Mortgage Document Preparation Compliance Alerts

  • New York Legislative and Maine Regulatory Update

    August 30, 2012

    Our October 26, 2011 Compliance Memorandum discussed New York Assembly Bill 7358-A, effective September 23, 2011, which enacted the Private Transfer Fee Obligation Act (the “Act”).  The New York legislature recently amended the Act.  The Maine Bureau of Consumer Credit Protection (the “Bureau”) recently adopted rules governing the conversion from Maine’s supervised lender and loan broker licensing system to the ...

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  • New York Legislative and Florida and Nevada Regulatory Update

    August 28, 2012

    The New York legislature recently amended the Banking Law governing licensed mortgage bankers, high-cost home loans, and subprime home loans relating to lender and broker compensation and yield spread premiums.  The Florida Department of Financial Services recently amended its regulations governing the Mortgage Brokerage and Lending Transaction Journal (the “Journal”).  The Nevada Division of Mortgage Lending (the “Division”) recently issued ...

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  • Connecticut Legislative Update

    August 20, 2012

     

    The Connecticut legislature recently amended its laws governing the recording fees, interest on funds held in escrow, and security breaches, and amended the Connecticut Housing Finance Authority Act (the “Act”).  All of the legislation is effective October 1, 2012. 

     

    CONNECTICUT SENATE BILL 67

     

    Our June 14, 2012 Compliance Memorandum discussed the provisions of Senate Bill 67 that ...

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  • Louisiana, Maryland and Massachusetts Legislative Update

    August 17, 2012

     

    The Louisiana legislature recently enacted legislation authorizing municipalities to enact ordinances relative to abandoned property.  The Maryland legislature recently enacted laws requiring the Department of Labor, Licensing, and Regulation (the “Department”) to establish a Foreclosed Property Registry (the “Registry”) and a Foreclosed Property Registry Fund (the “Fund”).  The Massachusetts legislature recently amended its laws to prevent unlawful and unnecessary ...

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  • Illinois and New York Legislative and New York Regulatory Update

    August 15, 2012

    The Illinois legislature recently amended its laws governing property tax installment due dates, effective August 10, 2012.  New York’s real property recordation laws will include electronic recording on September 22, 2012.  The New York Department of Financial Services extended Emergency Regulations on July 12, 2012.

     

    ILLINOIS SENATE BILL 3250

     

     

    All property upon which the first installment of ...

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  • Illinois Legislative Update

    August 09, 2012

    The Illinois legislature recently amended its laws governing residential mortgage licensing.  Except as discussed in this memorandum, House Bill 4521 was effective August 3, 2012.

     

     

    “Servicing” includes management of third-party entities acting on behalf of a residential mortgage licensee for the collection of delinquent payments and the use by the third-party entities of the licensee’s servicing records or ...

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  • Oregon Regulatory Update

    August 07, 2012

    Our April 19, 2012 Compliance Memorandum discussed Oregon Senate Bill 1552, which was effective April 11, 2012.  Senate Bill 1552 (the “laws”) authorized the Oregon Attorney General to adopt rules to implement the Foreclosure Avoidance Mediation Program (the “Program”).  The Attorney General recently promulgated temporary rules, which were effective July 11, 2012, and which will remain effective until January 6, ...

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  • Colorado Legislative and Hawaii Regulatory Update

    August 01, 2012

    The Colorado legislature recently amended its foreclosure laws effective September 1, 2012.  The Hawaii Department of Commerce & Consumer Affairs Division of Financial Institutions – Banking (“DFI”) issued a notice on July 1 addressing registered operating subsidiary mortgage loan originator companies and mortgage loan originators licensing transition period under the Hawaii SAFE Act (the “Act”).

     

     

    Colorado Senate Bill ...

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