Regulatory Updates

On November 20th, 2019, the CFPB announced its intent to publish an assessment report – no later than October 3, 2020 – on the effectiveness of the TRID Rule, which has been in effect since October 3, 2015.

The Colorado and Georgia regulators have amended their rules related to temporary authority for mortgage loan originators.    COLORADO RULES 4 CCR 725-3 CHAPTER 2   The Colorado Department of Regulatory Agencies, Division of Real Estate (the “Division”) has amended...

The Consumer Financial Protection Bureau (“CFPB”) announced the asset-size exemption thresholds for 2020 for Regulation C and Regulation Z.  The Oregon Department of Consumer and Business Services has amended its rules for mortgage lenders and mortgage servicer licensees.  All updates...

The Alaska legislature amended its laws related to mortgage loan originator licensing exemptions.  The Nebraska legislature amended provisions related to its Installment Sales Act (“act”) which includes the purchase of mobile homes with an installment contract.  All the legislation discussed...

The Florida and Kentucky legislatures have amended their respective laws concerning on-line notarizations and electronic documents.  Both amendments are effective January 1, 2020.    FLORIDA HOUSE BILL 409   At the time a notarial act is performed, the certificate of...

OKLAHOMA SENATE BILL 915   The Oklahoma legislature has enacted provisions related to online notarial acts, the recording of electronic documents, and the use of electronic signatures and seals, effective January 1, 2020.   A notary may certify that a...

On October 11, the CFPB announced a new task force to harmonize and modernize federal consumer financial laws.

The Oregon legislature has amended the Oregon Consumer Information and Protection Act (formerly known as the Consumer Identity Theft Protection Act).  They have also enacted amendments to its laws to address the issue of unoccupied residential properties that are unsafe...

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...

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...