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Tag: Regulatory Updates

Illinois Legislation Prohibits Misleading Marketing Aimed at Borrowers

As of January 1, 2024, mortgage companies soliciting consumers in Illinois will need to ensure their marketing materials do not run afoul of the state’s new law designed to protect consumers from being misled. The new law provides that any marketing materials from a mortgage company with no connection to the consumer’s existing mortgage company […]

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Illinois Allows Loan Originators to Work Remotely

Beginning January 1st, loan originators in Illinois will be permitted to work from a remote locationprovided certain customer interaction and information security requirements are met. Previously, loanoriginators were only able to conduct business in locations licensed as a branch office.While many states issued temporary executive orders permitting remote work during the pandemic outof health and […]

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States Focus Efforts on Consumer Privacy Protection 

Amid growing concerns with data security and consumer privacy, 2023 saw the addition of consumer privacy and data security legislation in multiple states.  Below is a summary of the state laws aimed at protecting consumer’s private data that were enacted this past year: States with privacy protection laws in place prior to 2023 include California, […]

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California Becomes Latest State to Permit RON

California has joined 44 other states and the District of Columbia in passing laws to permitremote online notarization (“RON”). Notaries in California will not be able to perform suchnotarizations until January 1, 2030, however, in order to give the Secretary of State time toadopt regulations and establish the technology necessary to implement the RON laws. […]

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Georgia Document Update: Borrower’s Acknowledgement of Rights Will ReplaceWaiver of Borrower’s Rights

In 2021, the Consumer Financial Protection Bureau (“CFPB”) issued a supervisory highlightoutlining its concerns with the Waiver of Borrower’s Rights, a document historically included inGeorgia closing packages. The CFPB found that use of the form, which requires borrowers towaive their rights to notice or to judicial hearing, is considered deceptive and violates theConsumer Financial Protection […]

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Maine Adds Annual PMI Cancellation Notice Requirement

Effective September 20, 2023, supervised lenders and servicers of residential mortgages will berequired to provide borrowers with an annual disclosure document informing them of their rightto cancel or to terminate private mortgage insurance, in accordance with the provisions of thefederal Homeowners Protection Act of 1998. The notice also must include the address andtelephone number the […]

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North Dakota Revises Licensing for Lenders; Adds Licensing Requirement for Servicers

North Dakota has revised its licensing laws to change the license type required for residentialmortgage lenders and has added a licensing requirement for residential mortgage servicers. Residential mortgage lenders will no longer be licensed under the North Dakota Money BrokersAct but will instead be required to hold a Residential Mortgage Lender License. The new lawalso […]

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North Carolina Delays Effective Date for Remote Electronic Notarization Act

The effective date of the North Carolina Remote Electronic Notarization Act (“RENA”) has beendelayed one year until July 1, 2024 to allow the Secretary of State additional time to promulgaterules implementing the act. RENA also authorized the immediate use of emergency videonotarization until the effective date of the permanent legislation. With the effective date ofRENA […]

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Maine Requires Mortgage Holders to Notify Homeowner’s Insurance Company of Sale or Transfer of Mortgage

Maine will soon require a creditor, assignee or servicer that holds or controls consumer funds inan escrow account for the payment of insurance premiums to notify the insurer providinghomeowner’s insurance coverage if the mortgage is sold or transferred. A creditor, assignee orservicer may satisfy this requirement by providing the insurer with a copy of the […]

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Nationwide RON Legislation Reintroduced in Senate

The reintroduction of the Securing and Enabling Commerce Using Remote and Electronic (“SECURE”) Notarization Act in the U.S. Senate advances efforts to establish nationwide remote online notarization (“RON”) standards. The SECURE Notarization Act would establish minimum nationwide standards for electronic and remote notarizations while allowing states flexibility to supplement with additional requirements.The mortgage industry supports […]

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