Florida. Gov. Rick Scott (R) has signed H.B. 951, which ratifies the validity of electronic documents submitted to and accepted by a court clerk or county recorder for recordation, whether or not those documents complied with applicable e-document-related laws and regulations at the time. Louisiana. Gov. Bobby Jindal (R) has signed H.B. 492, which exempts from the mortgage loan originator licensing requirement set forth under the Louisiana Residential Mortgage Lending Act certain individuals…
The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 covers loan originators working for entities that originate FHA or VA mortgage loans, according to a final rule issued by the Department of Housing and Urban Development. Under the long-anticipated rule on state compliance with the SAFE Act, HUD clarified that even though the FHA and VA programs were created by federal statute and governed by federal regulations, the loans they insure or guarantee are originated for profit. Since FHA and VA loans are originated in the “commercial context,” the loan originators (LOs) are generally subject to the requirements of...
The Consumer Financial Protection Bureau may have been more intensively involved in the 50-state servicer settlement discussions than it has publicly let on, and has tried to keep at least some of its contact with the state attorneys general secret, emails from several state agencies seem to suggest...
Between the servicing alignment initiative recently announced by the Federal Housing Finance Agency, the consent decrees bank regulators struck with some top mortgage servicers last month, and possible national servicing standards from federal policymakers in the near future, there may be very little room left for state attorneys general and regulators to influence servicing practices going forward...
The mortgage servicing industry is going to have its hands full and then some as it faces multiple levels of regulatory and statutory requirements over its practices, raising the question of exactly how all of these mandates and protocols are going to interact and how servicers are going to interface with them...
The draft servicing settlement proposed by some state attorneys general would prove counterproductive because it would drive up defaults and foreclosure costs and would not likely provide broad or lasting benefits, according to a study released this week. Researchers at Kansas State University, Louisiana State University and the National Bureau of Economic Research said...
Illinois. The Division of Banking has been receiving inquiries regarding a number of mortgage companies that are still in the process of renewing their Illinois residential mortgage licenses for calendar year 2011 through the Nationwide Mortgage Licensing System and Registry. The issue is that...
Dissent threatens to split a coalition of federal agencies and 50 state attorneys general over a proposed settlement with major mortgage servicers over improper and abusive servicing practices. As federal agencies and state regulators prepare to meet with mortgage servicers for the first time next week, their unity appeared to fray ...
Discussion over the size of civil fines to be imposed on mortgage servicers continues in the wake of a draft term sheet of the settlement agreement proposed by state attorneys general that was floated last week. A spokesman for Iowa Attorney General Tom Miller said...
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