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1 Enrolled Copy S.B REGULATION OF REVERSE MORTGAGES GENERAL SESSION 3 STATE OF UTAH 4 Chief Sponsor: Wayne A. Harper 5 House Sponsor: Ken Ivory 6 7 LONG TITLE 8 General Description: 9 This bill enacts and modifies provisions relating to reverse mortgages. 10 Highlighted Provisions: 11 This bill: 12 enacts the Utah Reverse Mortgage Act; 13 defines terms; 14 provides requirements for a reverse mortgage in the state; 15 addresses the treatment of loan proceeds, priority, foreclosure, and lender default in 16 the context of a reverse mortgage; and 17 addresses the enforcement of the provisions of this bill. 18 Money Appropriated in this Bill: 19 None 20 Other Special Clauses: 21 None 22 Utah Code Sections Affected: 23 AMENDS: c-301, as last amended by Laws of Utah 2012, Chapter D-3-402, as last amended by Laws of Utah 2011, Chapter ENACTS: , Utah Code Annotated , Utah Code Annotated , Utah Code Annotated 19532 S.B. 120 Enrolled Copy , Utah Code Annotated , Utah Code Annotated , Utah Code Annotated , Utah Code Annotated , Utah Code Annotated , Utah Code Annotated , Utah Code Annotated , Utah Code Annotated , Utah Code Annotated , Utah Code Annotated , Utah Code Annotated , Utah Code Annotated Be it enacted by the Legislature of the state of Utah: 44 Section 1. Section is enacted to read: 45 CHAPTER 28. UTAH REVERSE MORTGAGE ACT 46 Part 1. General Provisions Title. 48 (1) This chapter is known as the "Utah Reverse Mortgage Act." 49 (2) This part is known as "General Provisions." 50 Section 2. Section is enacted to read: Definitions. 52 (1) "Borrower" means an individual who executes an agreement for a reverse 53 mortgage. 54 (2) "Dwelling" means: 55 (a) a one- to four-family residence in which the borrower occupies at least one unit; 56 (b) a condominium project approved by the United States Department of Housing and 57 Urban Development; or - 2 -3 Enrolled Copy S.B (c) a manufactured home built after June (3) "Independent housing counselor" means a person who is listed on the United States 60 Department of Housing and Urban Development's Home Equity Conversion Mortgage 61 Counselor Roster described in 24 C.F.R. Part (4) "Lender" means a person who makes a reverse mortgage. 63 (5) "Line of credit payment option" means a loan disbursement plan for a reverse 64 mortgage under which the lender pays the loan proceeds to the borrower at times and in 65 amounts determined by the borrower. 66 (6) "Means-tested program of aid to individuals" means any law or program that relates 67 to payments, allowances, benefits, or services that are provided on a means-tested basis by the 68 state. 69 (7) "Principal residence" means the dwelling: 70 (a) that an individual maintains as the individual's permanent place of abode; and 71 (b) where the individual typically spends the majority of the calendar year. 72 (8) "Reverse mortgage" means a nonrecourse loan that: 73 (a) is secured by the borrower's principal residence; 74 (b) provides cash advances to the borrower based on the borrower's equity in the 75 borrower's principal residence; and 76 (c) does not require payment of principal or interest until: 77 (i) each borrower dies; 78 (ii) the borrower's principal residence is transferred; 79 (iii) the dwelling that secures the loan is no longer the borrower's principal residence; 80 (iv) (A) the borrower fails to occupy the property that secures the loan for more than months because of physical or mental illness; and 82 (B) no other borrower maintains the property as a principal residence; or 83 (v) the borrower defaults. 84 (9) "Tenure payment option" means a loan disbursement plan for a reverse mortgage 85 under which the lender pays the loan proceeds to the borrower in equal monthly installments - 3 -4 S.B. 120 Enrolled Copy 86 for as long as the dwelling that secures the reverse mortgage remains the borrower's principal 87 residence. 88 (10) "Term payment option" means a loan disbursement plan for a reverse mortgage 89 under which the lender pays the loan proceeds to the borrower in equal monthly installments 90 for a fixed term that is chosen by the lender. 91 Section 3. Section is enacted to read: 92 Part 2. Reverse Mortgage Requirements Title. 94 This part is known as "Reverse Mortgage Requirements." 95 Section 4. Section is enacted to read: Borrower requirements. 97 A borrower shall: 98 (1) be 62 years of age or older; and 99 (2) occupy the dwelling that secures the reverse mortgage as a principal residence. 100 Section 5. Section is enacted to read: Disclosures to borrower. 102 A lender shall give a prospective borrower or a borrower the following written 103 disclosures: 104 (1) at the time the lender provides an application for a reverse mortgage to a 105 prospective borrower: 106 (a) a disclosure that explains any adjustable interest rate feature of the reverse 107 mortgage, including: 108 (i) the circumstances under which the interest rate may increase; 109 (ii) any limitation on the amount that the interest rate may increase; and 110 (iii) the effect of an increase in the interest rate; and 111 (b) a list of at least five independent housing counselors that includes each independent 112 housing counselor's name, address, and telephone number; 113 (2) at least 10 days before the day on which a reverse mortgage closes, a disclosure that - 4 -5 Enrolled Copy S.B describes: 115 (a) that the prospective borrower's liability under the reverse mortgage is limited; 116 (b) the prospective borrower's rights, obligations, and remedies that relate to: 117 (i) temporary absences, late payments, and payment default by the lender; and 118 (ii) each condition that requires satisfaction of the reverse mortgage; and 119 (c) the projected total cost of the reverse mortgage to the prospective borrower, based 120 on the projected total future loan balance; 121 (3) on an annual basis, on or before January 31 of each year, a statement that 122 summarizes: 123 (a) the total principal amount paid to the borrower under the reverse mortgage; 124 (b) the total amount of deferred interest added to the principal; and 125 (c) the outstanding loan balance at the end of the preceding year; and 126 (4) if applicable, at least 25 days before the day on which the lender adjusts the interest 127 rate on a reverse mortgage, a disclosure that states: 128 (a) the current index amount; 129 (b) the publication date of the index; and 130 (c) the new interest rate. 131 Section 6. Section is enacted to read: Independent counseling. 