This topic consolidates legislative summaries of new and revised state laws pertaining to licensing, originating, and servicing mortgage loans.
DSNews--Seth Welborn
New York Governor Cuomo singed a bill amending Article 13 in Real Property Actions & Proceedings that allows defendants more leeway to bring up the defense of “standing” in foreclosure court.
New York Senate Bill 1864 amends provisions relating to the redemption of real property subject to a delinquent tax lien effective January 1, 2020.
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Safeguard Properties
New York Governor Cuomo signed a new law that will authorize local governments to compel mortgage lenders to fast track foreclosure proceedings or release the abandoned property to allow for resolution on a local level; effective immediately.
Utah has adopted a rule outlining technical and procedural guidance for remote notarization that are effective immediately.
The Oregon Office of the Secretary of State adopted provisions to clarify advertising requirements of mortgage loan originators and companies effective January 1, 2020.
DSNews--Seth Welborn
Covius tracks state trends of legislation to address foreclosure and has identified the six most common areas for 2019-2020 legislative sessions: judicial foreclosure, government shutdown relief, foreclosure mediation, foreclosure moratoriums, mandatory forbearance, and zombie properties.
Presented by ACES Quality Management's EVP of Compliance, Amanda Phillips, and Ballard Spahr's Reid Herlihy, Richard Andreano, Jr., and Matthew Morr.
Weiner Brodsky Kider PC
CA SB 187 amends the definitions of the terms “consumer debt” to explicitly include “mortgage debt”and “debt collector” to remove an exception previously included in this term for an attorney or counselor at law, effective January 1, 2020.
The Colorado Division of Real Estate adopted provisions to clarify advertising requirements of mortgage loan originators and companies effective immediately.
Amends 808 KAR 1:170. Licensing and registration; administrative regulations for the proper conduct and licensing of the consumer loan businesses licensed under KRS Chapter 286.4.
The FDIC approved a new advisory committee for state regulators and the FDIC to discuss a variety of current and emerging issues that could impact the regulation and supervision of state-chartered financial institutions.
"We are already ahead of the game and without having to add additional FTEs."
- Julie Baril, QC Manager at Norcom Mortgage
Reverse Mortgage Daily--Chris Clow
Assembly bill A5626 is now law in New York requiring reverse lenders to expand consumer protection materials, restrictions on property insurance and tax payments as well as requiring that lenders and borrowers have attorney representation at closing.
Michigan House Bill 5084 amends the Mortgage Loan Originator Licensing Act to provide the temporary authority to act as a mortgage loan originator for a specified period without first obtaining a mortgage loan originator license.
The Utah Department of Commerce, Division of Real Estate, adopted provisions to adjust the timing of the required continuing education course for mortgage loan originators effective immediately.
National Mortgage News--Paul Centopani
Addresses the California Consumer Privacy Act that takes effect January 1, and the monumental efforts companies are facing to comply with the Act.
