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
Illinois passed a bill requiring lenders and servicers licensed under the Residential Mortgage License Act to accept certain arrearage payments offered by a borrower in
Fannie Mae issued Servicing Guide Announcement SVC-2025-01 (Announcement), setting forth updates to the Servicing Guide. Per the Announcement, Fannie Mae introduced new cybersecurity requirements for
Freddie Mac issued Bulletin 2025-2 (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac: Revisions related to the portfolio reconciliation requirement
New York passed a bill amending recently enacted flood insurance requirements and restrictions for mortgage lenders and servicers. In December, 2024, New York passed a
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