Browse articles from all of our Newsletters related to State Regulators.
January 16, 2017 - Inside the CFPB
NY Acts to Hold Banks and Mortgage Servicers Accountable for Maintaining Zombie Properties. The New York Department of Financial Services recently finalized a regulation intended to protect communities from the blight of zombie properties by requiring banks and mortgage servicers to report and maintain vacant and abandoned properties.... Mortgage Servicers Face New Licensing Requirement in Kentucky. The Kentucky Department of Financial Institutions has decided to require both master servicers and subservicers to obtain a license as a mortgage loan company with the KDFI if the loans being serviced are secured by residential real property located in the state....
January 13, 2017 - Inside Mortgage Trends
The New York Department of Financial Services made some concessions to industry participants by revising proposed cybersecurity standards. Some mortgage-industry officials were happy with the revisions while reiterating concerns about the proposed standards. The NYDFS first proposed cybersecurity standards in September. The proposal was the first of its kind from a state regulator and more prescriptive than guidance from the Federal Financial Institutions Examination ...
December 16, 2016 - Inside FHA/VA Lending
A recent ruling by Floridas Fifth Court of Appeal, if finalized, will affect any FHA foreclosure case that references the Department of Housing and Urban Developments mandatory face-to-face interview with borrowers, according to industry attorneys. In Palma v. JPMorgan Chase Bank, Natl Assn, et al., the state appellate court found that HUDs face-to-face interview requirement is a condition precedent to foreclosure for Florida mortgages that specifically incorporate the HUD regulation. Prior to the decision, no Florida appellate court has held that HUDs requirement constitutes a condition precedent to foreclosure, according to attorneys with the Richmond, VA, law firm McGuireWoods. Although this decision is not yet final and rehearing is likely, it has far-reaching impacts on the conditions and evidence required for foreclosure trials throughout Florida and is the ...
December 16, 2016 - Inside MBS & ABS
A New York appellate court this week denied Credit Suisses motion to dismiss claims made by NY Attorney General Eric Schneiderman in relation to the creation and sale of MBS to investors. In a majority decision, the New York Supreme Court held that the AGs claims of securities fraud and persistent fraud or illegality are not time-barred, finding that the claims under the state Martin Act and Executive Law are governed by the six-year statute of limitations rather than the three-year limitations found in Section 214(2) of the states Civil Practice Law and Rules (CPLR). As of March 21, 2012, the parties entered...
December 8, 2016 - Inside Mortgage Finance
Washington state is on track to become the first state to set capital requirements for nonbank mortgage servicers. A proposed rule has been met with resistance from the Mortgage Bankers Association, with the trade group calling on the state to halt the process and wait for pending national standards from the Conference of State Bank Supervisors. In September, Washingtons Department of Financial Institutions proposed capital requirements for nonbank servicers licensed in the state. Under the proposal, servicers would have to meet capital requirements set by the government-sponsored enterprises or a government entity. For servicers that solely handle non-agency mortgages, the Washington DFI proposed...
December 8, 2016 - Inside Mortgage Finance
Despite higher interest rates, publicly traded mortgage stocks have been rising since the election, but market watchers are cautious that recent gains could evaporate quickly. Two things are going on here, said Henry Coffey, an equities analyst at Wedbush Securities. Weve had a massive market rally, especially in financial stocks. But the general consensus is that the new administration is going to be less punitive than the current one. Coffey added...[Includes one data table]
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