Compliance Alerts

Compliance Alerts / 19.06.2018

Minnesota Guidance for Residential Mortgage Originators and Servicers   The Minnesota Department of Commerce (“Department”) recently issued Residential Mortgage Originator and Servicer Supervisory Guidance to bring attention to the most common...

Compliance Alerts / 22.05.2018

Connecticut House Bill 7141   The Connecticut legislature recently amended its laws related to mortgage servicing, effective July 1, 2018.   No mortgage servicer shall, directly or indirectly: Employ any scheme, device or artifice...

Compliance Alerts / 18.05.2018

Florida Rules 69B-186.010   The Florida Department of Financial Services Division of Insurance Agents and Agency Services (“Department”) recently amended its rules regarding unfair methods of competition and unfair or deceptive...

Compliance Alerts / 16.05.2018

Georgia House Bill 780   The Georgia legislature recently amended various laws governing financial institutions, effective May 3, 2018.   A prohibition order, which prohibits an individual from participating in any capacity in the...

Compliance Alerts / 09.05.2018

The Montana Department of Administration (“Department”) recently revised rules related to annual reporting for consumer loan licensees, mortgage definitions, mortgage renewal fees, and escrow funds held by mortgage companies, effective...

Compliance Alerts / 30.04.2018

Oregon Senate Bill 1551   The Oregon legislature recently amended provisions of its laws related to breaches of security, effective June 2, 2018.   In addition to specifically enumerated information, “personal information” now includes...

Compliance Alerts / 24.04.2018

  Oregon Rules Chapters 850 and 890   The Oregon Department of Consumer and Business Services (“Department”) recently amended its rules related to mortgage lending and mortgage servicing, effective April 17, 2018.   “Contract...

Compliance Alerts / 18.04.2018

Alabama Senate Bill 318   The Alabama legislature recently enacted the Data Breach Notification Act (“Act”), effective June 1, 2018.   A “Breach of Security” or “Breach” is the unauthorized acquisition of data in...

Compliance Alerts / 05.04.2018

Vermont Regulation B-2018-1   The Vermont Department of Financial Regulation recently issued revised regulations regarding annual privacy notices, effective March 15, 2018.   A financial institution is not required to deliver an annual privacy...

Compliance Alerts / 20.12.2017

The Nevada legislature recently amended the laws related to mortgage brokers, mortgage agents, and mortgage bankers, effective January 1, 2018.   NEVADA SENATE BILL 498   The requirements for renewal of a mortgage...

Compliance Alerts / 15.12.2017

The Maryland legislature recently amended the Maryland Personal Information Protection Act (the “Act”), effective January 1, 2018.   Maryland House Bill 974   The Act now protects both a customer’s personal information, as well...

Compliance Alerts / 13.12.2017

The Wyoming legislature recently enacted Uniform Power of Attorney Act (the “Act”), effective January 1, 2018.   Wyoming Senate File 105   The following definitions, among others, are used in the Act:   “Agent” means a...

Compliance Alerts / 07.12.2017

The Oregon legislature recently amended its laws regarding notices relating to residential mortgage default servicing, regarding unlawful business practices, regarding foreclosure avoidance measures, and regarding the proceeds from the execution...

Compliance Alerts / 28.11.2017

The Washington Department of Financial Institutions (“Department”), Division of Consumer Services, recently amended many of the rules under the Consumer Loan Act (“Act”), effective January 1, 2018.   Washington Rules 208-620-320   Surety bond...

Compliance Alerts / 13.09.2017

The Illinois legislature recently amended its laws to allow independent escrowees to issue closing protection letters, effective September 8, 2017.   Illinois House Bill 2702   “Insured Closing Letter” or “Closing Protection Letter”...

Compliance Alerts / 07.08.2017

The Hawaii legislature recently amended its laws related to mortgage servicing and mortgage loan origination.  Both bills discussed in this memorandum are effective September 1, 2017.   Hawaii Senate Bill 950   If...

Compliance Alerts / 26.06.2017

The Iowa Division of Banking (“Division”) recently amended its rules related to mortgage lenders, mortgage bankers, mortgage brokers and lenders licensed under the Regulated Loan Act, effective July 1, 2017.   Iowa...

Compliance Alerts / 19.05.2017

The Maryland legislature recently amended its laws governing surety bond requirements for licensees under the Maryland Mortgage Lender Law, effective June 1, 2017.   Maryland Senate Bill 924   With the application for...

Compliance Alerts / 17.05.2017

CFPB SUPERVISORY HIGHLIGHTS On April 26, 2017, the Consumer Financial Protection Bureau (the “CFPB”) issued its Spring Supervisory Highlights which includes, among other things, observations related to the Ability-to-Repay Rule and...

Compliance Alerts / 26.04.2017

The Utah legislature recently amended its laws related to reporting and licensing requirements under the jurisdiction of the Division of Real Estate (“Division”) for residential mortgage lenders, effective May 8,...

Compliance Alerts / 18.01.2017

Alaska House Bill 12 amended provisions regarding licensing requirements for registering a depository institution (see our Memorandum of December 14, 2016 for a discussion of this legislation).  The Alaska Department...

Compliance Alerts / 21.12.2016

  The New York Department of Financial Services (“Department”) promulgated Part 422 of Title 3 of the Codes, Rules and Regulations (the “Rule”), addressing lenders’ obligations to inspect, secure and maintain...

Compliance Alerts / 16.12.2016

The Kentucky Department of Financial Institutions, Division of Non-Depository Institutions (“Department”), recently amended its administrative regulations relating to Mortgage Loan Companies and Brokers (under its authority in KRS 286.8-010 et...

Compliance Alerts / 14.12.2016

The Alaska legislature recently amended its laws governing mortgage licensing, effective January 1, 2017.   Alaska House Bill 12   An individual required to be licensed as a mortgage loan originator must: Register...

Compliance Alerts / 05.12.2016

 The Alaska legislature recently amended its laws affecting powers of attorney, uniform probate code, and notaries public, effective January 1, 2017.   Alaska House Bill 8   The following definitions in the Uniform...

