Compliance Newshub
State News

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.

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.

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.

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

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.

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

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.

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.

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.

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.