Kansas Amends Mortgage Business Act
March 31, 2016
Kansas passed a bill amending the Mortgage Business Act (MBA). The bill amends the MBA by: adding a definition for “mortgage servicer” and “mortgage servicing”;
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Colorado Repeals Disclosure of Fees and Costs and Loan Commitment Requirements
March 23, 2016
Colorado passed a bill repealing the “disclosure of fees and costs” required under the Mortgage Loan Originator Licensing and Mortgage Company Registration Act (MLOLMCRA) and
Michigan Repeals Borrower Bill of Rights and Consumer Caution and Home Ownership Counseling Notice
March 23, 2016
Michigan passed a bill repealing the Borrower Bill of Rights and the Consumer Caution and Home Ownership Counseling Notice. Under the bill, a lender is
Virginia Amends Office Requirements under Lender and Broker Act
March 23, 2016
Virginia passed a bill amending office requirements under the Lender and Broker Act. Under the bill, a mortgage lender and broker is no longer required
Florida Amends Timeframe for Cancellation of Mortgages upon Full Satisfaction
March 23, 2016
Florida passed a bill amending the timeframe for canceling a mortgage upon full satisfaction of the mortgage. Under the bill, a lender or servicer must
Wyoming Allows Electronic Recording of Documents
March 8, 2016
Wyoming passed a bill allowing documents to be electronically recorded pursuant to the Uniform Real Property Electronic Recording Act. The bill becomes effective January 1,
New York Issues Industry Letter Mandating use of National Average Commitment Rate when Determining Whether a Home Loan Qualifies as “Subprime”
January 29, 2016
The New York Department of Financial Services (Department) issued an industry letter mandating the use of the national average commitment rate when determining whether
Georgia Adopts Rules Clarifying Disclosure Requirements under Residential Mortgage Act
January 15, 2016
In November of 2015, Georgia adopted rules aligning disclosure requirements under the RMA with the disclosure requirements under the new TILA-RESPA Integrated Disclosure rule. This
Nevada Adopts Mortgage Servicer Act Rules
January 6, 2016
Nevada Adopts Mortgage Servicer Act Rules Nevada adopted rules amending the Mortgage Servicer Act (MSA). The adopted rules: establish requirements and application procedures for licensure;
Vermont Repeals and Readopts Rules Governing the Treatment of Nonpublic Personal Information about Borrowers
December 30, 2015
Vermont repeals and readopts rules governing the treatment of nonpublic personal information about borrowers by financial institutions. The readopted rules are substantially similar to the
