Regulatory Updates

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<ul class="alm-listing alm-noscript"><div class='oxy-post'>
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      December 11, 2024    </div>
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  <a class='oxy-post-title' href='https://www.asurity.com/regulatory-updates/texas-updates-regulations-impacting-mortgage-originations-and-mortgage-servicing/'>Texas Updates Regulations Impacting Mortgage Originations and Mortgage Servicing</a>
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    <p>The Texas Department of Savings and Mortgage Lending (“Department”) issued updated rules relating to mortgage companies, loan originators, mortgage bankers, and mortgage servicers.&nbsp; The revisions are aimed at modernizing and updating the rules by adding and replacing language for clarity, removing unnecessary or duplicative provisions, and updating terminology.&nbsp;&nbsp;&nbsp; Mortgage Loan Originators, Mortgage Companies and Mortgage [&hellip;]</p>
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      July 24, 2024    </div>
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  <a class='oxy-post-title' href='https://www.asurity.com/regulatory-updates/hud-fannie-mae-and-freddie-mac-announce-reconsideration-of-value-requirements/'>HUD, Fannie Mae and Freddie Mac Announce Reconsideration of Value Requirements</a>
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    <p>In an effort to combat appraisal bias, the U.S. Department of Housing and Urban Development (HUD) along with both Fannie Mae and Freddie Mac (collectively the GSE’s) have issued new guidance to support borrowers who believe their appraisal to be inaccurate or deficient. Lenders are required to develop processes for handling a reconsideration of value [&hellip;]</p>
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      January 8, 2024    </div>
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  <a class='oxy-post-title' href='https://www.asurity.com/regulatory-updates/illinois-legislation-prohibits-misleading-marketing-aimed-at-borrowers/'>Illinois Legislation Prohibits Misleading Marketing Aimed at Borrowers</a>
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    <p>As of January 1, 2024, mortgage companies soliciting consumers in Illinois will need to ensure their marketing materials do not run afoul of the state’s new law designed to protect consumers from being misled. The new law provides that any marketing materials from a mortgage company with no connection to the consumer’s existing mortgage company [&hellip;]</p>
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      November 17, 2023    </div>
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  <a class='oxy-post-title' href='https://www.asurity.com/regulatory-updates/illinois-allows-loan-originators-to-work-remotely/'>Illinois Allows Loan Originators to Work Remotely</a>
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    <p>Beginning January 1st, loan originators in Illinois will be permitted to work from a remote locationprovided certain customer interaction and information security requirements are met. Previously, loanoriginators were only able to conduct business in locations licensed as a branch office.While many states issued temporary executive orders permitting remote work during the pandemic outof health and [&hellip;]</p>
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      November 10, 2023    </div>
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  <a class='oxy-post-title' href='https://www.asurity.com/regulatory-updates/states-focus-efforts-on-consumer-privacy-protection/'>States Focus Efforts on Consumer Privacy Protection </a>
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    <p>Amid growing concerns with data security and consumer privacy, 2023 saw the addition of consumer privacy and data security legislation in multiple states.&nbsp; Below is a summary of the state laws aimed at protecting consumer’s private data that were enacted this past year: States with privacy protection laws in place prior to 2023 include California, [&hellip;]</p>
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      October 19, 2023    </div>
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  <a class='oxy-post-title' href='https://www.asurity.com/regulatory-updates/california-becomes-latest-state-to-permit-ron/'>California Becomes Latest State to Permit RON</a>
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    <p>California has joined 44 other states and the District of Columbia in passing laws to permitremote online notarization (“RON”). Notaries in California will not be able to perform suchnotarizations until January 1, 2030, however, in order to give the Secretary of State time toadopt regulations and establish the technology necessary to implement the RON laws. [&hellip;]</p>
