Compliance Newshub
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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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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Learn Why Clients Love ACES

Learn Why Clients Love ACES

"ACES has shined a light on our productivity and empowered us to hold our teams accountable."

- Emilee Rada, Director of Lending Operations at Georgia's Own Credit Union

Hear Why

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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Introducing: ACES PROTECT®

Introducing: ACES PROTECT®

Automated compliance tests to ensure compliance on more loans in less time

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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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December 28, 2022

New York Published Guidance Regarding Discontinued Publication of PMMS Rate for 5/1 ARM Loans

New York Department of Financial Services' Superintendent announced they will designate the Average Prime Offer Rate for 5/1 ARMs as the replacement benchmark lending institutions use for calculating subprime thresholds for adjustable or variable rate loans with an initial rate that is fixed for a minimum of 3 years pursuant Section 6-m of the Banking Law. This is in response to Freddie Mac’s announcement that it would discontinue publication of its weekly Primary Mortgage Market Survey (PMMS) rate for 5/1 ARMs. This guidance is retroactive to November 17, 2022, which is the first day on which Freddie Mac ceased publication of the 5/1 ARM rate.

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December 16, 2022

Michigan Enacts Prohibition on Restrictive Covenants in Deeds and Other Instruments

The state of Michigan enacted provisions that prohibit the recording of deeds or other instruments relating to real property that contain certain restrictive covenants or conditions, effective immediately.

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