Mortgage Document Preparation Compliance Alerts

  • Indiana Legislative Update

    March 31, 2010

    The Indiana legislature recently enacted legislation establishing the Five Star Mortgage Program (the “Program”), which encourages Indiana homebuyers to obtain a traditional mortgage.  If you have any questions concerning this Memorandum, please contact Laura LaRaia.

     

    Indiana House Bill 1336 (effective March 26, 2010)

     

    “Creditor” means:

    • A person:
      • That engages in Indiana in the extension of mortgages ...

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  • Oregon Regulatory Update

    March 30, 2010

    Our July 30, 2009 Memorandum discussed the Oregon legislature’s enactment of legislation (the “Act”) providing licensing requirements for mortgage loan originators and amendments to its Mortgage Bankers and Mortgage Brokers laws to comply with the Federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (the “S.A.F.E. Act”).  The Oregon Department of Consumer and Business recently adopted new ...

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  • Utah Legislative Update

    March 30, 2010

    The Utah legislature recently amended its conveyance laws regarding the reinstatement or payoff statement provided by a trustee under a trust deed and amended its foreclosure laws related to the notice of trustee’s sale and notice to tenants when property is foreclosed.  If you have any questions concerning this Memorandum, please contact Laura LaRaia.

     

    UTAH SENATE BILL 76 ...

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  • Procedures to Enhance the Accuracy and Integrity of Information Furnished to Consumer Reporting Agencies under the Fair And Accurate Credit Transactions Act

    March 29, 2010

    The Office of the Comptroller of the Currency (“OCC”), the Board of Governors of the Federal Reserve System (“Board”), the Federal Deposit Insurance Corporation (“FDIC”), the Office of Thrift Supervision (“OTS”), National Credit Union Administration (“NCUA”), and the Federal Trade Commission (“FTC”), collectively the “Agencies”, recently issued final rules which are effective July 1, 2010 to implement the accuracy and ...

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  • New Mexico Legislative Update

    March 24, 2010

    Our Memorandum dated July 30, 2009 discussed the provisions of Senate Bill 342, effective July 31, 2009, which enacted the New Mexico 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”).  This Memorandum addresses the provisions of Senate Bill 342 that are effective ...

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  • Community Reinvestment Act: Interagency Questions and Answers (effective March 11, 2010)

    March 23, 2010

    The Office of the Comptroller of the Currency (“OCC”), the Board of Governors of the Federal Reserve System (“Board”), the Federal Deposit Insurance Corporation (“FDIC”), and the Office of Thrift Supervision (“OTS”), collectively the “Agencies,” recently adopted as final amendments to the Interagency Questions and Answers Regarding Community Reinvestment (“Questions and Answers”) under the Community Reinvestment Act (“CRA”)....

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  • Indiana and New York Regulatory and Nevada and Oregon Legislative Update

    March 22, 2010

    The Indiana Department of Financial Institutions (“DFI”) and the New York Banking Department (“Department”) have recently issued emergency regulations.  Nevada and Oregon legislatures have enacted bills related to the foreclosure process.  If you have any questions concerning this Memorandum, please contact Laura LaRaia.

     

    Indiana Emergency Rules 750 IAC 9 (effective February 11, 2010)

     

    Our August 28, 2009 ...

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  • Maryland Regulatory Update

    March 22, 2010

    The Maryland Commissioner of Financial Regulation (“Commissioner”) issued rules effective March 15, 2010.  This memorandum addresses those rule changes.  If you have any questions regarding this memorandum, please contact Laura LaRaia.

     

     

    COMAR 09.03.06 MORTGAGE LENDERS

    Transition to Nationwide Mortgage Licensing System and Registry (“NMLSR”)

     

    In connection with an initial application for a license, and at any other ...

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  • Texas Regulatory Update

    March 12, 2010

    Our June 26, 2009 Memorandum discussed Texas House Bill 10, effective June 19, 2009, which enacted the Texas Secure and Fair Enforcement for Mortgage Licensing Act of 2009 to implement and comply with the Federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (the “S.A.F.E. Act”).  The Memorandum discussed the financial responsibility requirements that an individual must ...

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  • Nebraska Legislative and Nevada Regulatory Update

    March 11, 2010

     Our April 27, 2009 Memorandum discussed Nebraska Legislative Bill 328, effective April 22, 2009, which amended Nebraska’s laws governing financial institutions and enacted the Residential Mortgage Licensing Act (“RMLA”) to comply with the Federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (the “S.A.F.E. Act”).  The Nebraska legislature recently amended its laws related to financial institutions and ...

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