This topic consolidates legislative summaries of new and revised state laws pertaining to licensing, originating, and servicing mortgage loans.
Tennessee enacted its LIBOR Discontinuance and Replacement Act effective immediately.
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.
Search our Compliance Calendar for current regulatory changes & updates.
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.
Reverse Mortgage Daily – Chris Clow
On Thursday, the Massachusetts state legislature passed a $101 million bill.
"ACES has shined a light on our productivity and empowered us to hold our teams accountable."
- Emilee Rada, Director of Lending Operations at Georgia's Own Credit Union
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.
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.
PacRes Mortgage Improves Quality Control Accuracy by over 30% While Decreasing non-compliance incidents by 25%
Effective immediately, New Jersey has amended its provisions relating to title insurance.
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.
