Mortgage Document Preparation Compliance Alerts

  • Oregon Legislative Update

    June 19, 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  The Oregon legislature recently amended and repealed certain provisions discussed in the April 19, 2012 Compliance Memorandum and amended its laws governing trust deeds.  The provisions addressing resolution conference discussed below replace the prior mediation provisions.  Such provisions apply ...

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  • Colorado and Nevada Legislative Update

    June 18, 2013

    The Colorado legislature recently amended the Mortgage Loan Originator Licensing and Mortgage Company Registration Act (the “Act”), effective July 1, 2013, and the Nevada legislature amended its foreclosure laws effective June 1, 2013.

    COLORADO SENATE BILL 156

     

     

    The Act has been extended until September 1, 2018 (previously was to expire on July 1, 2013).

     

     

    The following ...

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  • Oregon Legislative Update

    June 17, 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 mortgage loan originator licensure and renewal requirements do not apply to an individual who, as a seller during any 12-month period, offers or negotiates terms for ...

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  • Hawaii Legislative Update

    June 14, 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 the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for the state licensing and registration of state-licensed loan originators and other financial ...

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  • Federal Regulatory and Delaware and Minnesota Legislative Update

    June 13, 2013

    The Consumer Financial Protection Bureau (the “Bureau”) issued a final rule effective June 1, 2013, addressing prohibitions on financing credit insurance premiums under Regulation Z.  The Delaware legislature amended its foreclosure laws effective May 28, 2013.  The Minnesota legislature recently amended its laws governing mortgage registry and deed taxes effective July 1, 2013.

     

    78 FR 32547

     

     

    Our ...

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  • Arkansas Legislative Update

    June 05, 2013

    The Arkansas legislature recently amended its laws governing the calculation of interest on consumer loans and also amended the Fair Mortgage Lending Act (the “Act”).  The legislature also enacted legislation allowing scrivener’s affidavits to correct errors in instruments affecting real property.  All the legislation discussed in this memorandum is effective July 16, 2013.

    ARKANSAS HOUSE BILL 1748

     

     

    In ...

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  • Kansas and Mississippi Legislative and Oklahoma Regulatory Update

    June 04, 2013

    The Kansas legislature recently amended its laws governing the maximum interest rate.  The Mississippi legislature recently amended the Mississippi S.A.F.E. Mortgage Act (the “Act”).  The Oklahoma Department of Consumer Credit issued changes in dollar amounts based upon changes in Consumer Price Index Indicators effective from July 1, 2013 to June 30, 2014.  All the changes discussed in this memorandum are ...

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  • Indiana and Iowa Legislative Update

    June 03, 2013

    The Indiana legislature recently amended the First Lien Mortgage Lending Act, the Uniform Consumer Credit Code, laws governing closing protection letters and foreclosures.  The Iowa legislature recently amended its laws governing conveyances.  All the legislation discussed in this memorandum is effective July 1, 2013.

    INDIANA HOUSE BILL 1081

     

     

    Our May 17, 2013 Compliance Memorandum discussed provisions of House ...

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  • Maryland Legislative Update

    May 31, 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 person who:

    • Does not have actual possession of a residential property; and
    • Has or claims to have a legal right to possession of the residential property: ...

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  • Nebraska and Nevada Legislative Update

    May 30, 2013

    The Nebraska legislature recently enacted legislation, effective May 16, 2013, criminalizing the filing of fraudulent liens and financing statements and amended its laws governing nonconsensual common-law liens.  The Nevada legislature recently amended its laws governing mortgage lending, effective May 21, 2013.

    NEBRASKA LEGISLATIVE BILL 3

     

     

    A person commits the offense of fraudulently filing a financing statement, lien, or ...

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