133 (1) Before a prospective borrower signs a reverse mortgage application, the prospective 134 borrower shall meet with an independent housing counselor. 135 (2) During the meeting described in Subsection (1): 136 (a) the prospective borrower and the independent housing counselor shall discuss the 137 financial impacts of a reverse mortgage, including: 138 (i) options other than a reverse mortgage that are or may become available to the 139 prospective borrower; 140 (ii) other home equity conversion options that are or may become available to the 141 prospective borrower, including sale-leaseback financing, a deferred payment loan, and a - 5 -6 S.B. 120 Enrolled Copy 142 property tax deferral; and 143 (iii) the financial implications, specific to the prospective borrower, of entering into a 144 reverse mortgage; and 145 (b) the independent housing counselor shall give the prospective borrower a written 146 disclosure that states that a reverse mortgage may: 147 (i) have tax consequences; 148 (ii) affect the prospective borrower's eligibility for assistance under certain state and 149 federal programs; and 150 (iii) impact the prospective borrower's estate and heirs. 151 Section 7. Section is enacted to read: Costs and repayment. 153 A lender may collect the following charges and fees in connection with the origination 154 of a reverse mortgage: 155 (1) the actual expenses that the lender incurs in originating and closing the reverse 156 mortgage, including a mortgage broker's fee if the mortgage broker and the lender do not share 157 any pecuniary interests; and 158 (2) the actual amount that the lender paid for: 159 (a) a recording fee; 160 (b) a credit report; 161 (c) a survey, if required by the lender or the borrower; 162 (d) a title examination; 163 (e) the lender's title insurance; and 164 (f) an initial appraisal of the real property that secures the reverse mortgage. 165 Section 8. Section is enacted to read: Disbursement. 167 (1) Subject to Subsection (2) and except as provided in Subsection (3), a lender shall 168 pay the loan proceeds of a reverse mortgage under a term payment option, a tenure payment 169 option, or a line of credit payment option7 Enrolled Copy S.B (2) Under a term payment option or a tenure payment option, upon a borrower's 171 request, the lender shall disburse a portion of the loan proceeds under a line of credit payment 172 option. 173 (3) If a reverse mortgage is a fixed interest rate loan, the lender may pay the loan 174 proceeds in a lump sum. 175 Section 9. Section is enacted to read: Cooling off period -- Closing. 177 (1) After a prospective borrower accepts, in writing, a lender's written commitment to 178 make a reverse mortgage, the lender may not bind the prospective borrower to the reverse 179 mortgage earlier than seven days after the day on which the prospective borrower gives the 180 written acceptance to the lender. 181 (2) During the seven-day period described in Subsection (1), the lender may not require 182 the prospective borrower to close or otherwise proceed with the reverse mortgage. 183 (3) A prospective borrower may not waive the provisions of this section. 184 Section 10. Section is enacted to read: Federally insured reverse mortgages. 186 When a lender makes a reverse mortgage that is federally insured by the United States 187 Department of Housing and Urban Development, the lender satisfies the requirements 188 described in Sections though if the lender complies with the federal 189 requirements described in 12 U.S.C. Sec. 1715z-20 and 24 C.F.R. Part Section 11. Section is enacted to read: 191 Part 3. Reverse Mortgage Proceeds, Priority, Foreclosure, and Lender Default Title. 193 This part is known as "Reverse Mortgage Proceeds, Priority, Foreclosure, and Lender 194 Default." 195 Section 12. Section is enacted to read: Treatment of loan proceeds -- Effect on assistance eligibility. 197 For purposes of determining a borrower's eligibility and benefits for a means-tested - 7 -8 S.B. 120 Enrolled Copy 198 program of aid to individuals: 199 (1) a reverse mortgage loan payment made to a borrower shall be treated as proceeds 200 from a loan and not as income; and 201 (2) undisbursed funds under a reverse mortgage shall be treated as equity in the 202 borrower's home and not as proceeds from a loan. 203 Section 13. Section is enacted to read: Priority. 205 (1) All amounts secured by a reverse mortgage have the same lien priority as the first 206 disbursement under the reverse mortgage. 207 (2) For purposes of Subsection (1), the amount secured by the reverse mortgage 208 includes any payment to the borrower from the loan proceeds, regardless of the purpose of the 209 payment. 210 Section 14. Section is enacted to read: Foreclosure. 212 Before a person initiates foreclosure proceedings on a reverse mortgage, the person 213 shall: 214 (1) give the borrower written notice that states the grounds for default and foreclosure; 215 and 216 (2) provide the borrower at least 30 days after the day on which the borrower receives 217 the notice described in Subsection (1) to cure the borrower's default. 218 Section 15. Section is enacted to read: Lender default. 220 (1) A lender who fails to make a loan advance on a non-federally insured reverse 221 mortgage in accordance with the reverse mortgage agreement shall forfeit any right to 222 repayment of the outstanding loan balance. 223 (2) After a lender forfeits the lender's right to repayment under Subsection (1), the 224 reverse mortgage loan agreement is void. 225 Section 16. