976/ SB 4190 that will require mortgage servicers to provide their name and contact information at multiple points during foreclosure proceedings involving one- to four-family residential properties; the bills have been sent to the Governor for final signature.
Colorado adopted amendments to it's Mortgage Loan Originator Licensing and Mortgage Company Registration Act (MLOLMCRA) Rules effective January 1, 2021.
Washington State Governor Jay Inslee signed proclamation 20-19.3, extending both the state of emergency and the statewide moratorium on evictions through October 15, 2020.
Weiner Brodsky Kider PC
Pennsylvania's Governor issued an Executive Order extending the suspension of foreclosure notices and staying evictions until August 31, 2020.
"We are already ahead of the game and without having to add additional FTEs."
- Julie Baril, QC Manager at Norcom Mortgage
Buckley LLP--InfoBytes Blog
Louisiana's Governor signed HB 701, establishing the licensing and regulation of virtual currency businesses in the state.
Buckley LLP--InfoBytes Blog
Missouri's Governor has signed SB 599, that modifies mortgage broker licensing requirements
Missouri Senate Bill 599 modifies 443.717 to provide that a mortgage loan originators prelicensing education course completed by an individual shall not satisfy the prelicensing education requirement if the course precedes an application by a certain period as established by the NMLSR, and imposes additional requirements for brokers doing business in the state; effective August 28, 2020.
Missouri House Bill 1655 allows electronic signatures to be certified by a notary with the electronic notarization process to be overseen by the Missouri Secretary of State effective August 28, 2020.
