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State News

This topic consolidates legislative summaries of new and revised state laws pertaining to licensing, originating, and servicing mortgage loans. 

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May 23, 2023

Maryland HAF: New FAQs for Mortgage Servicers

The Maryland Department of Housing and Community Development and the Office of the Commissioner of Financial Regulation (OCFR) have published new frequently asked questions for mortgage servicers about the Maryland Homeowner Assistance Fund (HAF).

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April 25, 2023

Oklahoma SB 794 Supervised Loan Rates

SB 794 increases the maximum loan finance charge that may be levied by a supervised lender by including the federal funds rate published by the Board of Governors of the Federal Reserve System.

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April 07, 2023

New Jersey Bulletin No. 23-01 2023 High-Cost Home Loan Dollar Adjustment

The New Jersey Department of Banking and Insurance issued a bulletin addressing its annual review regarding the definition of a “high-cost home loan” under the Home Ownership Security Act of 2002, increasing the maximum principal amount of a loan that may be considered under this definition to $556,429.97 and is effective for all completed applications subject to the Act received on or after January 1, 2023.

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April 03, 2023

Massachusetts Passes RON Legislation

Massachusetts has signed legislation that legalizes remote online notarizations (RON) to all notaries in the commonwealth, taking effect in January 2024.

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March 27, 2023

Utah Amends Reverse Mortgage Requirements

Utah HB94 makes several changes to the requirements for reverse mortgages and is effective May 3, 2023.

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March 22, 2023

New Mexico Publishes Rule on State Law APR for Small Loans

New Mexico's Financial Institutions Division of the Regulation and Licensing Department have published a rule regarding APR fees and usury limits, among other provisions related to small dollar loan amounts effective March 29, 2023.

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March 01, 2023

Colorado Reverse Mortgage Foreclosure of Fire Victim Leads to Planned Bill Introduction

CBS News - Shaun Boyd

As reported by CBS News Colorado, State Rep. Kyle Brown plans to introduce a bill that would extend the time a reverse mortgage borrower may be out of their home from one year to five years when the absence is due to a disaster.

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February 27, 2023

Wyoming Homeowner Assistance Fund Update

The Wyoming Homeowner Assistance Fund Program is helping more homeowners by opening up applications for assistance to include forward mortgage payments of up to three consecutive months.

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February 22, 2023

New York Court of Appeals Ruling on Combining Information with Pre-Foreclosure Notice

Saul Ewing, LLP - Consumer Finance Litigation Bulletin- Francis X. Riley III

Bankruptcy disclosures, debt collection disclosures, and service members' disclosures may be included in a 90-day pre-foreclosure notice without voiding the notice under Section 1304 of the New York Real Property Actions and Proceedings Law, according to a Court of Appeals decision on February 14, 2023.

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January 10, 2023

Ohio Annual Loan Prepayment Penalty Adjustment for 2023

The Ohio Department of Commerce announced its annual loan prepayment penalty adjustment for 2023 so that no penalties may be imposed on prepayment or refinancing of a residential mortgage loan of less than $107,633 effective as of January 1, 2023

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January 06, 2023

Maryland Finalizes Changes to Residential Mortgage Foreclosure Procedures

The Maryland Commissioner of Financial Regulation issued an Industry Advisory Regulatory Notice summarizing amendments, recodifications, and newly adopted regulations under COMAR 09.03.12 Foreclosure Procedures for Residential Property, effective March 1, 2023.

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December 30, 2022

Maryland OCFR Advisory- Homeowner Assistance Fund (HAF)

The Office of the Commissioner of Financial Regulation has issued updated guidance regarding the Homeowner Assistance Fund as it pertains to servicer expectations.

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December 29, 2022

NY Senate Bill 6328A- Prohibition of Discrimination Based on Citizenship Status

The governor of New York signed into law Senate bill 6328A which prohibits discrimination in lending based on citizenship or immigration status on December 23, 2022.

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December 28, 2022

New York Published Amended Provisions on Discrimination Based on Citizenship

The state of New York has published amended provisions regarding discrimination based on citizenship or immigration status under Senate Bill 6328. These provisions are effective immediately.

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