On May 22, 2018 the U.S. House of Representatives approved the “Economic Growth, Regulatory Relied, and Consumer Protection Act” (US SB 2155 [2018]), which will now be submitted for passage to President Donald J. Trump, who is expected to sign it into law (see https://www.congress.gov/bill/115th-congress/senate-bill/2155?q=%7B%22search%22%3A%5B%22S2155%22%5D%7D&r=1)….
On May 15, 2018 Gov. Larry Hogan (R) passed into law MD SB 1068 (2018) which, among other provisions, exempts certain loans from the provisions of Subtitle 1, Title 12 of Maryland’s Commercial Law, if such loans are declared to be made pursuant to certain other laws (see http://mgaleg.maryland.gov/webmga/frmMain.aspx?pid=billpage&stab=01&id=sb1068&tab=subject3&ys=2018RS)….
On May 8, 2018 Gov. Nathan Deal (R) signed into law GA HB 1036 (2017), which permits the clerk of the Superior Court of Fulton County “to require that no instrument by which the title to real property or any interest therein is conveyed,…
In an email dated May 17, 2018 the USDA announced the following:
…
The Federal Housing Finance Agency (FHFA) has issued a new “Language Access Multi-Year Plan”, promulgated steps to be taken to provide more support for consumers with limited English proficiency (“LEP”; see https://www.fhfa.gov/PolicyProgramsResearch/Policy/Pages/Language-Access.aspx?utm_medium=email&utm_source=govdelivery). Some of these steps include:
…
In an email titled “May 8 Selling News: Register for Risk Management Boot Camp; Day 1 Certainty Case Study; and More” dated May 8, 2018, FNMA announced the following:
“New model renovation loan docs are easier to use and customize
Our new,…
The Minnesota Department of Commerce has updated certain dollar amounts under Minn. Stat. Ann. § 47.59 and ch. 56 (see https://mn.gov/commerce/industries/financial-institutions/interest-rates/consumer-credit-code.jsp), per Ibid. §§ 47.59(3)(i) & 56.131(4). These adjustments will take effect on July 1,…
On April 16, 2018 Gov. Scott Walker (R) approved WI AB 822 (2017), Section 2 of which amends Wis. Stat. Ann. § 138.052(5)(am)(1) in such a way as to no longer require interest payments on escrow accounts for new loans originated by “a bank,…
The Bureau of Consumer Financial Protection has issued a finalization of its proposed amendments to TRID (82 FR 37794 [2017]) to fix the “blackhole” or “gap” rule concerning the use of the Closing Disclosure for “resetting tolerances” (see https://www.consumerfinance.gov/policy-compliance/rulemaking/final-rules/federal-mortgage-disclosure-requirements-under-truth-lending-act-regulation-z/)….
The Oklahoma Department of Consumer Credit has published updated dollar amounts for certain provisions under the Oklahoma Consumer Credit Code (see https://www.ok.gov/okdocc/Licenses_We_Regulate/Supervised_Lender/index.html), which will take effect on July 1, 2018. Among these updates are ones to the maximum dollar amount which may be assessed for a late charge under Okla….
On April 11, 2018 FHLMC published Servicing Bulletin 2018-6 (available at: http://www.freddiemac.com/singlefamily/guide/) which, among other changes, revises the cancellation procedures for borrower-paid mortgage insurance (this change takes effect on October 1, 2018 – though servicers are permitted to implement these procedures prior to then)….
On April 6, 2018 the Department of Veterans’ Affairs issued VA Circular 26-18-7 (available at: https://www.benefits.va.gov/homeloans/resources_circulars.asp), revising guidance in the VA Lender’s Handbook regarding construction-to-permanent loans.
We are currently reviewing this change to determine any impact to our document library and/or systems and evaluating any necessary changes….
On April 5, 2018 the Department of Veteran’s Affairs (“VA”) issued an FAQ to address questions regarding VA Circ. 26-18-1 (both the FAQs and Circular can be accessed here: https://www.benefits.va.gov/homeloans/resources_circulars.asp; for details about changes we made due to this Circular,…
On March 23, 2018 the South Carolina Department of Consumer Affairs published in the South Carolina State Register revised amounts for certain dollar amounts promulgated under the South Carolina Consumer Protection Code (S.C. Code Ann. §§ 37-1-101 through 37-30-175),…
On March 19, 2018 Gov. Rick Scott (R) signed into law S.B. 386 (2018), which amends the late charge found in Fla. Stat. Ann. § 516.031(3)(a)(9) applicable to loans subject to the Florida Consumer Finance Act, changing the maximum charge from $15 to the following structure:
…
On March 15, 2018 Gov. Jay Inslee (D) signed into law WA SB 6029 (2018), which enacts and amends various provisions regarding student loans. One of these amendments includes the following:
“In addition for all consumer loans made by a licensee that are a refinance of a federal student education loan,…
In an email sent on March 26, 2018 the District of Columbia Department of Insurance, Securities and Banking (DISB) announced that they have moved to the following address:
District of Columbia Department of Insurance, Securities and Banking
1050 First Street NE,…
On March 15, 2018 the Banking Division of the Vermont Department of Financial Regulation finalized Regulation B-2018-01, which replaces Regulation B-2015-02 (4-2 Vt. Code R. §§ 10:1 through 10:25; see http://www.dfr.vermont.gov/reg-bul-ord/privacy-consumer-financial-and-health-information). Among other provisions, specific instructions are provided as to how the model Federal Privacy Form (12 CFR Pt….
On March 13, 2018 Gov. Eric Holcomb (R) signed into law IN HB 1397 (2018) which “makes various changes to the statutes concerning: (1) first lien mortgage lenders; (2) persons licensed under the Uniform Consumer Credit Code; (3) rental purchase agreements;…
On March 15, 2018 the Indiana Department of Financial Institutions submitted to the Indiana Register an emergency rule updating certain dollar amounts set forth under the Indiana Uniform Consumer Credit Code (Ind. Code Ann. §§ 24-4.5-1-101 through 24-4.5-7-414),…
