Winter 2016-2017 States In Brief

Florida

The Florida Department of Financial Services revised its regulations governing the licensing mortgage loan originators. Specifically, the regulations streamline the process for individuals applying for a loan originator license.

Nevada

The Nevada Commissioner of Mortgage Lending adopted regulations with new requirements for mortgage brokers and mortgage bankers.

New Jersey

The New Jersey Department of Banking and Insurance issued a bulletin adjusting the maximum principal amount for a loan to be considered “high cost” under New Jersey’s Home Ownership Security Act of 2002. The adjustment applies to all completed applications for loans received by lenders on or after January 1st, 2017.

The Governor of New Jersey also signed Assembly Bill 766, relating to service member mortgage payments.

New York

The Governor of New York signed Senate Bill 7183, which added a definition to the state Banking Law for the consummation of a mortgage loan.

Pennsylvania

The Pennsylvania Department of Banking announced the adjusted “base figure” for calendar year 2017. Under the Loan Interest and Protection Law, certain disclosure requirements, fee restrictions, and other limitations are applicable to loans with a loan amount equal to or less than the base figure. The adjusted base figure for 2017 is $244,856, and was effective January 1, 2017.

Texas

The Finance Commission of Texas revised several of its regulations related to home equity lending. The revisions were effective as of November 24, 2016.

Vermont

The Vermont Commissioner of Taxes released the “declared rate” for 2017. While Vermont does not have state high-cost loan limitations, a high rate/high point disclosure is required for first mortgage loans where the borrower is expected to be charged more than four points and/or the interest rate (note rate) is more than three percent over the “declared rate.” The declared rate for 2017 is 3.6% so loans with interest rates of over 6.6% in 2017 would trigger a disclosure. There is no change from 2016, as the declared rate for 2016 was also 3.6%.

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