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Financial Assessment Is Working

The following is the fourth part in a series published at NewViewAdvisors.com/commentary and has been reprinted with permission. Financial Assessment is still working. FHA’s new policy of requiring a financial assessment (FA) of the borrower’s ability to pay has cut tax and insurance defaults by nearly three quarters and serious …

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Monthly State Regulatory Update: February 2018

Arizona Notary Fees – The Arizona Office of the Secretary of State adopted provisions relating to notary public fees. These provisions are effective on March 5, 2018 (R2-12-1102). Colorado Fair Debt Collection Practices Act – The state of Colorado modified its provisions concerning the continuation of regulations for collection agencies …

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Sizing Up the New TRID Rule: What Changed, What Didn’t, and What Remains Up in the Air

The latest version of TRID provided the industry with much-needed clarification on a number of issues and practices facing lenders as they react and operationalize workflow to be in compliance with the revised rules of engagement. As a private-label fulfillment resource, my company has had the opportunity to speak with …

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Monthly State Regulatory Update: January 2018

California Building Homes and Jobs Act – Effective as of January 1, 2018, the state of California will commence imposing a $75 per transaction fee (not to exceed $225) on recorded documents. This fee does not apply to purchase transactions and will require a county recorder to send revenues from …

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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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