This topic consolidates legislative summaries of new and revised state laws pertaining to licensing, originating, and servicing mortgage loans.
Reverse Mortgage Daily – Chris Clow
On Thursday, the Massachusetts state legislature passed a $101 million bill.
HousingWire – Matthew Blake
According to the U.S. Housing and Urban Development audit, Los Angeles Homeless Services Authority left millions of federal dollars on the table.
Search our Compliance Calendar for current regulatory changes & updates.
The New York Department of Financial Services adopted provisions approving the use of the Secured Overnight Financing Rate (SOFR) for certain variable rate loans. These provisions are effective immediately.
Illinois Senate Bill 595 provides that in mortgage foreclosure actions, the plaintiff, or his or her attorney (rather than the clerk of the court) shall send a copy of the publication to each defendant, the certificate of the plaintiff (rather than the clerk of the court) is evidence that the plaintiff sent a copy of the publication to each defendant, and a copy of the certificate shall be filed at the office of the clerk of the court where the action is pending effective January 1, 2022.
Reverse Mortgage Daily – Chris Clow
A Pennsylvania state representative proposes a bill requiring face-to-face counseling for reverse mortgage borrowers.
Effective immediately, New Jersey has amended its provisions relating to title insurance.
"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
Effective immediately, New Jersey has amended its provisions relating to vacant and abandoned properties in foreclosure.
Reverse Mortgage Daily – Chris Clow
According to a statement released by the office of Gov. Phil Scott, the state of Vermont its Homeowner Assistance Program (HAP), with a funding level of approximately $50 million, is now active in the state and includes assistance for the state’s reverse mortgage borrowers.
The California Department of Financial Protection and Innovation adopted provisions relating to debt collection licensing under the Debt Collection Licensing Act; these provisions are effective immediately.
Buckley Infobytes Blog
The New York Department of Financial Institutions has issued a letter delaying the effective date of the Commercial Financing Disclosure provisions pursuant to Article 8 of the New York Financial Services Law until implementing regulations have been issued and regulatory guidance is provided regarding the standardized disclosures.
Automated compliance tests to ensure compliance on more loans in less time
Ballard Spahr, LLP- Consumer Finance Monitor- Christopher J Willis
Bail bond premium financing agreements are consumer credit contracts for which cosigners must be given a statutorily prescribed notice that warns of the potential consequences of acting as a cosigner, according to the ruling of a California appellate court.
The New Jersey Department of Banking and Insurance has updated its definition of a “high-cost home loan” under the Home Ownership Security Act of 2002 raising the maximum principal amount of a loan that may be considered under this definition to $527,669.59 effective on or after January 2, 2022.
Consumer Finance Monitor - Christopher J. Willis
On December 31, 2021, New York Governor Hochul signed into law S5724-A which reduces the annual rate of interest on judgments arising out of a consumer debt where the defendant is a natural person from 9% to 2% effective April 30, 2022.
Effective January 6, 2022, the Texas Joint Financial Regulatory Agencies adopted home equity lending provisions to specify electronic disclosures requirements and describe Texas Constitution, Article XVI, Section 50’s applicability to out-of-state financial institutions.
