Utah Legislative Update

Leading document preparation solution provider MRG recently published an update concerning lending legislation in the state of Utah. Utah House Bill 196 extends the date that a citation may be issued following a violation from 6 months to 1 year after the occurrence of a violation. The bill also modifies the definition of a “Business of Residential Mortgage Loans” for greater clarity as well as key reporting and licensing requirements under the jurisdiction of the Division of Real Estate.

You can read the full text of the Utah update on MRG’s website.

Vermont H.B. 182 Legislative Update

MRG, a doc prep provider that creates compliant loan documentation for lenders in all 50 states of the USA, compiled an update regarding Vermont’s House Bill 182. The bill addresses laws regarding mortgage lending licensing, including:

• continuing education requirements when a previously-licensed mortgage loan originator applies for a new license;
• requirements demonstrating that applicants are “financially responsible,” not having outstanding judgments, outstanding tax liens, foreclosures, etc.; and
• exemptions to the continuing education requirement.

You can read the full text of the Vermont H.B. 182 update on MRG’s website.

Federal Regulatory Update: CFPB Spring 2017 Supervisory Update

MRG, a leading document preparation company specializing in regulation-compliant loan documentation in every state of the USA, released a collection of highlights from the Consumer Financial Protection Bureau’s (CFPB’s) Spring Supervisory Highlights.

Key takeaways included the Ability-to-Repay Rule and its interpretation by the Bureau as well as common citations levied against servicers, such as “Paying the consumer’s insurance premiums with escrow funds from another borrower’s escrow account, and issuing vague periodic statements that were not specific enough to comply with Regulation Z.”

You can read the full text of the Federal Regulatory update on MRG's website.

Maryland S.B. 924 Legislative Update

Leading compliant lending documentation prep provider MRG released a post covering the recent amendments to laws governing Maryland’s surety bond requirements for licensees under the Maryland Mortgage Lender Law. Senate Bill 924 amends surety bond requirements to include that bonds must “Run to the Commissioner, as obligee… be in an amount determined by the Commissioner” and be “issued by a surety company that is authorized to do business in Maryland and holds a Certificate of Authority issued by the Maryland Insurance Commissioner,” among other requirements.

You can read the full text of the Maryland S.B. 924 update article on MRG's website.

Virginia H.B. 1623/S.B. 991 and H.B. 1909 Legislative Update

The compliant loan doc prep specialists at MRG have weighed in on amendments that recently passed the Virginia state legislature, House Bill 1623/Senate Bill 991, and House Bill 1909. H.B. 1623/S.B. 991 make a change to the proceedings surrounding tenant status at the time of foreclosure, stating that “foreclosure acts as a termination of the rental agreement with the foreclosed-upon owner; however, the tenant may remain in possession of the dwelling unit as a month-to-month tenant on the terms of the terminated rental agreement until the successor owner gives a notice of termination.”

Basically, the amendment requires the new landlord, or “successor owner” to notify rental tenants in writing prior to terminating their rental agreements with the previous landlord.

House Bill 1909 amends the value ceiling on real property that the treasurer or other officer responsible for tax collection may sell at public auction down from $10,000 to $5,000. Real property valued at more than $5,000, but less than $20,000 may be sold at public auction if the property is not subject to a recorded mortgage or deed of trust lien, and meets a variety of other conditions.

These amendments become effective July 1, 2017. You can read the full text of the Virginia H.B. 1623/S.B. 991 and H.B. 1909 update on MRG's website.