Compliance Alerts / 31.10.2016

CFPB BULLETIN 2016-02 Effective October 31, 2016   The Consumer Financial Protection Bureau (“CFPB”) issued Bulletin 2016-02 on October 26, 2016, as a follow up to Bulletin 2012-03, which addressed guidance to...

Compliance Alerts / 30.09.2016

The Oregon Department of Consumer and Business Services (“Department”) recently adopted new rules to include a commercial construction lending licensing exemption, effective September 9, 2016.   Oregon Rules 441-880-0009   An individual need...

Compliance Alerts / 14.09.2016

The Finance Commission of Texas (“Commission”) recently updated its rules regarding the licensing of regulated lenders, effective September 8, 2016.   7 TEXAS ADMINSTRATIVE CODE CHAPTER 83   The term “Amount Financed” now...

Compliance Alerts / 12.09.2016

The Maryland legislature recently amended its laws regarding consumer debt collection, and regarding actions to quiet title.  Both bills discussed in this memorandum are effective October 1, 2016.   Maryland Senate Bill...

Compliance Alerts / 13.07.2016

The Hawaii legislature recently enacted the Hawaii Uniform Fiduciary Access to Digital Assets Act (the “Act”), effective July 1, 2016.   HAWAII SENATE BILL 2298   The Act sets forth the following definitions: “Digital...

Compliance Alerts / 29.06.2016

The Hawaii legislature recently amended its laws relating to mortgage loan originators and mortgage servicers, effective July 1, 2016.   HAWAII SENATE BILL 2850   Revisions to the Hawaii Secure and Fair Enforcement for...

Compliance Alerts / 23.06.2016

The Nebraska legislature recently amended its laws relating to financial consumer protections and enacted the Property Assessed Clean Energy Act (PACE), to promote energy efficiency improvements and renewable energy systems. ...

Compliance Alerts / 20.06.2016

The Georgia legislature recently amended its laws governing redemption of property sold for taxes and its laws governing regulation of financial institutions, effective July 2, 2016.   GEORGIA HOUSE BILL 51   Whenever any...

Compliance Alerts / 17.06.2016

The Maryland legislature recently amended its laws regarding licenses for mortgage loan originators and those governing permissible actions by the Community Development Administration in the Department of Housing and Community...

Compliance Alerts / 08.06.2016

The Kansas legislature recently amended provisions of the Mortgage Business Act (“Act”), effective July 1, 2016.   KANSAS SENATE BILL 369   “Application” means the submission of a consumer’s financial information, including the consumer’s...

Compliance Alerts / 06.06.2016

The Mississippi legislature recently amended certain provisions of the Mississippi S.A.F.E. Mortgage Act (“Act”), effective July 1, 2016.  MISSISSIPPI SENATE BILL 2504 The restriction on criminal records for applicants has changed.  The...

Compliance Alerts / 14.04.2016

The Utah legislature recently amended certain provisions related to foreclosure of residential rental property and non-judicial foreclosure.  Both bills discussed in this memorandum are effective May 9, 2016.   UTAH SENATE BILL...

Compliance Alerts / 04.02.2016

The Colorado Department of Regulatory Agencies, Division of Real Estate (“Division”), recently promulgated rules related to mortgage loan originator licensing, effective March 1, 2016. COLORADO 4 CCR 725-3   Requirement for Original Licensure An...

Compliance Alerts / 24.12.2015

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...

Compliance Alerts / 13.11.2015

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...

Compliance Alerts / 23.09.2015

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...

Compliance Alerts / 22.09.2015

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...

Compliance Alerts / 17.09.2015

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...

Compliance Alerts / 16.09.2015

The Finance Commission of Texas recently adopted new rules for the Office of Consumer Credit Commissioner (“OCCC”) related to residential mortgage loan originator licensing, effective September 10, 2015.   7 TAC 2.106   After...

Compliance Alerts / 20.08.2015

The Maine legislature recently enacted legislation governing municipalities and foreclosure and expedited foreclosure for mobile homes as well as amended its foreclosure laws to create transparency in the foreclosure process. ...

Compliance Alerts / 11.08.2015

The Texas legislature recently enacted laws governing the disclosure of home mortgage information to a surviving spouse; it amended its licensing laws, including the laws governing mortgage companies, mortgage bankers,...

Compliance Alerts / 28.07.2015

The Montana Department of Administration (“Department”) recently amended its rules related to mortgage license applications and renewals and the recovery of costs related to administrative actions, effective July 17, 2015.   MONTANA...

Compliance Alerts / 10.07.2015

The Connecticut legislature recently amended its laws governing foreclosure mediation, effective July 1, 2015.   CONNECTICUT HOUSE BILL 6752   “Mortgagor” (borrower) means the owner-occupant of one-to-four family residential real property located in Connecticut,...

Compliance Alerts / 02.07.2015

The South Dakota legislature recently amended its laws governing money lending, effective July 1, 2015.   SOUTH DAKOTA HOUSE BILL 1027   “Business of Lending Money” includes originating, selling, servicing, acquiring, or purchasing loans,...

Compliance Alerts / 30.06.2015

The Rhode Island legislature recently amended the Licensed Activity Act (the “Act”)” and enacted legislation governing third-party loan servicers (“servicer laws”), effective July 1, 2015.   RHODE ISLAND HOUSE BILL 7997/SENATE BILL...

Compliance Alerts / 25.06.2015

The Nevada legislature recently amended its laws regarding the Foreclosure Mediation Program, effective June 10, 2015.   NEVADA SENATE BILL 512   A borrower under a mortgage secured by owner-occupied housing or a grantor...

Compliance Alerts / 22.06.2015

The Oregon legislature recently amended the law regarding the reliance on payoff statements, effective June 16, 2015.   OREGON HOUSE BILL 3244   “Borrower” and “Lender” now include an assignee or successor in interest.   “Payoff...

Compliance Alerts / 17.06.2015

The Hawaii legislature recently amended its laws governing mortgage servicers, effective May 28, 2015.   HAWAII SENATE BILL 1093   Loss Mitigation Mortgage servicers must make reasonable and good faith efforts to engage in appropriate...