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      September 15, 2023    </div>
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  <a class='oxy-post-title' href='https://www.asurity.com/regulatory-updates/georgia-document-update-borrowers-acknowledgement-of-rights-will-replacewaiver-of-borrowers-rights/'>Georgia Document Update: Borrower’s Acknowledgement of Rights Will ReplaceWaiver of Borrower’s Rights</a>
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    <p>In 2021, the Consumer Financial Protection Bureau (“CFPB”) issued a supervisory highlightoutlining its concerns with the Waiver of Borrower’s Rights, a document historically included inGeorgia closing packages. The CFPB found that use of the form, which requires borrowers towaive their rights to notice or to judicial hearing, is considered deceptive and violates theConsumer Financial Protection [&hellip;]</p>
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      August 24, 2023    </div>
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  <a class='oxy-post-title' href='https://www.asurity.com/regulatory-updates/maine-adds-annual-pmi-cancellation-notice-requirement/'>Maine Adds Annual PMI Cancellation Notice Requirement</a>
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    <p>Effective September 20, 2023, supervised lenders and servicers of residential mortgages will berequired to provide borrowers with an annual disclosure document informing them of their rightto cancel or to terminate private mortgage insurance, in accordance with the provisions of thefederal Homeowners Protection Act of 1998. The notice also must include the address andtelephone number the [&hellip;]</p>
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      August 10, 2023    </div>
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  <a class='oxy-post-title' href='https://www.asurity.com/regulatory-updates/north-dakota-revises-licensing-for-lenders-adds-licensing-requirement-for-servicers/'>North Dakota Revises Licensing for Lenders; Adds Licensing Requirement for Servicers</a>
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    <p>North Dakota has revised its licensing laws to change the license type required for residentialmortgage lenders and has added a licensing requirement for residential mortgage servicers. Residential mortgage lenders will no longer be licensed under the North Dakota Money BrokersAct but will instead be required to hold a Residential Mortgage Lender License. The new lawalso [&hellip;]</p>
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      August 8, 2023    </div>
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  <a class='oxy-post-title' href='https://www.asurity.com/regulatory-updates/north-carolina-delays-effective-date-for-remote-electronic-notarization-act/'>North Carolina Delays Effective Date for Remote Electronic Notarization Act</a>
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    <p>The effective date of the North Carolina Remote Electronic Notarization Act (“RENA”) has beendelayed one year until July 1, 2024 to allow the Secretary of State additional time to promulgaterules implementing the act. RENA also authorized the immediate use of emergency videonotarization until the effective date of the permanent legislation. With the effective date ofRENA [&hellip;]</p>
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</div></ul><div class="alm-paging">Pages: <span class="page"><a href="https://www.asurity.com/regulatory-updates/?pg=1">1</a></span><span class="page"><a href="https://www.asurity.com/regulatory-updates/?pg=2">2</a></span><span class="page"><a href="https://www.asurity.com/regulatory-updates/?pg=3">3</a></span><span class="page"><a href="https://www.asurity.com/regulatory-updates/?pg=4">4</a></span><span class="page"><a href="https://www.asurity.com/regulatory-updates/?pg=5">5</a></span><span class="page"><a href="https://www.asurity.com/regulatory-updates/?pg=6">6</a></span><span class="page"><a href="https://www.asurity.com/regulatory-updates/?pg=7">7</a></span><span class="page"><a href="https://www.asurity.com/regulatory-updates/?pg=8">8</a></span><span class="page"><a href="https://www.asurity.com/regulatory-updates/?pg=9">9</a></span><span class="page"><a href="https://www.asurity.com/regulatory-updates/?pg=10">10</a></span><span class="page"><a href="https://www.asurity.com/regulatory-updates/?pg=11">11</a></span><span class="page"><a href="https://www.asurity.com/regulatory-updates/?pg=12">12</a></span><span class="page"><a href="https://www.asurity.com/regulatory-updates/?pg=13">13</a></span><span class="page"><a href="https://www.asurity.com/regulatory-updates/?pg=14">14</a></span></div>