Mortgage Document Preparation Compliance Alerts

  • Oregon Legislative Update and Virginia Regulatory Update

    August 31, 2009

    The Oregon legislature recently amended its foreclosure laws relating to tenants’ rights in foreclosed property.  Our April 13, 2009 Memorandum discussed the amendments to the Virginia Mortgage Lender and Broker Act (the “Act”) for Virginia law to comply with the Federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (the “S.A.F.E. Act”).  The Virginia State Corporation ...

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  • Indiana Emergency Rules 750 IAC 9

    August 28, 2009

    The Indiana Department of Financial Institutions (the “Department”) recently adopted Emergency Rules that added an article to the Indiana Administrative Code, the Mortgage Lenders and Originators Regulation (the “Regulation”), to implement the Federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (the “S.A.F.E. Act”).  If you have questions concerning this Memorandum, please contact Laura LaRaia.

     

    Definitions ...

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  • Arkansas Regulatory and Minnesota legislative Update

    August 28, 2009

    The Arkansas Securities Commissioner (the “Commissioner”) recently issued an order prescribing surety bond requirements for mortgage brokers, mortgage bankers, mortgage servicer licensees, and applicants under the Fair Mortgage Lending Act (the “Act).  The Minnesota legislature enacted legislation mandating educational requirements for mortgage loan originators.  If you have any questions regarding this Distribution Memorandum, please contact Laura LaRaia.

     ...

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  • North Carolina House Bill 1523

    August 27, 2009

    The North Carolina legislature recently repealed the Mortgage Lending Act and enacted the North Carolina Secure and Fair Enforcement (S.A.F.E.) Mortgage Licensing Act (the “Act”) to comply with the Federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (the “S.A.F.E. Act”).  If you have any questions concerning this Memorandum, please contact Laura LaRaia.

     

    Definitions

    “Affiliate” means ...

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  • Pennsylvania House Bill 1654

    August 27, 2009

    The Pennsylvania legislature recently enacted the Mortgage Licensing Act (the “Act”), which amends its laws to comply with the Federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (the “S.A.F.E. Act”).  If you have any questions concerning this Memorandum, please contact Laura LaRaia.

     

    Definitions

    “Branch” means an office or other place of business, other than the ...

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  • Massachusetts House Bill 4178

    August 25, 2009

    The Massachusetts legislature recently enacted legislation (the “Act”) to comply with the Federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (the “S.A.F.E. Act”).  If you have any questions concerning this Memorandum, please contact Laura LaRaia.

     

    Definitions

    “Clerical or support duties” may include subsequent to the receipt of an application:

    • The receipt, collection, distribution, and analysis ...

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  • Oregon Legislative and Regulatory Update

    August 25, 2009

    Senate Bill 628 amends the foreclosure process and foreclosure notice.  The Department of Consumer and Business Services (“Department”) issued temporary emergency rules to implement Senate Bill 628.  If you have any questions regarding this Memorandum, please contact Laura LaRaia.

     

    Senate Bill 628 (effective July 30, 2009)

     

    The Notice of Default has been amended.  You ...

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  • Michigan Legislative Update

    August 24, 2009

    In Senate Bill 462, effective July 31, 2009, the Michigan legislature recently enacted the Mortgage Loan Originator Licensing Act (the “Act”) to comply with the Federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (the “S.A.F.E. Act”).  Senate Bills 463, 464, and 465, which are effective July 31, 2010, amend the Mortgage Brokers, Lenders, and Servicers ...

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  • District of Columbia Legislative Update and Alaska Regulatory Update

    August 21, 2009

    Our January 26, 2009 Memorandum discussed the District of Columbia Mortgage Lender and Broker Emergency Amendment Act of 2008, which amended the Mortgage Lender and Broker Act of 1996 to comply with the Federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (the “S.A.F.E. Act”). The Council of the District of Columbia recently enacted the Mortgage Lender and ...

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  • Illinois House Bill 4011

    August 20, 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 real property” or “residential real estate” means any real property located in Illinois, upon which is constructed or intended to be constructed a dwelling.

     

    “Exempt ...

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