California Amends its Residential Mortgage Lending Act
On September 29, 2016, California Governor Jerry Brown signed into law a bill, Senate Bill 657 (SB 657), that revises the California Residential Mortgage Lending... Read More
State Regulatory Developments
Arkansas Adopts Uniform State Test for MLOs Effective January 1, 2017
The Arkansas Securities Department recently announced that it will adopt a national uniform test for purposes of mortgage loan originator (“MLO”) licensing in Arkansas. In... Read More
Florida Adopts Provisions Relating to Loan Originator Licensing
The Florida Department of Financial Services (“FLDFS”) recently amended provisions to follow the Nationwide Multistate Licensing System and Registry’s (“NMLS”) rules governing testing, pre-licensing and... Read More
NY Department of Financial Services Issues Guidance on Compensation Incentives
Last month, the NY Department of Financial Services issued guidance to ensure state regulated banks do not employ incentive arrangements that encourage improper corporate practices.... Read More
Delaware’s Senate Bill No. 243 Makes Amendments to its Statutory Trust Act
Mortgage companies and mortgage loan investors sometimes utilize trusts to purchase, hold and sell residential mortgage loans. Trusts can be chartered under state law as... Read More
California Amends its Finance Lenders Law
On September 22, 2016, California Governor Jerry Brown signed into law a bill, Senate Bill 777 (SB 777), that revises the California Finance Lenders Law... Read More
Texas Amends Provisions of the Secondary Mortgage Loan Act
The Finance Commission of Texas (“OCCC”) recently adopted provisions amending the Rules implementing the Secondary Mortgage Loan Act (“SMLA”), which generally apply to lenders making... Read More
Massachusetts Adopts Provisions Under its Truth in Lending Regulation
On August 12, 2016, Massachusetts amended its Truth in Lending regulations, 209 CMR 32.00, to closely align its disclosure requirements with the disclosure requirements under... Read More
Massachusetts Amends its Mortgage Loan Originator, Broker and Lender Regulations
The Massachusetts Division of Banks (DOB) recently amended its regulations governing mortgage loan originators, mortgage brokers and mortgage lenders. The changes made to these regulations... Read More
States to Begin Transition to Electronic Surety Bonds in Mid-September 2016
The future of surety bonds has arrived to the Nationwide Multistate Licensing System (“NMLS”). Beginning mid-September 2016, several states will begin replacing paper surety bonds... Read More
18 State Attorneys General Support the CFPB’s Proposed Anti-Arbitration Rule
On August 11, 2016, 18 State Attorneys General filed a letter in support of the Consumer Financial Protection Bureau’s (CFPB) proposed rule regarding pre-dispute arbitration... Read More
Legislative Changes Affecting Appraisal Management Companies
Louisiana, Illinois, and Minnesota legislatures have made recent legislative changes that affect appraisal management companies (AMCs) and real estate fee appraisers. Specifically, Louisiana and Minnesota... 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.