Mortgage Document Preparation Compliance Alerts

  • Alabama Legislative Update

    December 30, 2015

    The Alabama legislature has amended its statutes relating to redemption of certain real property foreclosed under a mortgage or sold by virtue of a judgment, effective January 1, 2016. 

     

    ALABAMA SENATE BILL 124

     

    Current law permits the following parties to redeem real estate, or any interest, therein, where it has been sold:

    ·                    any debtor, including ...

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  • Louisiana and Massachusetts Legislative Update

    December 30, 2015

    The Louisiana legislature recently amended its laws related to the recordation of mortgages for savings and loan associations, effective January 1, 2016.  Massachusetts amended its laws addressing the affidavit of sale under a power of sale in a mortgage to include certain definitions, effective December 31, 2015.  

     

    LOUISIANA HOUSE BILL 496

     

    A mortgage granted in favor ...

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  • Nevada Legislative Update

    December 24, 2015

    The Nevada legislature recently amended its laws governing the licensing of mortgage bankers, mortgage brokers and mortgage servicers, effective January 1, 2016.

     

    NEVADA ASSEMBLY BILL 480

     

    Mortgage servicers in Nevada must now be licensed and supervised. 

     

    “Mortgage Servicer” includes a person who directly services a mortgage loan, or who is responsible for interacting with a borrower, ...

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  • Oregon Legislative and Regulatory Update

    December 23, 2015

    The Oregon legislature recently amended the statutes related to foreclosure practices of residential trust deeds, to the provision that identifies certain public records as being exempt from disclosure, to the enforcement requirements for breaches of security involving personal information, and mortgage loan originator licensing.  The Department of Commerce and Business Services, Division of Finance and Corporate Securities (the “Department”) ...

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  • Florida Regulatory Update

    November 13, 2015

    FLORIDA RULES 69V-40

     

    The Florida Financial Services Commission recently amended rules related to mortgage loan originators and mortgage brokers, effective November 9, 2015.

     

    Disciplinary Guidelines for Mortgage Loan Originators and Mortgage Entities are applicable to each ground for disciplinary action that may be imposed by the Office of the Financial Services Commission (“Office”) against a person for a ...

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  • North Carolina Legislative Update

    November 09, 2015

    NORTH CAROLINA HOUSE BILL 126

     

    The North Carolina legislature recently enacted legislation to authorize the Office of the Commissioner of Banks (“Commissioner”) to implement a registration system for persons engaged exclusively in the processing or underwriting of residential mortgage loans and not engaged in the mortgage business, effective November 1, 2015. 

     

    A “Mortgage Lender” means a person ...

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  • Maine Legislative Update

    September 23, 2015

    The Maine legislature recently enacted laws governing lender responsibility for abandoned property, effective October 15, 2015.

     

    MAINE LEGISLATIVE DOCUMENT 1203/SENATE PAPER 430

     

    "Property Defects" means the conditions that, in the judgment of the municipality, contribute to blight as a result of the continued lack of care, maintenance or security of a property.

     

    "Responsible Parties" means the owner ...

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  • Colorado Regulatory Update

    September 22, 2015

    The Colorado Department of Regulatory Agencies, Division of Real Estate (“Division”), recently promulgated rules related to mortgage loan originator and mortgage company licensing, effective October 3, 2015.

     

    4 CCR 725-3

     

    “General Business Day” means a day on which the offices of the creditor are open to the public carrying on substantially all of the creditor’s business functions.

     ...

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  • North Carolina Legislative Update

    September 18, 2015

    The North Carolina legislature recently amended its general laws relating to notice requirements and protections for tenants of real properties in foreclosure, effective October 1, 2015.

     

    NORTH CAROLINA HOUSE BILL 174

     

    Notice of Sale/Occupants

    The existing law includes a requirement for mailing a notice of sale of residential real property containing less than 15 rental units to persons ...

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  • Rhode Island Regulatory Update

    September 17, 2015

    The Rhode Island Department of Business Regulation recently amended Banking Regulation 5, related to Mortgage Foreclosure, effective October 1, 2015.

     

    RHODE ISLAND BANKING REGULATION 5

     

    The existing regulation and Appendices have been amended as follows:  All current forms are available on the Department’s website at: http://www.dbr.state.ri.us/documents/rules/banking_securities/Regulation5.pdf.

     

    “Notice of Mediation Conference” means Form 34-27-3.2 or a ...

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