Mortgage Document Preparation Compliance Alerts

  • Virginia Legislative Update

    May 28, 2010

    The Virginia legislature recently enacted the Uniform Power of Attorney Act (the “Act”).  If you have any questions concerning this Memorandum, please contact Laura LaRaia.

     

    Virginia Senate Bill 159 (effective July 1, 2010)

     

    A power of attorney must be signed by the principal or, in the principal’s conscious presence, by another individual directed by the principal ...

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  • California Legislative and Regulatory Update

    May 28, 2010

    The California legislature recently added a section to the California Civil Code requiring supervised financial organizations that negotiate contracts or agreements in Spanish, Chinese, Tagalog, Vietnamese, or Korean for a loan or extension of credit secured by residential real property to provide the contract or agreement in such language.  The California Department of Corporations (the “DOC”) recently ...

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  • Maine Legislative Update

    May 25, 2010

    The Maine legislature recently enacted the Maine Uniform Power of Attorney Act (the “Act”).  If you have any questions concerning this Memorandum, please contact Laura LaRaia.

     

    Maine Legislative Document 1404 (effective July 1, 2010)

     

    A power of attorney must be signed by the principal or, in the principal’s presence, by another individual directed by the principal ...

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  • Idaho Legislative and Regulatory Update

    May 25, 2010

    The Idaho legislature recently amended its foreclosure laws relating to trustee’s deeds. On March 25, 2010 the Idaho Department of Finance and the Idaho Real Estate Commission jointly issued Short Sale Guidance.  If you have any questions concerning this memorandum, please contact Laura LaRaia.

     

    Idaho House Bill 550 (effective July 1, 2010)

     

    The trustee’s deed will ...

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  • Mississippi Legislative and Regulatory Update

    May 24, 2010

    Our June 18, 2009 Memorandum discussed Mississippi Senate Bill 2983, effective July 31, 2009, which enacted the Mississippi S.A.F.E. Mortgage Licensing Act of 2009 (the “Act”) to comply with the Federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008.  The Mississippi legislature recently amended the Act, including renaming the Act the Mississippi S.A.F.E. Mortgage Act.  The ...

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  • Florida, New York and Vermont Legislative and Rhode Island Judicial Update

    May 21, 2010

    The Florida legislature recently enacted legislation addressing taxes for short sales.  The New York Consumer Caution and Home Ownership Counseling Notice has been revised.  The Vermont legislature recently enacted legislation providing limitations, disclosure requirements, and remedies relating to trigger lead solicitations of consumers for mortgage loans.  The Providence Superior Court (the “Court”) recently issued an Opinion invalidating ...

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  • Maryland and Virginia Legislative Update

    May 21, 2010

    The Maryland legislature recently amended it laws addressing real estate settlements.  The Virginia legislature recently enacted legislation affecting mortgage lenders.  All the legislation discussed in this memorandum is effective July 1, 2010.  If you have any questions concerning this memorandum, please contact Laura LaRaia.

     

    Maryland House Bill 1471/Senate Bill 1019

     

     “Residential real estate ...

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  • South Carolina and Wisconsin Legislative Update

    May 20, 2010

    The South Carolina legislature recently amended its laws governing mortgage foreclosure actions.  The Wisconsin legislature recently amended its laws addressing public sale of real property on execution and enacted legislation related to mortgage broker agency relationships and duties.  If you have any questions concerning this Memorandum, please contact Laura LaRaia.

     

    South Carolina House Bill 3720 (effective May ...

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  • Maryland Legislative and Regulatory Update

    May 20, 2010

    The Maryland legislature recently amended its laws addressing security instruments and foreclosure.  The Maryland Commissioner of Financial Regulation (the “Commissioner”) recently issued FAQs addressing the Pre-Licensing Education Certification Process and SAFE Mortgage Loan Originator Test.  If you have any questions concerning this memorandum, please contact Laura LaRaia.

     

    Maryland House Bill 633/Senate Bill 562 (effective June 1, 2010...

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  • New Mexico and Vermont Regulatory Update

    May 19, 2010

    The New Mexico Financial Institutions Division (the “Division”) recently issued a Notice addressing credit report functionality under the Nationwide Mortgage Licensing System and Registry (“NMLSR”) for mortgage loan originators.  The Vermont Department of Banking, Insurance, Securities, and Health Care Administration (the “Department”) recently issued an Order addressing the effective date of individual mortgage loan originator licensing for employees of ...

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