Wisconsin passed a bill eliminating the requirement that lenders and servicers pay interest on funds held in escrow. Under the bill, lenders and servicers are
West Virginia passed a bill amending the SAFE Mortgage Licensing Act. Under the bill, the license application fee increased from $50 to $200. The bill
South Dakota passed a bill establishing disclosure requirements in the event of a security breach. Under the bill, an “information holder” must disclose a security
Texas adopted rules relating to home equity lending in light of recent amendments to the Texas Constitution. The adopted rules: update references to the fees
Ohio passed a bill consolidating all residential mortgage loan licensing under the Residential Mortgage Lending Act. Ohio previously regulated the residential mortgage industry under Chapter
Texas amended the state constitution with respect to “home equity loans.” The constitutional amendment: lowers the 3% home equity loan fee cap to 2% (of
Oregon passed a bill enacting the Mortgage Loan Servicer Practices Act (MLSPA). Under the bill, a person may not service a residential mortgage loan in
The Pennsylvania Department of Banking and Securities issued a bulletin increasing the residential mortgage threshold under the Loan Interest and Protection Law (LIPL). Under the
The New Jersey Department of Banking and Insurance issued a bulletin amending the high-cost home loan limit under the Home Ownership Security Act of 2002
Maryland passed a bill amending the Personal Information Protection Act (PIPA). Under the bill, the definition of personal information is expanded to include passport numbers
Fannie Mae issued Servicing Guide Announcement SVC-2024-06 (Announcement), setting forth updates to the Servicing Guide. Per the Announcement, Fannie Mae clarified requirements related to eMortgages.
FHA issued Mortgagee Letter 2024-20 implementing Federal Flood Risk Management Standards for new construction properties located in Special Flood Hazard Areas. On April 23, 2024,
Fannie Mae issued Selling Guide Announcement SEL-2024-07 (Announcement), setting forth updates to the Selling Guide. Per the Announcement, Fannie Mae: Revisions related to leasehold estates
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