CSBS Issues FAQ on MCR Version 6, Information on Grace Periods
CSBS recently issued an FAQ on Form Version 6 (FV6) of the Mortgage Call Report, which goes into effect on January 1, 2024, and must... Read More
State Regulatory Developments
Minnesota Money Transmitter Changes Become Effective January 1, 2024
Certain provisions of the Minnesota Money Transmitter Modernization Act (MTMA) which conflict with current law or establish new requirements will become effective January 1, 2024,... Read More
DC Amends Regulations Implementing Remote Notarizations
The District of Columbia recently amended the District of Columbia Municipal Regulations to implement statutes related to remote online notarizations. The regulations became effective on... Read More
New York DFS Amends Cybersecurity Regulations
The New York Department of Financial Services recently amended its cybersecurity regulations, creating new requirements for covered entities, establishing a new class of covered entity... Read More
Oklahoma Now Requires Citizenship Affidavit with Deeds
Effective November 1, 2023, any deed filed with an Oklahoma county clerk must include an affidavit executed by the person or entity coming into title... Read More
CA Enacts Law Requiring Mortgage Service Transferees to Honor Certain Agreements to Repair Property
The Governor of California recently signed into law Senate Bill 455 (the Bill) which requires a transferor mortgage servicer that services a mortgage secured by... Read More
NMLS Releases XML Submission Specification for Implementation of MCR Form Version 6
NMLS recently announced that the revisions to the mortgage call report (MCR) proposed in Proposal 2018-1 will go into effect on January 1, 2024, and... Read More
States Settle with Mortgage Payment Processor over Unauthorized “Testing” Transactions
On October 17, 2023, a payment processor agreed to pay $10 million to 44 state money transmitter regulators, and $10 million to 50 state and... Read More
California Amends Notary Laws to Allow Remote Notarizations
California recently passed Senate Bill 696 (the Bill) to enact permanent remote online notarization statutes. Online notarial acts may be performed on the date the... Read More
CA DFPI UDAAP Rules Regarding Commercial Financial Products Now Effective
The California Department of Financial Protection and Innovation’s (DFPI) regulations (the Regulations) regarding new unfair, deceptive, and abusive acts and practices (UDAAP) rules for certain... Read More
Ex-CCO of California Money Transmitter Brings Whistleblower Claims over Change of Control
The former chief compliance officer (CCO) of a California money transmitter recently brought whistleblower retaliation and wrongful termination claims against her former employer, stemming from... Read More
Washington DFI Issues Consent Order over LO Comp Violations in Downpayment Assistance Loans
The Washington State Department of Financial Institutions (DFI) recently entered into a consent order with a non-bank mortgage lender to resolve multiple alleged violations of... Read More
Industry News, including Federal Regulatory Developments, State Regulatory Developments and Litigation Developments, is for general information purposes only and is not in any way intended, nor shall it be construed, as legal advice, legal opinion or any other advice on any specific facts or circumstances. No person or entity (“Person”) should act or refrain from acting upon this information without seeking professional advice. No Person may rely on this information or its applicability to any specific circumstances. The information in Industry News, including Federal Regulatory Developments, State Regulatory Developments and Litigation Developments, is in no instance to be taken as an indication of completeness, applicability to a particular situation, or an indication of future developments or results.