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State News

Governor Hochul signed legislation expanding the New York Community Reinvestment Act (CRA) to cover non-depository lenders.

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According to information collected by the CALIFORNIA ASSOCIATION OF REALTORS (C.A.R.), a somewhat less competitive housing market combined with modest household income growth allowed more Californians to purchase a median-priced home in the third quarter of 2021.

After consideration of public comments to the proposed regulation published on October 12, 2021, the California DFPI has issued additional modifications; comments are due on November 22, 2021.

The Finance Commission of Texas (commission), on behalf of the Department of Savings and Mortgage Lending (department), adopts amendments, new rules, and rule repeals in 7 TAC Chapter 80 and Texas Residential Mortgage Loan Companies, 7 TAC Chapter 81, Mortgage Bankers and Residential Mortgage Loan Originators, which includes amendments to advertising, books and records, examinations requirements, remote work requirements, and licensing requirements effective November 4, 2021.

The Texas Finance Commission/Department of Savings and Mortgage Lending adopted provisions relating to licensees that include eliminating definitions for branch office and physical office; updating advertising, books and records, and examinations requirements; creating office locations for remote work requirements; as well as other licensing requirements effective November 4, 2021.

HousingWire- Flávia Furlan Nunes

A controversial bill that would expand the requirements of the state community reinvestment act (CRA) to non-depository lenders has been introduced by the New York Senate.

DSNews -- Robert Finlay, right, Finlay & Zak; Joan C. Spaeder-Younkin, Wright, Finlay & Zak\

The Court of Appeal for the Second Appellate District in California recently confirmed that a loan servicer can remedy HOBR violations prior to the actual foreclosure sale, avoiding having to restart the entire foreclosure, by reviewing the borrower for a loan modification prior to the foreclosure sale.

New York Senate Bill 737 requires each and every principal creditor or debt collector, in each initial communication, to clearly and conspicuously disclose to the debtor that each communication can be provided in an alternative, reasonably accommodatable, format; effective November 7, 2021.

The Montana Department of Administration passed final rules updated licensee renewal fees for the license period January 1 to December 31, 2022.

California Senate Bill 531 amends the Rosenthal Fair Debt Collection Practices Act to require the original creditor or owner of debt to notify a consumer within five days of the sale or assignment of the debt to someone else, provide detailed information about the debt upon written request, notify consumers of their rights to request this information in their first written communication to a debtor, and provide certain disclosures when collecting on time-barred debts; effective July 1, 2022.

The Pennsylvania Department of Banking and Securities has adopted mortgage servicer regulations effective immediately that include definitions, early intervention requirements for certain borrowers, and loss mitigation procedures.

The Maryland Commissioner of Financial Regulation adopted amendments to Regulation .04 under COMAR 09.03.06 Mortgage Lenders, relating to requirements that mortgage lender licensees obtain and maintain physical, paper licenses, effective October 4, 2021.