This topic consolidates legislative summaries of new and revised state laws pertaining to licensing, originating, and servicing mortgage loans.
The Kentucky Secretary of State issued emergency regulations to implement Senate Bill 114 related to notarial acts, notarial acts respecting electronic records and online notarizations.
M Report--
For the third straight year, California Senate Bill 50 fails to get the necessary votes to reach the State Assembly.
Search our Compliance Calendar for current regulatory changes & updates.
Under register publication [R19-296], provisions have been adopted to establish standards for electronic notarization effective December 30, 2019.
DSNews--Seth Welborn
The NY Mortgage Servicing Final Rule includes requirements for dual tracking prohibitions, mandates intervention and loss mitigation, including provisions that require servicers to provide certain delinquent borrowers with a single point of contact, early intervention notice, appropriate loss mitigation options and modifications, and appeal rights.
Weiner Brodsky Kider PC
The New Jersey Department of Banking and Insurance has issued guidance regarding the new servicer licensing requirements effective January 1, 2020.
Weiner Brodsky Kider PC
The NYDFS published the final mortgage servicing rules, applicable to first and subordinate lien forward and reverse mortgage loans, effective December 18, 2019, with a 90 days extension of March 17, 2020 for servicers who were compliant with the previous version of the rule.
Automated compliance tests to ensure compliance on more loans in less time
Reverse Mortgage Daily--Chris Clow
This article explores the possible impacts to the New York reverse mortgage industry following enactment of State Assembly bill A5626 that targets deceptive consumer practices while imposing new requirements on borrower representation during loan closings.
The New Jersey Department of Banking and Insurance is adjusting the definition of “high-cost home loan” to provide that the maximum principal amount of a loan that may be considered a high cost home loan will be $506,059.40 effective for all completed applications on loans that may be subject to the Act received by the lender on or after January 1, 2020.
Reverse Mortgage Daily--Chris Clow
New York State Senate Bill S03686 was vetoed by the New York Governor that would have authorized reverse mortgage cooperative apartment unit loans for the state’s senior population and still providing additional consumer protections,.
Housingwire--Ben Lane
It has been reported that the California Governor plans to present a plan to enact its own version of the CFPB.
Presented by ACES Quality Management's EVP of Compliance, Amanda Phillips, and Ballard Spahr's Reid Herlihy, Richard Andreano, Jr., and Matthew Morr.
CLA Residential Mortgage Compliance Monitor--Elizabeth Dailey
The Colorado Division of Real Estate adopted provisions regarding the temporary authority to act as a mortgage loan originator effective immediately.
The Nevada Secretary of State has established provisions governing electronic or remote notarizations effective immediately upon filing (December 30, 2019).
The Idaho Secretary of State has adopted a temporary rule governing the performance of notarial acts for remotely located individuals effective January 2, 2020.
The Georgia Department of Banking and Finance adopted provisions relating to temporary authority to act as a mortgage loan originator effective January 9, 2020, including a disclosure that must be provided in writing to each applicant at or before the time of settlement effective April 1, 2020.
