This topic consolidates legislative summaries of new and revised state laws pertaining to licensing, originating, and servicing mortgage loans.
The Wyoming Secretary of State adopted terms relating to notarial acts that include remote notarizations, effective immediately.
Reverse Mortgage Daily – Chris Clow
New York Governor signed Reverse Mortgage Co-operative bill that allows seniors aged 70 or older living in New York state to take out a reverse mortgage loan on co-operative living space.
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All notarial officers will be required to get new official stamps to meet new legal requirements, keep a mandatory journal of notarial acts, and pass a training examination before being recommissioned.
Comments are requested by the California DFPI and due on December 20, 2021 regarding a proposal to require registration for the following industries: debt settlement services; student debt relief services; education financing; and wage-based advances.
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The Utah Department of Commerce’s Division of Real Estate recently amended its Residential Mortgage Practices and Licensing Rules to update licensee application qualifications, eliminate certain misdemeanor convictions as a basis for disqualification, update timing requirements for background check components and make further technical edits effective October 26, 2021.
New York Assembly Bill 1935 amends New York banking law to require lenders to provide borrower's who are sixty days or more delinquent with a single point of contact within ten business days of receipt of a written request from the borrower; effective on the sixtieth day (January 2, 2022) after it became law (November 3, 2021) and shall apply to home loans entered into on or after such effective date.
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NY Governor Hochul signed The Consumer Credit Fairness Act on November 8, 2021, which will protect consumers from abusive debt collection, as many practices relate to old debts being sued on, debt from credit card issuers being resold to other creditors, and minimal information being provided to debt purchasers.
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.
PacRes Mortgage Improves Quality Control Accuracy by over 30% While Decreasing non-compliance incidents by 25%
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.