Compliance Alerts / 11.06.2015

Rivera v. Bank of Am., N.A. (5th Cir. 4/23/2015), U.S. App. LEXIS 6753   The Fifth Circuit Court of Appeals (the “Court”) recently issued an unpublished opinion regarding a mortgage foreclosure case...

Compliance Alerts / 09.06.2015

The Wyoming legislature recently amended its consumer protection laws governing personal identifying information and security breach notices.  The legislation is effective July 1, 2015.   WYOMING SENATE FILE 36   “Personal identifying information” means...

Compliance Alerts / 05.06.2015

CFPB COMPLIANCE BULLETIN 2015-02   The Consumer Financial Protection Bureau (the “CFPB”) issued a Compliance Bulletin on May 11, 2015, to remind lenders of their obligations under the equal Credit Opportunity Act...

Compliance Alerts / 18.05.2015

The Florida legislature recently enacted legislation governing tenants’ rights in foreclosure, effective June 2, 2015.   FLORIDA HOUSE BILL 779   If a tenant is occupying residential premises that are the subject of a...

Compliance Alerts / 06.04.2015

The Utah legislature recently amended the Utah Residential Mortgage Practices and Licensing Act (the “Practices Act”) and the Mortgage Lending and Servicing Act (the “Lending and Servicing Act”).  The legislation...

Compliance Alerts / 03.04.2015

The Arkansas legislature recently amended its laws governing satisfaction of liens, effective April 2, 2015.   ARKANSAS SENATE BILL 937   If a person receiving satisfaction does not, within 60 days after being requested,...

Compliance Alerts / 02.02.2015

CFPB Bulletin 2015-01 (dated January 27, 2015)   The Consumer Financial Protection Bureau (the “CFPB”) recently issued a bulletin addressing the treatment of confidential supervisory information (“CSI”) by persons in possession of...

Compliance Alerts / 29.01.2015

The New York Department of Financial Services (“DFS”) extended emergency regulations related to mortgage servicing and promulgated new rules regulating force-placed insurance.   NEW YORK EMERGENCY RULES PART 419   Our August 23, 2010,...

Compliance Alerts / 02.12.2014

CFPB COMPLIANCE BULLETIN 2014-03   The Consumer Financial Protection Bureau (the “CFPB”) issued a Compliance Bulletin on November 18, 2014, to remind lenders of their obligations under the Equal Credit Opportunity Act...

Compliance Alerts / 26.11.2014

The California legislature recently amended its laws governing mortgage loan originator pre-licensing and continuing education requirements, mortgage loan modifications, and foreclosures.  All of the bills discussed in this memorandum are...

Compliance Alerts / 03.11.2014

The Bureau of Consumer Financial Protection (“CFPB”) issued a final rule, effective October 28, 2014, amending the annual privacy notice requirement under the Gramm-Leach-Bliley Act (“Regulation P”).   78 FR 64057 ANNUAL...

Compliance Alerts / 24.09.2014

OKLAHOMA SAFE ACT RULES TITLE 160   Our September 30, 2013 Compliance Memorandum discussed Oklahoma House Bill 1828, which amended the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act (the “Act”),...

Compliance Alerts / 04.09.2014

The Illinois legislature recently amended its Mortgage Foreclosure Article of the Code of Civil Procedure, effective August 26, 2014, to address omitted subordinate interests.   ILLINOIS SENATE BILL 2730   “Omitted subordinate interest" means...

Compliance Alerts / 02.09.2014

The Maryland legislature recently amended its laws governing common ownership communities, and title commitments, and mortgage loan originators.  All the legislation discussed in this memorandum is effective October 1, 2014.   MARYLAND...

Compliance Alerts / 21.08.2014

On August 19, the Bureau of Consumer Financial Protection (“CFPB”) issued a compliance bulletin and policy guidance addressing mortgage servicing transfers to residential mortgage servicers and subservicers in light of...

Compliance Alerts / 14.08.2014

The Maine legislature recently enacted laws addressing unlicensed lending under the Maine Consumer Credit Code (“Code”) and amended the Code to facilitate the multistate licensing process.  Both pieces of legislation...

Compliance Alerts / 13.08.2014

The Maine legislature recently enacted laws amending the foreclosure process and the Maine Fair Debt Collection Practices Act (“Act”), effective September 17, 2014.   MAINE LEGISLATIVE DOCUMENT 1389 (H.P. 992)   A person assigning...

Compliance Alerts / 08.08.2014

The Vermont Department of Financial Regulation recently issued revised regulations regarding the records kept by financial institutions and prescribing the period for which records shall be retained.  Regulation B-2014-01 replaces...

Compliance Alerts / 07.08.2014

The Delaware legislature recently adopted the Delaware Servicemembers Civil Relief Act (the “Act”) governing the protection of service members from abusive practices, effective July 23, 2014.   DELAWARE SENATE BILL 206   The provisions...

Compliance Alerts / 18.07.2014

79 FR 41671 CFPB POLICY GUIDANCE   On July 9, 2014, the Consumer Financial Protection Bureau (the “CFPB”) issued Policy Guidance addressing supervisory and enforcement considerations relevant to mortgage brokers transitioning to...

Compliance Alerts / 15.07.2014

The Delaware legislature recently enacted the Certificates of Insurance Act (“Act”), effective August 5, 2014.   DELAWARE HOUSE BILL 104   “Certificate of insurance” means a document or instrument, regardless of how titled or...

Compliance Alerts / 14.07.2014

Hawaii Senate Bill 2817 amended the Hawaii Secure and Fair Enforcement for Mortgage Licensing Act (“SAFE Act”), effective July 1, 2014.   Definitions   “Branch office” means any location in Hawaii that is...

Compliance Alerts / 09.07.2014

The Federal Financial Institutions Regulatory Agencies (the “Agencies”) and the Conference of State Bank Supervisors (“CSBS”) on July 1, 2014 issued the Interagency Guidance on Home Equity Lines of Credit...

Compliance Alerts / 06.06.2014

The Massachusetts Division of Banks and Loan Agencies recently amended its regulations governing licensee record keeping, effective June 6, 2014.   MASSACHUSETTS 209 CMR 48.00   “Electronic” means relating to technology as having electrical,...

