Mortgage Document Preparation Compliance Alerts

  • Wisconsin Legislative Update

    December 18, 2013

    The Wisconsin legislature recently enacted legislation governing mortgage satisfaction.  The provisions address notifications, payoff statements, affidavits of satisfaction, and documents of rescission that are given or recorded on and after December 14, 2013.

    WISCONSIN SENATE BILL 290

     

    Definitions

    “Address for giving a notification” means, for the purpose for a particular type of notification, the most recent address provided in ...

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  • Minnesota Legislative Update

    December 12, 2013

    The Minnesota legislature recently enacted the Minnesota Radon Awareness Act (the “Act”).  The Act applies to agreements to sell or transfer residential property executed on or after January 1, 2014.

     

    MINNESOTA SENATE BILL 887

     

    “Buyer” means a person negotiating or offering to acquire for value, legal or equitable title, or the right to acquire legal or equitable title ...

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  • California Legislative Update

    December 05, 2013

    The California legislature recently amended its laws governing military service member relief of mortgage obligations and deferral of reservists’ payments.  The legislature also amended its laws governing borrowers’ internet privacy.  All of the amendments are effective January 1, 2014.

     

    CALIFORNIA SENATE BILL 720

     

    Interest must not be charged or accumulated on the principal or interest on which a ...

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  • California Legislative Update

    December 04, 2013

    The California legislature recently amended the Finance Lender Law (the “Law”) and California laws governing deficiency judgments, mortgages, foreclosure notices, and title companies.  All the legislation is effective January 1, 2014.

     

     

    CALIFORNIA ASSEMBLY BILL 1091

     

    The Law does not apply to any person who makes 5 or fewer commercial loans (previously no more than one) in a ...

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  • Colorado, New York and Virginia Regulatory Update

    November 12, 2013

     

    The Colorado Department of Regulatory Agencies, Division of Real Estate, recently amended its rules governing mortgage loan originators and mortgage companies and professional standards, effective November 14, 2013.  The New York Department of Financial Services (“DFS”) extended two sets of emergency regulations effective September 5 and September 23, 2013.  The Virginia State Corporation Commission (“Commission”) amended its rules governing ...

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  • Pennsylvania Legislative Update

    November 05, 2013

    The Pennsylvania legislature recently enacted the Revised Uniform Law on Notarial Acts (the “Law”).  The Law has multiple effective dates.  The provisions of the Law that were effective on October 9, 2013 will be discussed in this Compliance Memorandum.  The other provisions will be discussed in a future Compliance Memorandum.

     

    PENNSYLVANIA HOUSE BILL 25

     

    The Department of State ...

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  • Texas Regulatory Update

    November 04, 2013

    The Finance Commission of Texas (the “Commission”) recently amended its rules concerning residential mortgage loan originators applying for licensure with the Office of Consumer Credit Commissioner (“OCCC”), effective November 7, 2013.

     

    TEXAS RULES 7 TAC 2.101 et seq.

     

    An “RMLO” is a residential (previously registered) mortgage loan originator licensed with the OCCC.

     

     

    If an application is ...

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  • Vermont Legislative Update

    October 31, 2013

    The Vermont legislature recently amended its laws governing foreclosure mediation, effective December 1, 2013.

    VERMONT HOUSE BILL 431

     

     

    The foreclosure mediation requirements apply to all foreclosure actions on dwelling houses of 4 units or less that are occupied by the owner as a principal residence unless:

    • The loan involved is not subject to any government loss mitigation program ...

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  • Federal Regulatory Update

    October 25, 2013

    Interagency Statement on Fair Lending Compliance and the Ability-to-Repay and Qualified Mortgage Standards Rule

     

     

    The Consumer Financial Protection Bureau (“Bureau”), the Office of the Comptroller of the Currency (“OCC”), the Board of Governors of the Federal Reserve System (“Board”), the Federal Deposit Insurance Corporation (“FDIC”), and the National Credit Union Administration (“NCUA”) (collectively the “Agencies”) issued a joint ...

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  • Federal Regulatory Update

    October 16, 2013

    On October 15, 2013, the Consumer Financial Protection Bureau (the “Bureau”) issued a bulletin providing guidance in implementing certain 2013 Real Estate Settlement Procedures Act and Truth-in-Lending Act final servicing rules, effective January 10, 2014.

    CFPB BULLETIN 2013-12

     

    Policies and Procedures Rule

     

     

    According to the Policies and Procedures Rule, starting on January 10, 2014, a servicer must ...

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