This topic consolidates legislative summaries of new and revised state laws pertaining to licensing, originating, and servicing mortgage loans.
On Tuesday, December 26th, 2023, the Ohio Department of Commerce announced the annually adjusted loan limit amount for assessing penalties for prepayment or refinancing of mortgage loans to no less than $110,223, effective on January 1st, 2024.
The Declared Rate for determining high-interest/high-point home loans in Vermont will be eight percent in 2024.
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Effective November 1, 2023, Oklahoma county clerks will require an affidavit regarding compliance with state laws on foreign property ownership to be included with every deed filed.
On October 13, 2023, California Senate Bill 455 was signed into law, requiring transferor mortgage servicers to provide any material written records between the borrower and servicer relating to the borrower's election to repair or replace property damaged in a disaster for which a state of emergency was proclaimed using insurance proceeds, and requiring the transferee servicer to honor any written agreements made prior to the transfer relating to such repairs.
On September 22, 2023, the Governor of New York signed into law changes to section 462 of the real property law related to the property disclosure statement, effective March 20, 2024.
Effective September 1st, 2023, Texas House Bill 219 has amended provisions related to the timing requirements for lien releases after mortgagor payoff.
"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
Colorado's Governor has signed a bill into law to help protect reverse mortgage borrowers from foreclosure if they are impacted by natural disasters.
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).
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.
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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Massachusetts has signed legislation that legalizes remote online notarizations (RON) to all notaries in the commonwealth, taking effect in January 2024.
Utah HB94 makes several changes to the requirements for reverse mortgages and is effective May 3, 2023.
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.
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.