Compliance Alerts / 02.06.2014

The Colorado legislature recently amended its laws governing foreclosures, including costs paid in connection with a foreclosure, single points of contact, dual tracking, and the legislature extended the Foreclosure Deferment...

Compliance Alerts / 01.05.2014

The Hawaii legislature recently amended its laws governing mortgage servicers and foreclosures, effective April 23, 2014. Hawaii also enacted the Hawaii Uniform Power of Attorney Act (the “Act”), effective April...

Compliance Alerts / 14.01.2014

The Montana Department of Administration (“Department”) recently amended its rules governing mortgage broker and loan originator licensing, effective December 16, 2013 and March 1, 2014. MONTANA RULES 2.59.1701 to 2.59.1751 and...

Compliance Alerts / 07.01.2014

The Colorado Division of Real Estate (“Division”) recently amended its rules regarding mortgage loan originator licensure requirements, prepayment penalties, reapplication for mortgage loan originators, and the renewal process for mortgage...

Compliance Alerts / 18.12.2013

The Wisconsin legislature recently enacted legislation governing mortgage satisfaction.  The provisions address notifications, payoff statements, affidavits of satisfaction, and documents of rescission that are given or recorded on and after...

Compliance Alerts / 05.12.2013

The California legislature recently amended its laws governing military service member relief of mortgage obligations and deferral of reservists’ payments.  The legislature also amended its laws governing borrowers’ internet privacy. ...

Compliance Alerts / 04.12.2013

The California legislature recently amended the Finance Lender Law (the “Law”) and California laws governing deficiency judgments, mortgages, foreclosure notices, and title companies.  All the legislation is effective January 1,...

Compliance Alerts / 04.11.2013

The Finance Commission of Texas (the “Commission”) recently amended its rules concerning residential mortgage loan originators applying for licensure with the Office of Consumer Credit Commissioner (“OCCC”), effective November 7,...

Compliance Alerts / 31.10.2013

The Vermont legislature recently amended its laws governing foreclosure mediation, effective December 1, 2013. VERMONT HOUSE BILL 431     The foreclosure mediation requirements apply to all foreclosure actions on dwelling houses of 4...

Compliance Alerts / 25.10.2013

Interagency Statement on Fair Lending Compliance and the Ability-to-Repay and Qualified Mortgage Standards Rule     The Consumer Financial Protection Bureau (“Bureau”), the Office of the Comptroller of the Currency (“OCC”), the Board...

Compliance Alerts / 16.10.2013

On October 15, 2013, the Consumer Financial Protection Bureau (the “Bureau”) issued a bulletin providing guidance in implementing certain 2013 Real Estate Settlement Procedures Act and Truth-in-Lending Act final servicing...

Compliance Alerts / 15.10.2013

On October 9, 2013, the Consumer Financial Protection Bureau (the “Bureau”) issued a bulletin addressing mortgage lenders’ compliance with the Home Mortgage Disclosure Act (“HMDA”) and its implementing regulation, Regulation...

Compliance Alerts / 12.09.2013

On September 4, 2013, the Consumer Financial Protection Bureau (the “Bureau”) issued Bulletin 2013-09 addressing the Fair Credit Reporting Act (“FCRA”)’s requirement to investigate disputes and review “all relevant” information...

Compliance Alerts / 30.08.2013

The Nevada legislature recently amended its laws governing foreclosures, effective October 1, 2013. NEVADA ASSEMBLY BILL 273     The provisions of this memorandum apply only to trust agreements for which a notice of...

Compliance Alerts / 30.08.2013

Oklahoma House Bill 1828 amended the Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act (the “Act”), effective November 1, 2013.     The Act now applies to mortgage lenders.  “Mortgage lender” means...

Compliance Alerts / 26.08.2013

The Nevada legislature recently amended its laws governing the mediation and arbitration of claims involving residential property, and governing common-interest communities.  Both bills are effective October 1, 2013. NEVADA ASSEMBLY BILL...

Compliance Alerts / 23.08.2013

The Mississippi Department of Banking and Consumer Finance (the “Department”) recently amended its Regulations for the Mississippi SAFE Mortgage Act, effective August 30, 2013.   MISSISSIPPI SAFE MORTGAGE ACT REGULATIONS TITLE 5,...

Compliance Alerts / 24.07.2013

The Pennsylvania legislature recently amended its provisions governing the licensing of mortgage originators, mortgage lenders, mortgage brokers, and mortgage loan correspondents, effective August 31, 2013.   PENNSYLVANIA HOUSE BILL 1124   “Administrative or clerical...

Compliance Alerts / 12.07.2013

On July 10, 2013, the Consumer Financial Protection Bureau (the “Bureau”) issued CFPB Bulletin 2013-07 regarding unfair, deceptive, or abusive acts or practices (collectively, UDAAPs) in the collection of consumer...

Compliance Alerts / 03.07.2013

On June 25, 2013, the Consumer Financial Protection Bureau (the “Bureau”) issued a guidance bulletin regarding responsible business conduct, self-policing, self-reporting, remediation, and cooperation during the Bureau’s investigations. CFPB Bulletin 2013-06 The...

Compliance Alerts / 27.06.2013

The Nevada legislature recently enacted legislation governing abandoned residential property and expedited foreclosure and amended its foreclosure laws effective July 1, 2013.   NEVADA SENATE BILL 278   “Abandoned residential property” means residential real...

Compliance Alerts / 25.06.2013

The Nevada legislature recently amended its laws governing ownership interests in real property, reconveyances of deeds of trust, and bona fide purchasers effective July 1, 2013. NEVADA SENATE BILL 493     Except as...

Compliance Alerts / 24.06.2013

The Maryland legislature recently enacted the Maryland Mortgage Assistance Relief Services Act (the “Act”) and the Regulated Sustainable Energy Contract Program.  Both bills are effective July 1, 2013. MARYLAND SENATE BILL...

Compliance Alerts / 19.06.2013

Our April 19, 2012 Compliance Memorandum discussed Oregon Senate Bill 1552, effective April 11, 2012, which enacted foreclosure avoidance measure laws.  The Oregon legislature recently amended and repealed certain provisions...

