Regulatory Updates

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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Connecticut and North Carolina Legislative Update

The Connecticut legislature has amended its laws regarding real estate closings, while the North Carolina legislature has updated the charge for a returned check.  Both bills discussed here are effective October 1, 2019.   CONNECTICUT SENATE BILL 320   The...

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Ohio Legislative Update

OHIO SENATE BILL 263   The Ohio legislature recently enacted the Notary Public Modernization Act to streamline the notary public system in Ohio and provide for electronic notarization, effective September 20, 2019.   A notary public is entitled to the...

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Maine Legislative Update

Maine Legislative Documents 1327, 1405 and 907   The Maine legislature recently modified various provisions of its foreclosure laws, effective September 19, 2019.   Legislative Document (“L.D.”) 1327 amended the law to impose a duty of good faith upon mortgage...

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FTC Proposes Additional Requirements to GLBA Safeguards Rule

In March, the FTC published a notice of proposed rule-making requesting public comment on the addition of specific policy, process and technical requirements to the Gramm-Leach-Bliley (‘GLBA’) Safeguards Rule (the ‘Rule’).

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Illinois and New York Legislative Update

The Illinois legislature has amended its laws related to short sales and foreclosures, effective August 16, 2019.  The New York legislature has amended its laws regarding vacant or abandoned property, effective August 14, 2019.   ILLINOIS SENATE BILL 138  ...

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