Regulatory Updates

Wisconsin Legislative and Pennsylvania Regulatory Update

The Wisconsin legislature has enacted provisions for the temporary authority for registered mortgage loan originators who transition to a licensed mortgage broker or lender.  These provisions were effective November 28, 2019. The Pennsylvania Department of Banking and Securities has announced...

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Federal Compliance Update

The U.S. Congress previously enacted the Economic Growth, Regulatory Relief and Consumer Protection Act which amended the SAFE Act to provide a temporary authority for registered mortgage loan originators to originate mortgage loans at a state licensed mortgage company. The...

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Washington Regulatory Update

WASHINGTON RULES 208-660-006   The Washington Department of Financial Institutions has amended rules implementing the Mortgage Broker Practices Act (“Act”), effective November 24, 2019.    A new rule was added to allow qualified mortgage loan originators who are changing employment...

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CFPB Announces Enhancements to Consumer Complaint Database

On September 18th, the CFPB announced changes to its public consumer complaint database.

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Texas Regulatory Update

TEXAS FINANCE COMMISSION RULES   The Finance Commission of Texas recently adopted new rules related to mortgage loan originator licensing requirements for military service members, military veterans, and military spouses, effective November 7, 2019.   An individual is exempt from...

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Hawaii, Indiana, Oklahoma and Texas Compliance Update

The states of Hawaii, Indiana, Oklahoma and Texas have recently amended their laws or regulations regarding various aspects of licensing for mortgage loan originators, mortgage brokers, and mortgage lenders.   HAWAII HOUSE BILL 988   The Hawaii amendment, effective November...

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New Jersey and New York Legislative Update

New Jersey has enacted a foreclosure mediation act, effective November 1, 2019.  New York has amended the laws regarding servicing transfers and loan modifications, effective November 12, 2019.   NEW JERSEY ASSEMBLY BILL 664   The New Jersey legislature enacted...

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Federal Regulatory Update

Federal agencies have revised the loan amount threshold for which appraisals are required, effective October 9, 2019.  The FHFA has issued a final rule on validation and approval of credit score models used by the GSE’s, effective October 15, 2019....

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CFPB Releases Qualified Mortgage ANPR

On July 25th, the CFPB issued an Advance Notice of Proposed Rulemaking (ANPR) requesting input on the so-called ‘GSE Patch.’

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Nevada, New Jersey Legislative and Ohio Regulatory Update

The Nevada legislature has amended its Equal Opportunity for Credit Act (“Act”), and the New Jersey legislature has amended its security breach disclosure requirements.  Both bills are effective October 1, 2019.  The Ohio Secretary of State has issued rules related...

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