Compliance Alert Archive

• Montana and New York Regulatory Update

  January 25, 2012

  The Department of Administration of the State of Montana (the “Department”) recently adopted rules pertaining to the financial responsibility of mortgage loan originators and control persons and ultimate equity owners of mortgage entities under the Montana Mortgage Act (the “Act”).  The New York Department of Financial Services (the “DFS”) recently issued Emergency Regulations.

   

  MONTANA ARM 2.59.1739 ...

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• Illinois Legislative and Regulatory Update

  January 18, 2012

  The Illinois legislature recently enacted legislation effective January 13, 2012 governing short sales.  The Illinois Department of Financial and Professional Regulation (the “Department”) recently adopted amendments to the Illinois Residential Mortgage License Act (the “Act”) rules effective January 1, 2012.  The amendments deleted registration requirements for loan originators.

   

  ILLINOIS SENATE BILL 1259

   

  “Short sale” means ...

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• Delaware and Washington Legislative Update

  January 17, 2012

  The Delaware legislature recently enacted the Delaware Mortgage Loan Modification Services Act (the “Act”) effective March 21, 2012, to protect homeowners from unfair or deceptive practices by providers of mortgage loan modification services.  Our July 12, 2011 Compliance Memorandum discussed Washington House Bill 1362, effective July 23, 2011, which created the Foreclosure Fairness Act.  The Washington...

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• District of Columbia and New York Regulatory Update

  January 13, 2012

  Our June 6, 2011 Compliance Memorandum discussed an emergency amendment to the District of Columbia Municipal Regulations entitled “Foreclosure Mediation”, which was effective May 25, 2011.  The Commissioner of the Department of Insurance, Securities, and Banking (the “Commissioner”) recently adopted the rules as final, effective December 30, 2011, with changes as discussed below.  The Superintendent of Financial ...

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• Texas Regulatory Update

  January 09, 2012

  Our June 29, 2011 Compliance Memorandum discussed Texas House Bill 558, effective September 11, 2011, which added a section to the Finance Code addressing payoff statements.  Pursuant to House Bill 558, the Finance Commission (the “Commission”) recently adopted rules effective January 8, 2012 prescribing a standard Payoff Statement Form that must be used by mortgage servicers to provide those ...

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• Indiana Regulatory Update

  January 09, 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 23, 2009.

   

  Indiana Emergency Rules 750 IAC 9-1-1 to 9-4-2

   

  Definitions

   

  “American Association of Residential Mortgage Regulators” (“AARMR”) is the national association of executives and employees of ...

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• Texas Regulatory Update

  January 06, 2012

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

   

  7 TEXAS ADMINISTRATIVE CODE SECTIONS 79.1-79.5, 79.20, 79.30, 79.40, 79.50

   

  “Department” means the Department of Savings and Mortgage Lending.

   

  “Nationwide Mortgage Licensing System and Registry” (“NMLSR”) means a ...

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• Michigan Legislative Update

  December 30, 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 as a principal residence with a homestead exemption if:

  • After a notice is mailed to the borrower, the time for the borrower to request, either ...

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• Arkansas, New Jersey, Ohio, Oregon and Pennsylvania Regulatory and Florida Judicial Update

  December 28, 2011

  The Arkansas Securities Department recently amended its regulations in regards to the Fair Mortgage Lending Act (the “Act”) by changing mortgage broker, mortgage banker, and mortgage servicer surety bond requirements and revising licensee reporting requirements for mortgage activity.  New Jersey’s definition of “high cost” loans, Ohio’s prepayment penalty adjustment and Pennsylvania’s “base figure” adjustment were amended....

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• Arkansas Regulatory and Florida Judicial Update

  December 21, 2011

  The Arkansas Securities Department recently amended its regulations in regards to the Fair Mortgage Lending Act (the “Act”) by changing mortgage broker, mortgage banker, and mortgage servicer surety bond requirements and revising licensee reporting requirements for mortgage activity.  The Florida Supreme Court issued an Administrative Order for foreclosure cases.

   

  ARKANSAS FAIR MORTGAGE LENDING ACT RULES (effective December 1, ...

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