This topic consolidates legislative summaries of new and revised state laws pertaining to licensing, originating, and servicing mortgage loans.
A New York federal judge temporarily enjoined New York sheriffs from Chautauqua, Erie, and Niagara counties, refusing to enforce judgment executions which seek to collect judgment interest “calculated with the interest rate in effect at the time the judgment was obtained."
The Illinois Department of Financial and Professional Regulation adopted provisions relating to its Predatory Loan Prevention Act effective on August 1, 2022.
Search our Compliance Calendar for current regulatory changes & updates.
On April 6, 2022, Florida enacted House Bill 925 (HB925, or the Florida Bill) facilitating the transition away from LIBOR and sets standards for the replacement of LIBOR in contracts governed by Florida law where there is no fallback provision or insufficient fallback language is provided.
Colorado passed SB 22-086, effective April 7, 2022, increasing the amount of the state’s homestead exemption to a minimum of $250,000 (rather than $75,000) if the homestead is occupied as a home by an owner or an owner’s family. The amount is higher in certain circumstances based on the household members' demographics related to age and disability.
Valuation Review
The FTC has approved the final consent order with the LREAB (Louisiana Real Estate Appraisers Board), wherein the board cannot adopt a fee schedule for appraisal services or take any other actions that have the effect of raising, stabilizing, or fixing compensation levels for appraisal services, and must also rescind its rule in the Louisiana Administrative Code, known as Rule 31101, which effectively set minimum fees for real estate appraisals.
Fannie Mae has revised the instructions to the Texas security instrument (Form 3044 Instructions) to correct a MERS related authorized change and updated the North Carolina security instrument (Form 3034 Instructions) to correct a typographical error in an authorized change.
"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
Mayer|Brown Legal Update - Jeffrey P. Taft, Krista Cooley, Francis L. Doorley & Daniel Pearson
Utah has enacted a Truth-In-Lending like disclosure requirement for commercial transactions similar to New York, but with an additional registration requirement, effective January 1, 2023.
insideARM - ARMInsider Newsletter- March 24, 2022
A statutory report posted to the California Department of Financial Protection and Innovation (DFPI) website indicates it has collected close to $1 million in restitution for consumers, fielded hundreds of additional complaints related to the law, and launched more than 100 investigations using its expanded authority under the California Consumer Financial Protection Law (CCFPL).
FDIC State Profiles is a quarterly summary of banking and economic conditions in each state.
Tennessee enacted its LIBOR Discontinuance and Replacement Act effective immediately.
Presented by ACES Quality Management's EVP of Compliance, Amanda Phillips, and Ballard Spahr's Reid Herlihy, Richard Andreano, Jr., and Matthew Morr.
National Mortgage Professional - David Krechevsky
Real estate agents and lenders call an “emergency meeting” over a proposed legislation that would add up to a 25% capital gains tax on homes resold in less than 7 years due to the possibility of unintended consequences of the proposal.
Indiana has modified provisions under its Uniform Consumer Credit Code with provisions ranging from effective immediately to effective on July 1, 2022.
Reverse Mortgage Daily - Chris Clow
The state of Texas launched its own Texas Homeowner Assistance Fund (TXHAF) Program to allow borrowers of either traditional forward or reverse mortgage loans to take advantage of new assistance designed to keep them out of foreclosure.
The U.S. District Court for the Eastern District of Pennsylvania handed down a decision on February 7th finding that merely using a letter vendor is sufficient to allege a violation of 15 U.S.C. § 1692c(b) of the Fair Debt Collection Practices Act by transmitting information to the letter vendor.
