17 Jan Maryland, Montana, New York Regulatory and Pennsylvania Judicial Update
The Maryland Commissioner of Financial Regulation of the Department of Labor, Licensing, and Regulation (“Department”) recently amended the promulgated Notice of Intent to Foreclose form for non-owner occupied property. The Montana Department of Administration adopted mortgage broker and loan originator licensing rules under the Montana Mortgage Act (the “Act”). The New York Department of Financial Services has extended emergency regulations related to the servicing of mortgage loans. Bucks County Pennsylvania Local Court Rules regarding the foreclosure diversion program has been extended.
MARYLAND RULES 09.03.12 (effective January 7, 2013)
The revised notice of Intent to Foreclose form for non-owner occupied property can be found on the Department’s website as Appendix C under the Foreclosure Regulation Forms athttp://www.dllr.state.md.us/finance/finregforms.shtml#foremed.
MONTANA RULES 2.59.1749 (effective January 18, 2013)
The written form for requesting an exemption under the Act as a depository institution, a subsidiary that is owned and controlled by a depository institution and regulated by a federal banking agency, or an institution regulated by the Farm Credit Administration is the Mortgage Uniform 1 Registry (MU1R) version 1. The written form for requesting an exemption under the Act as a registered mortgage loan originator that works for a depository institution, a subsidiary that is owned and controlled by a depository institution and regulated by a federal banking agency, or an institution regulated by the Farm Credit Administration is the Mortgage Uniform 4 Registry (MU4R) version 1. These forms are filed with the Nationwide Mortgage Licensing System & Registry at mortgage.nationwidelicensingsystem.org.
NEW YORK EMERGENCY REGULATIONS – RULES PART 419 (effective December 13, 2012)
Our August 23, 2010, December 8, 2010, March 24, 2011, May 20, 2011, August 23, 2011, November 18, 2011, January 25, 2012, May 8, 2012, August 15, 2012, and December 3, 2012 Compliance Memoranda discussed New York Emergency Regulations addressing the servicing of mortgage loans, which were effective October 1, 2010, November 1, 2010, February 1, 2011, May 2, 2011, July 22, 2011, October 20, 2011, January 17, 2012, April 17, 2012, July 12, 2012, and October 7, 2012 respectively. The New York Financial Services Department recently extended the Emergency Regulations through March 11, 2013.
43 PA.B. 11 (effective February 4, 2013)
Our August 14, 2009 Compliance Memorandum discussed Bucks County, Pennsylvania Local Court Rules Title 255, Administrative Order No. 55, which created a mortgage foreclosure diversion program (the “program”). The program has been extended through December 31, 2013.