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Workflow and Compliance: Benefits of Mortgage Process Automation

By John Park Supporting today’s seemingly endless list of regulatory mandates is one of the biggest challenges facing servicers. Despite numerous regulations, there is still a wide range of practices and policies in how mortgage loans are administered. The ability to adhere to a set process is essential to managing …

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Monthly State Regulatory Update: November 2017

California Multiple Provisions Including Renaming of Finance Lenders Law – The state of California modified multiple provisions (AB 1284) that include, but is not limited to, renaming the state Finance Lenders Law to Financing Law as well as updates to Business and Professions and Financial Codes. Provisions in this bill …

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Monthly State Regulatory Update: October 2017

California Trustee or Attorney Fees on Foreclosure Sales – The state of California modified its provisions (SB 479) by increasing the maximum amount that a trustee may demand and receive for trustee or attorney fees arising out of a foreclosure sale. These provisions are effective on January 1, 2018. Connecticut …

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State Mortgage Regulation in the Age of Trump: Be Careful What  You Wish For

by Daniel M. Burstein This article is adapted from a presentation made by the author at the Mortgage Bankers Association’s Legal Issues and Regulatory Compliance Conference in May 2017. The deregulatory drumbeat has pervaded the first months of the Trump administration. Ten days after taking office, President Trump issued an …

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CFPB Issues Guidance on Early Implementation of Mortgage Servicing Rules

By Jonathan R. Kolodziej The Consumer Financial Protection Bureau (CFPB) released “policy guidance” on June 27, 2017, related to the effective dates of the 2016 mortgage servicing rule amendments. In response to repeated requests from the mortgage servicing industry to change the two effective dates, the CFPB explained that it …

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Monthly State Regulatory Update: September 2017

Alaska Uniform Fiduciary Access to Digital Assets Act – The state of Alaska enacted provisions (HB 108) regarding its Revised Uniform Fiduciary Access to Digital Assets Act. These provisions are effective on October 31, 2017. Colorado Uniform Law on Notarial Acts – The state of Colorado enacted provisions (SB 132) …

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Monthly State Regulatory Update – August 2017

Arkansas Notary Public Fees – The state of Arkansas modified its provisions (HB 1450) relating to notary public requirements that includes updates to notary fees. These provisions were effective on July 31, 2017 Recordation of Deeds – The state of Arkansas amended its provisions (HB 1940) relating to the recordation …

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Monthly State Regulatory Update – July 2017

Alabama Uniform Fiduciary Access to Digital Assets Act – The state of Alabama enacted provisions (HB 138) regarding its Revised Uniform Fiduciary Access to Digital Assets Act. These provisions are effective on January 1, 2018. Colorado Uniform Law on Notarial Acts – The state of Colorado enacted provisions (SB 132) …

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HMDA Changes: The Final Rule and Fair Lending

By Martha J. Svoboda The traditional focus of HMDA compliance has been, and continues to be, on the annual monitoring of mortgage loan origination and mortgage loan purchase activity. This article discusses possible benefits and challenges from the recent amendments to the regulations implementing HMDA, specifically those pertaining to fair …

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Plugging into the New HMDA Requirements

By Burton Embry and Cassandra Wayman Although summer is just beginning and there is a little more than half a year remaining until January 1, 2018, compliance officers, IT professionals, and those working to implement the new HMDA changes have precious little time to make key business decisions and technology …

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