States Revamp Mortgage Rules
DALLAS-More than 10 states recently made legislative and/or regulatory changes related to real estate loans and foreclosures, according to MRG Document Technologies, which regularly tracks such compliance changes.
Among the compliance alerts issued by MRG were:
• The Indiana legislature has recently amended its foreclosure laws.
• The Arkansas legislature recently amended the Fair Mortgage Lending Act and the Title Insurance Act. Legislation addressing broker's price opinions, statutory foreclosures and real property transfer taxes has also been enacted. All of the legislation is effective July 7, 2011.
• The Hawaii legislature recently amended its foreclosure laws and mortgage servicers laws.
• The New York State Banking Department extended Emergency Regulations.
• The Utah Department of Commerce, Division of Real of Estate recently amended the Utah Residential Mortgage Practices and Licensing Rules.
• The Vermont Department of Banking, Insurance, Securities and Health Care Administration recently issued an order regarding the effective date of the sponsorship requirement for individual mortgage loan originators that are employees of loan servicing companies.
• The Iowa legislature recently amended laws related to financial institutions, mortgage bankers and brokers and mortgage loan originators. It also amended its law on the licensing and regulation of real estate closing agents and addressed a non-signing spouse's interest in the homestead.
Additional Rules Changes
• The South Carolina Supreme Court recently issued an Administrative Order related to foreclosure prevention.
• The District of Columbia finalized its foreclosure law.
• Idaho legislation addresses a lien of assessment for water rights.
• The Indiana legislature amended the Financial Institutions code to include a definition of "balloon payment."
• The Virginia legislature recently amended the definition of subordinate mortgages under its refinance mortgage laws, amended the definition of a mortgage loan originator under its mortgage loan originator laws as well as amended its mortgage lender, mortgage broker and other provisions within its mortgage loan originator laws. The Virginia legislature also addressed transfer fees and conveyances by a trust.
• The Kentucky legislature recently amended laws governing abatement of nuisances, which are effective June 20, 2011.
• The Colorado Board of Mortgage Loan Originators has amended the mortgage loan originator rules effective May 15, 2011.