Investors in mortgage servicing rights must obtain a license in New Jersey; the Mortgage Bankers Association has urged Georgia to repropose certain portions of its proposal implementing temporary authority for LOs; New York enacts “zombie” property remediation law.
New York imposes additional requirements for lenders offering reverse mortgages under the HECM program, while a new California law will impact how firms collect and maintain consumer information.
Temporary operating authority for loan officers moving from one state to another is now the law of the land. However, origination firms need to pay attention to potential compliance risks, investor appetite, and state-specific requirements.