Mortgage Document Preparation Compliance Alerts

  • New Jersey Regulatory Update

    July 30, 2010

    New Jersey Rules

     

    Our May 13, 2009 Memorandum discussed New Jersey Assembly 3816, which enacted the New Jersey Residential Mortgage Lending Act (“RMLA”) to comply with the Federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (the “S.A.F.E. Act”).  The New Jersey Department of Banking and Insurance (the “Department”) recently amended its mortgage lending rules under ...

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  • Illinois and Michigan Legislative and New Mexico Regulatory Update

    July 30, 2010

    Illinois legislation addressing elder abuse and foreclosure sales was recently enacted, and Michigan enacted the Uniform Real Property Electronic Recording Act (the “Act”).  The New Mexico mortgage loan originator and mortgage loan company requirements were clarified by the Financial Institutions Division of the New Mexico Regulation and Licensing Department (the “Division”), and the Home Loan Protection Act rules were ...

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  • Pennsylvania Regulatory Update

    July 28, 2010

    The Pennsylvania Department of Banking (the “Department”) recently issued statements of policy addressing mortgage loan modifications and reverse mortgages.

     

    Pennsylvania Statement of Policy – Mortgage Loan Modifications 40 Pa.B. 3868 (dated July 10, 2010)

     

    The purpose of this statement of policy is to provide guidance to licensees under the Mortgage Licensing Act (“MLA”) and the Consumer Discount ...

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  • Wisconsin Legislative Update

    July 28, 2010

    Wisconsin has adopted the Uniform Power of Attorney for Finances and Property Act (the “Act.”)

     

    Wisconsin Assembly Bill 704 (effective September 1, 2010)

     

    To execute a power of attorney, the principal must sign the power of attorney or another individual, in the principal’s presence and directed by the principal, must sign the principal’s name on the power ...

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  • Arizona Legislative Update

    July 19, 2010

    The Arizona legislature recently enacted reverse mortgage laws.  House Bill 2242 is effective August 24, 2010.  If you have any questions concerning this memorandum, please contact Laura LaRaia.

     

    Definitions

    “Agreement” means the document that on execution obligates the borrower and the originator under the reverse mortgage.

     

    “Dwelling” means a residence that is designed principally for ...

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  • Arizona Legislative and South Dakota Regulatory Update

    July 16, 2010

    The Arizona legislature recently enacted foreclosure consultant laws and amended its foreclosure laws addressing excess foreclosure proceeds.  The South Dakota Division of Banking recently amended its regulations related to mortgage lenders and mortgage brokers.  If you have any questions concerning this memorandum, please contact Laura LaRaia.

     

    ARIZONA SENATE BILL 1130 (effective August 24, 2010)

     

    Definitions...

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  • Guidance on Sound Incentive Compensation Policies

    July 14, 2010

    The Office of the Comptroller of the Currency, the Board of the Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of Thrift Supervision (collectively the “Agencies”) adopted final guidance designed to help ensure that incentive compensation policies at banking organizations do not encourage imprudent risk-taking and are consistent with safety and soundness of the ...

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  • Minnesota Legislative and North Carolina Regulatory Update

    July 12, 2010

    The Minnesota legislature recently amended its eviction laws.  Our April 21, 2010 Memorandum discussed North Carolina Rules 04 NCAC 03M.0101 to .0703, to implement the North Carolina Secure and Fair Enforcement Mortgage Licensing Act (“NC SAFE Act”), which were effective May 1, 2010.  The North Carolina Banking Commissioner (the “Commissioner”) recently amended the NC SAFE Act rules.  ...

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  • New Hampshire, Rhode Island and South Carolina Legislative Update

    July 07, 2010

    Recent New Hampshire legislation made changes to the mortgage bankers and mortgage brokers licensing requirements and addressed certain governmental and nonprofit entities’ mortgage licensing requirements. Rhode Island made technical corrections to its foreclosure timeframes.  The South Carolina legislature made amendments to its licensing requirements of mortgage brokers and mortgage lenders.  If you have any questions concerning this memorandum, ...

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  • Louisiana Legislative Update

    July 06, 2010

    The Louisiana legislature recently amended the education requirements under the Louisiana S.A.F.E. Residential Mortgage Lending Act and passed legislation governing reverse mortgages.  If you have any questions concerning this memorandum, please contact Laura LaRaia.

     

    LOUISIANA HOUSE BILL 335 (effective August 15, 2010)

     

    The pre-licensing education requirement is now 20 hours (previously 24 hours) and the continuing ...

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