Maryland passed a bill requiring lenders and servicers to provide a “notice of foreclosure” (Notice) to the Department of Labor, Licensing, and Regulation (Department). Under
Illinois amended rules under the Residential Mortgage Licensing Act (RMLA). Under the amended rules, mortgage lenders, brokers, servicers and purchasers must now file and maintain
Maryland passed a bill amending “notice of sale” requirements under the nonjudicial foreclosure process. Under the bill, a “notice of sale” provided in connection with
Connecticut passed a bill amending the content of the statutory power of attorney forms under the Uniform power of Attorney Act. The bill becomes effective
South Carolina passed a bill amending the Licensing of Mortgage Brokers Act (LMBA). The amendments to the LMBA: remove the requirement that mortgage brokers maintain
South Carolina passed a bill amending the Mortgage Lending Act (MLA). The amendments to the MLA: add a definition for “loan correspondent”; revise licensing requirements
New Jersey passed a bill requiring Servicers to respond to short sale offers. Under the bill, a servicer must respond to a short sale offer
Delaware passed a bill requiring a mortgagee or assignee to record a Statement of Mortgage Address Change when there is a change to the mortgagee
North Carolina passed a bill enacting the Uniform Power of Attorney Act. The Uniform Power of Attorney Act is modeled upon the Uniform Power of
Hawaii passed a bill amending the Secure and Fair Enforcement for Mortgage Licensing Act. Under the bill, an exempt sponsoring mortgage loan originator company must
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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