This topic consolidates legislative summaries of new and revised state laws pertaining to licensing, originating, and servicing mortgage loans.
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.
Search our Compliance Calendar for current regulatory changes & updates.
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.
"By partnering with ACES, we have witnessed an overall improvement in the quality of our reviews."
-Hilda Melendez, Quality Control Systems Director at Lennar Mortgage
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.
ACES allows Planet Home Lending to:
The Commissioner of the Vermont Department of Financial Regulation has extended the suspension of the disclosure requirements of Regulation B-98-2 for High Rate Mortgage Loans from January 1, 2023 through June 30, 2023; however, this suspension does not eliminate requirements for disclosures for High Point Mortgage Loans.
Governor Hochul signed A3081 into law on November 22, 2022, immediately prohibiting the registration of mortgages in default prior to the filing of a notice of pendency.
A bank or credit union subject to the examination authority of the commissioner shall report annually, on or before March 1, to the commissioner on the amount of revenue earned from overdraft fees and non-sufficient funds fees collected in the most recently completed calendar year and the percentage of that revenue as a proportion of the net income of the bank or credit union.
Pennsylvania Senate Bill 696 was approved by the Governor on November 3, 2022, modifying the Breach of Personal Information Notification Act definitions and other provisions relating to information security breach requirements
