On March 26, the Governor of West Virginia signed into law SB 613, a bill that amended certain statutes regarding mortgage broker, lender, and loan originator licensing requirements. The bill updated definitions relating to...more
Hosted by the Canadian Institute, the 23rd Annual Canadian Forum on Anti-Money Laundering and Financial Crime returns for another exciting year. The event features carefully curated programming providing practical guidance...more
Recently, my son took an online college course about social justice in the as-built environment. One topic in the class was redlining – a practice that limited the availability of affordable home loans for minorities. ...more
A&B Abstract: On January 24th, the Washington Department of Financial Institutions (the “DFI”) conducted its first Mortgage Industry Webinar of 2024 and provided updates in the areas of licensing, examination, and...more
Property development can be complicated, and a successful project requires the skills of many professionals. Before starting the hunt for the ideal property, consider first building a real estate development team. Once a...more
On March 26, the Virginia governor signed HB 2389, which permits mortgage lenders and mortgage brokers to allow employees and exclusive agents to work remotely provided certain conditions are met....more
On January 17, 2023, House Bill No 2389 was offered to re-enact sections 6.2-1600 (Definitions) and 6.2-1607 (Licenses; places of business; changes) of the Code of Virginia with proposed amendments that would permit employees...more
The Ontario Fraudulent Conveyances Act (the FCA), a concise statute of long-standing that traces its history to an English statute of 1571, is intended to prevent conveyances of property made with the intent to defeat,...more
2021 provided some long-awaited new exit ramps off the long and winding road of business vs. business residential mortgage litigation stemming from the 2007–08 financial crisis. A multitude of recent settlements has left that...more
To date, the licensing and disclosure obligations for lenders and brokers of commercial loans, (including commercial mortgage loans and non-real estate-secured commercial or business purpose loans) have not received the...more
On June 30, 2020, the State of Oregon enacted House Bill 4204 (the “Bill”) establishing a temporary commercial and residential foreclosure moratorium and other lender restrictions during an “emergency period” extending from...more
I recently was chatting with a residential mortgage broker and learned that conventional mortgages, those that qualify for purchase by Fannie Mae, carry a higher interest rate than “jumbo” mortgages, those that are too large...more
Attend the only forum designed to help you navigate the Residential Mortgage Industry’s evolving landscape. Now in its 26th installment, ACI’s Residential Mortgage forum has become a premier gathering of the key industry...more
A&B Abstract: Nevada recently adopted new regulations allow a natural person to obtain a license by endorsement to engage in business as a mortgage broker or mortgage agent, mortgage loan servicer, or escrow agent or agency,...more
As part of recently enacted legislation (HB 199) authorizing the Delaware State Bank Commissioner to participate in a multi-state automated licensing system to administer licenses for mortgage loan brokers, licensed lenders,...more
Vermont enacted legislation pertaining to initial and renewal applications and setting licensing fees to supplement legislation enacted earlier this year. Effective July 1, 2019, the following application fees apply in...more
Among other things, Maryland has amended its mortgage lender law as follows: Tangible Net Worth required by activity - Mortgage broker: $25,000...more
Consumers in West Virginia have found a new subject on which to file lawsuits. Within the past couple of years, litigation over reverse mortgages has become a bigger part of consumer lending litigation in West Virginia....more
• The State of New Jersey, on Aug. 24, 2018, enacted Assembly Bill 2035 that makes significant and important amendments (Amendments) to the Residential Mortgage Lending Act (RMLA), which had not been amended since it was...more
The North Carolina Commissioner of Banks Office has begun receiving new and converted Electronic Surety Bonds (ESB) through NMLS for its mortgage broker, mortgage lender, and mortgage servicer licenses....more
The United States Court of Appeals for the Second Circuit recently affirmed a magistrate judge’s decision in the District Court for the Eastern District of New York to dismiss a complaint brought under the Truth in Lending...more
On September 29, 2015, the Multi-State Mortgage Committee (MMC) and Conference of State Bank Supervisors (CSBS) issued an industry bulletin – Supervisory Expectations Regarding the Use of Electronic Examination Tools –...more
Why it matters - Federal regulators said they don’t expect perfection from banks trying to comply with the new mortgage disclosure requirements but will not turn a blind eye with regard to enforcement. In letters to...more
Social media has become an integral part of our society, and now it's playing a big role in our industry, too. The Consumer Financial Protection Bureau (CFPB) is harnessing the power of Facebook and Twitter not only to create...more
Consistent with recent indications from CFPB and Department of Justice officials that more redlining cases would soon be coming, the CFPB and DOJ have announced a proposed consent order with Hudson City Savings Bank to settle...more