Connecticut Department of Banking Memo
On October 1, 2014, the Commissioner of the Connecticut Department of Banking clarified its mortgage servicer licensing requirements. Both purchasers of mortgage servicing rights and purchasers of mortgage loans who hire licensed mortgage servicers to actually perform the servicing activity are acting indirectly as mortgage servicers and would require licensure as mortgage servicers, unless specifically exempt under state law.
Georgia Department of Banking Rule Revisions
The Georgia Department of Banking and Finance adopted final revisions to its rules under the Georgia Residential Mortgage Act. These changes were effective December 26, 2014.
Maryland Regulations Regarding Foreclosure
The Maryland Department of Labor, Licensing and Regulation, Office of the Commissioner of Financial Regulation amended its rules concerning mortgage foreclosure. The Department updated existing procedures for foreclosure of residential property by changing current mediation forms and adding new forms to reflect recent changes to federal law. The effective date of the revised forms is February 1, 2015.
Michigan HB 5794 and HB 5795
The Governor of Michigan signed into law HB 5794 and HB 5795, relating to foreclosures. These bills amend the Revised Judicature Act. Both bills are currently effective.
Michigan SB 1087
The Governor of Michigan signed into law SB 1087, relating to a servicing exemption from licensure. This bill exempts certain servicer loss mitigation staff from licensure. The bill is currently effective.
Montana Revised Regulations
The Montana Department of Administration, Division of Banking and Financial Institutions adopted revisions to the Administrative Rules of Montana regarding renewal fees for mortgage licensees. The Department added renewal fees for mortgage servicers and mortgage servicer branches. The renewal fee for a mortgage servicer is $750.00, and the renewal fee for a mortgage servicer branch is $250.00. This amendment was effective November 7, 2014.
New York SB 7224
The Governor of New York signed into law Senate Bill 7224, which revises the subprime loan thresholds applicable to most FHA loans. The legislation is currently effective.
New York Final Rules Regarding Forced-Placed Insurance
The New York Department of Financial Services issued final rules regulating the rates for and placement of force-placed insurance. These rules were effective January 18, 2015.
Ohio HB 201
The Ohio General Assembly passed Ohio House Bill 201, which changes Ohio law relative to entries of satisfaction of mortgages. The legislation is effective March 20, 2015.
Pennsylvania Base Figure for 2015
The Pennsylvania Department of Banking announced the adjusted “base figure” for calendar year 2015. Under the Loan Interest and Protection Law, certain restrictions and limitations are applicable to loans with a loan amount equal to or less than the base figure. The adjusted base figure for 2015 is $241,111. This new base figure was effective January 1, 2015.
Texas Revised Regulations
The Finance Commission of Texas issued revised regulations regarding home equity loans. The Commission revised its current regulations to implement the recent decision of the Texas Supreme Court regarding certain home equity loan requirements, including the definition of “interest,” the signature requirements regarding powers of attorney, and acceptance of a borrower’s consent by mail. The final regulations are effective January 1, 2015.