Mortgage Document Preparation Compliance Alerts

  • Truth-in-Lending Interim Final Rules - Appraisal Independence Requirements

    November 30, 2010

    Our October 19, 2010 Compliance Memorandum discussed the appraisal requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd Frank Act” or “Dodd-Frank”).  The Board of Governors of the Federal Reserve System (the “Board”) recently issued an Interim Final Rule under its authority under the Dodd Frank Act, which amended Regulation Z under the Truth-in-Lending Act ...

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  • California Legislative and Texas Regulatory Update

    November 24, 2010

    The California legislature recently amended its Military and Veterans Code, the Business and Professions Code, and the Financial Code related to mortgage lending.  The Finance Commission of Texas adopted amendments, rules and repealed some sections of previous regulations governing regulated loans under the Office of Consumer Credit Commissioner.  This Memorandum will address those changes affecting regulated lenders who ...

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  • North Carolina Legislative and Georgia Regulatory Update

    November 17, 2010

    The North Carolina legislature recently enacted legislation prohibiting foreclosures while borrowers are on active military duty, which supplements and complements the Federal Servicemembers Civil Relief Act.  The Georgia Department of Banking and Finance (the “Department”) recently amended rules related to mortgage lending.  If you have any questions concerning this memorandum, please contact Laura LaRaia.

     

    NORTH CAROLINA SENATE ...

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  • Regulation Z Interim Rule

    November 16, 2010

    The Board of Governors of the Federal Reserve Board (the “Board”) published an interim rule on September 24, 2010 for which optional compliance began October 25, 2010 and is mandatory for transactions for which an application for credit for a mortgage transaction is received by a creditor on or after January 30, 2011.  If you have any questions ...

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  • Florida Regulatory Update

    November 15, 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 Memorandum, please contact Laura LaRaia.

     

    Florida Rules < region=''>Ch.< region=''> 69V-40 (effective October 1, 2010)

     

    Definitions

     

    The definitions under the prior mortgage brokerage rules have been ...

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  • Maryland House Bill 1399/Maryland Regulations 05.19.01.-.05

    November 12, 2010

    Maryland House Bill 1399 was recently enacted to encourage housing counseling.  The regulations were issued to implement the House Bill.  Both law and regulations are effective January 1, 2011.  If you have any questions concerning this Memorandum, please contact Laura LaRaia.

     

    “Borrower” means a person who makes a loan application for or receives a loan ...

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  • Maryland Legislative and Judicial Update

    November 09, 2010

    The Maryland General Limited Power of Attorney Act was amended and substantially repealed the previous provisions of Maryland law addressing powers of attorney effective October 1, 2010, and the Maryland Rules of Practice and Procedure were amended effective October 20, 2010.  If you have any questions concerning this memorandum, please contact Laura LaRaia.

     

    Maryland Senate Bill ...

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  • New York Legislative and New York and New Jersey Regulatory Update

    November 05, 2010

    The New York legislature recently enacted legislation addressing distressed property consultant advertising and amended the Access to Justice in Lending Act (the “Act”), and the New York Banking Department issued an interpretive Letter.  The New Jersey Department of Banking also issued interpretations.  If you have any questions concerning this memorandum, please contact Laura LaRaia.

     

    New York Senate ...

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  • Vermont Legislative Update

    November 05, 2010

    The Vermont legislature recently enacted Senate Bill 287 which requires for the licensing and regulation of loan servicers (“loan servicer laws”) effective January 1, 2011.  If you have any questions concerning this memorandum, please contact Laura LaRaia.

     

    Definitions

     

    A “commercial loan” is any loan or extension of credit that is:

    • An obligation of corporations, including municipal ...

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  • Missouri Mortgage Broker and Loan Originator Rules

    November 04, 2010

    The Missouri Department of Insurance, Financial Institutions, and Professional Registration (the “Department”) recently rescinded the prior mortgage broker rules and adopted new mortgage broker and loan originator rules, effective November 14, 2010, which implement the Missouri Secure and Fair Enforcement for Mortgage Licensing and Residential Mortgage Brokers Licensing Act (the “Missouri SAFE Act”).  If you have any questions concerning ...

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