Compliance Alerts / 17.06.2013

The Oregon legislature recently amended its laws governing mortgage loan originators, effective June 4, 2013, and its laws governing foreclosed residential real property effective June 6, 2013. OREGON HOUSE BILL 2856     The...

Compliance Alerts / 14.06.2013

The Hawaii legislature recently amended its laws governing mortgage servicers, effective May 31, 2013. HAWAII SENATE BILL 1070   “Nationwide Mortgage Licensing System” (“NMLS”) means a mortgage licensing system developed and maintained by...

Compliance Alerts / 31.05.2013

The Maryland legislature recently enacted legislation effective June 1, 2013 prohibiting nonjudicial evictions. MARYLAND HOUSE BILL 1308/SENATE BILL 642     “Party claiming the right to possession” means a person or successor to any...

Compliance Alerts / 13.05.2013

The Idaho legislature recently amended the Idaho Residential Mortgage Practices Act (the “Act”) with regard to mortgage brokers and mortgage lenders and the Idaho S.A.F.E. Mortgage Licensing Act (the “Idaho...

Compliance Alerts / 10.05.2013

The Iowa legislature recently amended its laws governing mortgage release certificates, effective May 1, 2013.   IOWA SENATE FILE 445     An “applicant” means a person authorized to regularly lend money to be secured...

Compliance Alerts / 29.04.2013

Our September 30, 2009 Compliance Memorandum discussed Connecticut House Bill 5535, which enacted the Connecticut Uniform Real Property Electronic Recording Act (the “Act”).  The Regulations of Connecticut State Agencies were...

Compliance Alerts / 25.02.2013

The Consumer Financial Protection Bureau (“CFPB”) issued a final rule, 78 Federal Register 11484 (the “Rule”), effective March 18, 2013, which establishes the CFPB’s rule regarding the confidential treatment of...

Compliance Alerts / 20.02.2013

On February 11, 2013, the Consumer Financial Protection Bureau (the “CFPB”) issued Bulletin 2013-01 as guidance to residential mortgage servicers and subservicers (collectively, “servicers”) to address potential risks to borrowers...

Compliance Alerts / 16.02.2013

The Department of Housing and Urban Development (“HUD”) has issued the Fair Housing Act’s Discriminatory Effect Standards Final Rule (the “Rule”), 78 Federal Register 11460, effective March 18, 2013.  Although...

Compliance Alerts / 12.12.2012

On December 5, 2012, the California Department of Corporations (the “Department”) issued a Bulletin addressing business arrangements that involve unlawful referral fees to third-party risk management companies. CALIFORNIA DEPARTMENT OF CORPORATIONS...

Compliance Alerts / 10.12.2012

The California legislature recently amended its laws governing mortgages and deeds of trust, foreclosure prevention alternatives, and first lien mortgage modifications.  The legislation is referred to as the Homeowner’s Bill...

Compliance Alerts / 21.11.2012

The California legislature recently amended its foreclosure laws and its laws governing deficiency judgments.  The three bills discussed in this memorandum are effective January 1, 2013. CALIFORNIA ASSEMBLY BILL 1599     If the...

Compliance Alerts / 25.10.2012

The Washington Department of Financial Institutions (the “Department”) has amended its rules governing mortgage loan originators and mortgage loan servicers under the Consumer Loan Act (the “Act”), effective November 1,...

Compliance Alerts / 15.10.2012

The Virginia Bureau of Financial Institutions (the “Bureau”) recently amended the State Corporation Commission’s (the “Commission”) regulations governing licensed mortgage loan originators, effective August 15, 2012.     Virginia Rules 10 VAC 5-161-10...

Compliance Alerts / 24.09.2012

The Montana Department of Administration (the “Department”) recently amended its rules, effective September 7, 2012 under the Montana Mortgage Act (the “Act”).   Montana Rules 2.59.1701 – 2.59.1731     A mortgage servicer licensee must...

Compliance Alerts / 09.08.2012

The Illinois legislature recently amended its laws governing residential mortgage licensing.  Except as discussed in this memorandum, House Bill 4521 was effective August 3, 2012.     “Servicing” includes management of third-party entities...

Compliance Alerts / 31.05.2012

Nebraska Legislative Bill 965 amended the Residential Mortgage Licensing Act (the “Act”), effective July 12, 2012.   “Nationwide Mortgage Licensing System and Registry” (“NMLSR”) means a licensing system developed and maintained by...

Compliance Alerts / 25.05.2012

Vermont House Bill 503 repealed and reenacted Vermont’s foreclosure laws effective July 1, 2012.  Only the provisions that have changed will be discussed in this Memorandum.   General Provisions   Nothing in the foreclosure...

Compliance Alerts / 11.05.2012

The Georgia legislature recently enacted legislation authorizing closing protection letters. It also amended its laws governing residential mortgage fraud and foreclosure and enacted legislation governing the foreclosure process with vacant property.   GEORGIA...

Compliance Alerts / 20.04.2012

Chapter 86 of the Oregon Code governing mortgages and trust deeds was amended effectiveApril 11, 2012.   OREGON SB 1552   “Foreclosure avoidance measure” is an agreement between a lender or holder (hereinafter referred...

Compliance Alerts / 18.04.2012

The Nebraska Department of Banking and Finance (the “Department”) recently issued Interpretative Opinions regarding the Residential Mortgage Licensing Act (the “Act”).   NEBRASKA DEPARTMENT OF BANKING INTERPRETATIVE OPINIONS 1 to 5 (effective...

Compliance Alerts / 06.04.2012

The Utah legislature recently amended the Utah Mortgage Practices and Licensing Act (the “Act”) and enacted legislation governing the foreclosure of trust deeds.   UTAH HOUSE BILL 191 (effective May 8, 2012)   “Branch...

Compliance Alerts / 06.03.2012

The Oregon Department of Justice recently issued Emergency Rules governing mortgage loan servicing practices that are effective through July 24, 2012.   OREGON EMERGENCY RULES 137-020-0805 (effective February 15, 2012)   “Borrower” means an...

