After a recent compliance review, we are updating our Loan Modification Agreements to better match the corresponding security agreements to include necessary witness signature lines for various states. By default, witness lines will not appear on the Loan Modification Agreements for any states except Florida (FL ST 589.01),…
As part of a periodic audit focusing on notary sections, we are reviewing all of our standard documents with a notary block. To ensure more conservative compliance, we will be comparing the notary block to the model forms published for each of the fifty states and the District of Columbia….
On December 20, 2019 the Georgia Department of Banking and Finance finalized amendments to Ga. Comp. R. & Regs. 80-11-1 to include various provisions to accommodate 12 U.S.C.A. § 5117, which generally grants licensed (or registered) loan originators temporary authority to originate loans while they operate in a State in which they are in the process of being licensed or registered (e.g.…
These two disclosures for Illinois are provided pursuant to 765 Ill. Comp. Stat. Ann. 910/11 and Ill. Admin. Code tit. 38, §§ 1050.1110(f) & 1050.1360(a)(1). Both documents disclose (verbatim) the Illinois Mortgage Escrow Account Act, Section 5 of which permits the borrower to terminate their escrow account once their mortgage has been “reduced to 65% of its original amount” (Supra 910/5)….
The Florida legislature passed laws updating the state’s notary statutes. Both Fla. Stats. Ann. 695.25 and 117.05 were amended to allow for “online notarization”, as that term is defined in Fla. Stat. Ann. § 117.201(9). The changes modify the short form notary blocks to require the notary public to state whether the acknowledgements were taken physically or electronically through the addition of checkboxes and the language “by means of physical presence or online notarization”….
On June 9, 2017, Governor Brian Sandoval signed into law AB 468 (2017), which amends various provisions concerning mortgage bankers and mortgage brokers, including combining the two definitions together into a singular definition of “mortgage company” (see https://www.leg.state.nv.us/App/NELIS/REL/79th2017/Bill/5726/Overview)….
According to a new December 20, 2019 Rule that will be codified as Ga. Comp. R. & Regs. 80-11-1.-01(11), the Georgia Department of Banking and Finance instructs that when a mortgage lender or mortgage broker sponsoring a mortgage loan originator who is unlicensed but operating as a mortgage originator pursuant to 12 USC § 5117,…
Although not common, community land trusts have been established in many locations throughout the United States. Regarding community land trusts, FNMA Selling Guide B8-5-04 says:
“Mortgages secured by properties located on a community land trust are subject to a ground lease,…
On June 28, 2018, California Governor Jerry Brown signed into law the California Consumer Privacy Act of 2018 (CCPA). This law, as discussed previously, formalizes rights that consumers have concerning the collection and use of their personal information….
The Wisconsin Department of Financial Institutions-Banking set forth the following definition of “Loan Commitment” in DFI-BKG 40.01(5):
“Loan commitment” means a written statement signed by a lender, setting forth the terms and conditions upon which the lender is obligated to make a particular residential mortgage loan to a particular applicant….