Compliance Alerts / 10.02.2012

The South Carolina legislature recently enacted legislation governing transfer fees covenants. The legislation was effective February 1, 2012.   South Carolina House Bill 3095   “Association” means a nonprofit, mandatory membership organization comprised of owners...

Compliance Alerts / 09.01.2012

The Indiana Department of Financial Institutions (the “Department”) recently adopted Emergency Rules effective December 15, 2011, amending its Mortgage Lenders and Originators Regulations (the “Regulations”), which were originally adopted July...

Compliance Alerts / 06.01.2012

The Finance Commission of Texas (“the Commission”) recently adopted regulations effectiveJanuary 5, 2012 governing residential mortgage loan servicers under the Residential Mortgage Loan Servicer Registration Act (the “Act”).   7 TEXAS ADMINISTRATIVE...

Compliance Alerts / 30.11.2011

The Michigan legislature recently amended its laws relating to foreclosure proceedings.   MICHIGAN HOUSE BILL 4542 (effective December 28, 2011)   A party must not commence proceedings to foreclose a mortgage on property claimed...

Compliance Alerts / 09.11.2011

The Delaware legislature recently amended its laws to establish an Automatic Residential Mortgage Foreclosure Mediation Program (the “Program”) and to address complaints and answers regarding foreclosing a mortgage.  The legislation...

Compliance Alerts / 08.09.2011

The North Carolina legislature recently amended its foreclosure laws and laws governing documents of rescission, short-pay statements, credit suspension directives, partial releases, obligation releases, security instruments, and equity lines of...

Compliance Alerts / 10.08.2011

Pursuant to its authority under the Federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (the “SAFE Act”), the United States Department of Housing and Urban Development (“HUD”)...

Compliance Alerts / 10.08.2011

Pursuant to its authority under the Federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (the “SAFE Act”), the United States Department of Housing and Urban Development (“HUD”)...

Compliance Alerts / 08.08.2011

The Maine legislature recently amended the Maine Consumer Credit Code (“Maine CCC”) to conform to federal law, including the federal Truth-in-Lending Act (“TILA”), amended the Maine Secure and Fair Enforcement...

Compliance Alerts / 15.07.2011

Senate Bill 269 which was effective July 5, 2011, created the Louisiana Housing Corporation Act (the “Act”), which establishes the Louisiana Housing Corporation (the “Corporation”). Effective midnight on December 31, 2011,...

Compliance Alerts / 05.07.2011

The Texas legislature has recently amended its laws addressing notices of lis pendens, debt management services, foreclosure notices for members of the United States armed forces, secured creditor’s rights with...

Compliance Alerts / 29.06.2011

The Texas legislature recently added a section to the Finance Code addressing payoff statements and mortgage insurers and added a section to the Property Code addressing correction instruments.   Texas House Bill...

Compliance Alerts / 27.06.2011

The Nevada legislature recently amended its Mortgage Brokers and Mortgage Agents laws and Mortgage Bankers laws (collectively the “laws”) and its Mortgage Lending laws addressing foreclosure consultants, foreclosure purchasers, and...

Compliance Alerts / 21.06.2011

The Texas legislature recently enacted legislation addressing the authority of a co-owner of residential property to encumber the property to preserve or maintain it, foreclosure data collection, and assignment of...

Compliance Alerts / 17.06.2011

The Nevada legislature recently enacted legislation related to recording fees, foreclosure sales, deficiency judgments, deeds of trust, and deceptive trade practices.   NEVADA ASSEMBLY BILL 192 (effective July 1, 2011)   A board of...

Compliance Alerts / 17.06.2011

The Nevada legislature recently enacted legislation related to recording fees, foreclosure sales, deficiency judgments, deeds of trust, and deceptive trade practices.   NEVADA ASSEMBLY BILL 192 (effective July 1, 2011)   A board of...

Compliance Alerts / 31.05.2011

The Indiana legislature has recently amended its foreclosure laws.   Indiana Senate Bill 582   As indicated below, certain provisions of the Bill were effective May 10, 2011, and other provisions are effective July...

Compliance Alerts / 27.05.2011

The Arkansas legislature recently amended the Fair Mortgage Lending Act and the Title Insurance Act.  Legislation addressing broker’s price opinions, statutory foreclosures and real property transfer taxes has also been...

Compliance Alerts / 26.05.2011

The Hawaii legislature recently amended its foreclosure laws and mortgage servicers laws.   HAWAII SENATE BILL 651 (effective May 6, 2011)   FORECLOSURE   Mortgage Foreclosure Dispute Resolution   The following provisions apply to nonjudicial foreclosures conducted by...

Compliance Alerts / 21.12.2010

The Alaska Department of Commerce Community and Economic Development Division of Banking and Securities (the “Department”) recently adopted mortgage lending regulations. If you have any questions concerning this Memorandum, please contact...

Compliance Alerts / 20.12.2010

The Washington Department of Licensing (the “DOL”) and the Washington Department of Financial Institutions (the “DFI”) recently issued a bulletin addressing short sales guidance to provide guidance to those professionals...

Compliance Alerts / 15.11.2010

The Florida Division of Financial Institutions (the “Division”) recently amended its mortgage brokerage rules pursuant to Florida’s Mortgage Brokerage and Mortgage Lending laws.  If you have any questions concerning this...

Compliance Alerts / 13.10.2010

Maine Legislative Document 1439/1618   The Maine legislature enacted the Maine Secure and Enforcement for Mortgage Licensing Act of 2009 (the “Act”) which is effective January 1, 2011 to implement and comply...

Compliance Alerts / 01.09.2010

Senate Bill 2266 and House Bill 1281 amended Florida laws relating to mortgage brokering and mortgage lending and foreclosure prevention and authorized the Financial Services Commission (the “Commission”) to adopt...

Compliance Alerts / 23.08.2010

New York Emergency Regulations (effective October 1, 2010)   The Superintendent of the New York State Banking Department (the “Superintendent”) recently adopted Emergency Regulations addressing the servicing of mortgage loans.  If you...

Compliance Alerts / 10.08.2010

The Nevada Commissioner of Mortgage Lending (the “Commissioner”) recently amended its Mortgage Bankers Rules and Mortgage Brokers and Mortgage Agents Rules to comply with the Federal Secure and Fair Enforcement...

Compliance Alerts / 28.07.2010

The Pennsylvania Department of Banking (the “Department”) recently issued statements of policy addressing mortgage loan modifications and reverse mortgages.   Pennsylvania Statement of Policy – Mortgage Loan Modifications 40 Pa.B. 3868 (dated...

Compliance Alerts / 19.07.2010

The Arizona legislature recently enacted reverse mortgage laws.  House Bill 2242 is effectiveAugust 24, 2010.  If you have any questions concerning this memorandum, please contact Laura LaRaia.   Definitions “Agreement” means the document...

Compliance Alerts / 06.07.2010

The Louisiana legislature recently amended the education requirements under the Louisiana S.A.F.E. Residential Mortgage Lending Act and passed legislation governing reverse mortgages.  If you have any questions concerning this memorandum,...

Compliance Alerts / 01.07.2010

The Minnesota legislature recently amended its laws governing reverse mortgages and foreclosure.  If you have any questions concerning this Memorandum, please contact Laura LaRaia.   Minnesota Senate File 2430 (effective August 1,...

Compliance Alerts / 29.06.2010

Missouri Mortgage Broker and Originator Rules   The Department of Insurance, Financial Institutions and Professional Registration (the “Department”), Division of Finance (the “Division”) issued emergency rules which were effective May 17th to...

Compliance Alerts / 02.06.2010

The Finance Commission of Texas (the “Commission”) recently adopted rules for residential mortgage loan originator application procedures under the Texas Secure and Fair Enforcement for Mortgage Licensing Act of 2009...

Compliance Alerts / 28.05.2010

The Virginia legislature recently enacted the Uniform Power of Attorney Act (the “Act”).  If you have any questions concerning this Memorandum, please contact Laura LaRaia.   Virginia Senate Bill 159 (effective July...

Compliance Alerts / 25.05.2010

The Maine legislature recently enacted the Maine Uniform Power of Attorney Act (the “Act”). If you have any questions concerning this Memorandum, please contact Laura LaRaia.   Maine Legislative Document 1404 (effective July...

Compliance Alerts / 11.05.2010

Colorado legislation related to recording fees and expedited residential foreclosure sales has recently been enacted.  If you have any questions concerning this memorandum, please contact Laura LaRaia.   Colorado House Bill 1007...

Compliance Alerts / 27.04.2010

Indiana Senate Bill 328 (effective July 1, 2010)   Our November 18, 2009 Memorandum discussed Indiana House Bill 1646, effective January 1, 2010, which amended Indiana’s residential first lien mortgage lending laws...

Compliance Alerts / 26.04.2010

The Indiana legislature has recently amended its laws addressing foreclosures, recording, and loan broker licensing, credit services organizations, and prohibited lending practices.  If you have any questions concerning this memorandum,...

Compliance Alerts / 16.04.2010

Utah Rule R-162-2c (effective April 12, 2010)   Our November 4, 2009 Memorandum discussed Utah Senate Bill 31, effective January 1, 2010, which amended the Utah Residential Mortgage Practices Act to become...

Compliance Alerts / 16.04.2010

The Oregon legislature recently amended its laws related to foreclosure and unlawful trade practices.  This memorandum addresses those changes.  If you have any questions concerning this memorandum, please contact Laura...

Compliance Alerts / 06.04.2010

The New Mexico legislature recently enacted the Mortgage Foreclosure Consultant Fraud Prevention Act (the “Act”).  If you have any questions concerning this Memorandum, please contract Laura LaRaia.   New Mexico House Bill...

Compliance Alerts / 05.04.2010

The Utah legislature recently amended its laws addressing foreclosure rescue under the Real Estate Licensing and Practices Act (the “RELPA”) and loan modification assistance under the Utah Residential Mortgage Practices...

Compliance Alerts / 04.02.2010

The January 8 Texas Register published the Texas Department of Savings and Mortgage Lending (the “Department”) regulations which were effective immediately to implement recent legislation. (See our Compliance Memorandums dated...

Compliance Alerts / 12.01.2010

Oregon Rules 441-850-0005 et seq. (effective January 4, 2010) Our July 30, 2009 Memorandum discussed Oregon House Bill 2189, which enacted legislation (the “Act”) providing licensing requirements for mortgage loan originators...

Compliance Alerts / 11.01.2010

Ohio Senate Bill 124 (effective January 1, 2010) Our December 10, 2009 Memorandum discussed Ohio House Bill 1, which was effective January 1, 2010.  House Bill 1 amended Ohio’s mortgage lending...

Compliance Alerts / 17.12.2009

The Federal Reserve Board and the Office of Thrift Supervision have recently issued guidances related to higher-priced mortgage loans and modifications.  If you have any questions concerning this Compliance Memo,...

Compliance Alerts / 15.12.2009

Washington Rules Ch. 208-620 (effective January 1, 2010)   “Depository institution” means any bank or savings institution, including credit unions.   “Director” means the Director of the Department of Financial Institutions.   “Federal banking agencies” means...

Compliance Alerts / 11.12.2009

Colorado House Bill 1207   The Colorado legislature recently amended its foreclosure laws affecting the procedures to enforce a lien related to real property.  Our September 9, 2009 Memorandum discussed the provisions...

Compliance Alerts / 10.12.2009

Ohio House Bill 1 (effective January 1, 2010)   The Ohio legislature recently amended its mortgage lending laws for regulating second lien loans and for governing mortgage brokers and loan originators to...

Compliance Alerts / 07.12.2009

The California legislature recently enacted higher-priced mortgage loan laws and amended its laws addressing impound accounts, property insurance, real estate licensees and mortgage brokers, notices of default and payoff statements...

Compliance Alerts / 07.11.2009

The New Jersey Mortgage Stabilization and Relief Act (“Act”) requires the Department of Banking and Insurance (“Department”) to promulgate regulations to effectuate the section of the Act addressing mortgage foreclosure...

Compliance Alerts / 04.11.2009

Utah Senate Bill 31 (effective January 1, 2010)   In our June 5, 2009 Distribution Memorandum, we reported on Utah’s transition into the Nationwide Mortgage Licensing System and Registry (the “NMLSR”), which...

Compliance Alerts / 19.10.2009

Kansas Rules   Our Distribution Memo dated June 10, 2009 discussed Kansas’ implementation of the Federal Secure and Fair Enforcement of Mortgage Licensing Act of 2008 (“S.A.F.E. Act”).  This memorandum is to...

Compliance Alerts / 08.10.2009

The North Carolina legislature recently enacted legislation effective October 1, 2009 related to higher cost loans, foreclosures, deficiency judgments, advances and security breaches.  This Memorandum will discuss the legislation.  If...

Compliance Alerts / 02.10.2009

The Illinois legislature recently amended its foreclosure laws.  If you have any questions concerning this Memorandum, please contact Laura LaRaia.   “Dwelling unit” means a room or suite of rooms providing complete,...

Compliance Alerts / 29.09.2009

Massachusetts Emergency Regulation 209 CMR 41.00 (effective September 15, 2009)   Our July 31, 2009 Memorandum discussed Massachusetts House Bill 4178, effective July 31, which enacted laws concerning mortgage loan originator licensing...

Compliance Alerts / 29.09.2009

Our May 29, 2009 Memorandum discussed the recent enactment of the Alabama Secure and Federal Mortgage Licensing Act of 2009 (the “Alabama S.A.F.E. Act”).  The Alabamalegislature has recently amended the...

Compliance Alerts / 24.09.2009

Georgia Mortgage Division Rules (effective September 7, 2009)   The Georgia Department of Banking and Finance Mortgage Division (the “Department”) has recently amended its Mortgage Division Rules related to financial institutions and...

Compliance Alerts / 24.09.2009

Our July 27, 2009 Memorandum discussed Colorado House Bill 1085, effective August 5, 2009, which enacted the Mortgage Loan Originator Licensing Act (the “Act”), conforming Colorado law to the federal...

Compliance Alerts / 23.09.2009

The Arizona legislature recently amended its Mortgage Brokers, Mortgage Bankers, and Loan Originators’ laws (the “Laws”) to comply with the Federal Secure and Fair Enforcement for Mortgage Licensing Act of...

Compliance Alerts / 22.09.2009

The Nevada legislature has recently amended its laws relating to mortgage lending, mortgage brokers and mortgage agents, mortgage bankers, foreclosure, common-interest ownership, escrow officers, and powers of attorney.  The Bills...

Compliance Alerts / 20.08.2009

The Illinois Legislature recently amended the Residential Mortgage License Act (the “Act”) to comply with the Federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (the “S.A.F.E. Act”).   Definitions “Residential...

Compliance Alerts / 06.08.2009

The Rhode Island Legislature recently amended its laws relating to financial institutions and enacted the Secure and Fair Enforcement Mortgage Licensing Act of 2009 (the “Act”) to comply with the...

Compliance Alerts / 30.07.2009

The Oregon legislature recently enacted legislation (the “Act”) providing licensing requirements for mortgage loan originators and amended its Mortgage Bankers and Mortgage Brokers laws to comply with the Federal Secure...

Compliance Alerts / 21.07.2009

The New York Banking Department (the “Department”) recently issued Emergency Rules Part 418 of the Superintendent of Bank’s Regulations and adopted Supervisory Procedure MB 109 implementing the requirement under New...

Compliance Alerts / 13.07.2009

The Missouri legislature recently enacted the Missouri Secure and Fair Enforcement for Mortgage Licensing and Residential Mortgage Brokers Licensing Act (the “Act”) to comply with the Federal Secure and Fair...

Compliance Alerts / 09.07.2009

The Connecticut legislature has recently passed Senate Bill 948 to implement the Secure and Fair Enforcement Mortgage Licensing Act (“S.A.F.E. Act”) and to address foreclosure mediation.  The S.A.F.E. Act is...

Compliance Alerts / 07.07.2009

The Minnesota legislature recently enacted legislation amending its laws relating to lenders and foreclosures.  If you have any questions concerning this Distribution Memorandum, please contact Laura LaRaia.   Minnesota House File 2088...

Compliance Alerts / 01.07.2009

The Maine legislature recently amended its foreclosure laws and created the Foreclosure Mediation Program (the “Program”).  If you have any questions regarding this Distribution Memorandum, please contact Laura LaRaia.   The Program...

Compliance Alerts / 18.06.2009

The Housing and Economic Recovery Act of 2008 (“HERA”) was enacted July 30, 2008 (See our Distribution Memo dated September 23, 2008).  HERA included the Mortgage Disclosure Improvement Act of...

Compliance Alerts / 15.06.2009

The Nevada legislature has amended its laws, (the “Act”), related to mortgage broker, mortgage agent, and mortgage banker licensing and mortgage lending practices to implement and comply with the Federal...

Compliance Alerts / 11.06.2009

The Washington legislature has recently amended its laws relating to foreclosure and trustee’s sales.  If you have any questions regarding this Distribution Memorandum, please contact Laura LaRaia.   Washington Senate Bill 5810...

Compliance Alerts / 11.06.2009

The Colorado legislature has recently amended its laws addressing foreclosure sales and has created the Foreclosure Deferment Program, to delay foreclosure proceedings for eligible borrowers.  The Bill was effective June...

Compliance Alerts / 11.06.2009

The Montana legislature repealed its Residential Mortgage Lender Licensing Act and expanded the Mortgage Broker and Loan Originator Act to include mortgage lenders and to implement the Federal Secure and...

Compliance Alerts / 09.06.2009

The Nevada legislature has recently amended its laws related to mortgage lending practices, the improper influence of real estate appraisers, foreclosure prevention practices, and trustee sales of real property.  If...

Compliance Alerts / 08.06.2009

The Maryland legislature recently amended its laws regulating mortgage lenders and mortgage loan originators to conform to the requirements of the Federal Secure and Fair Enforcement for Mortgage Licensing Act...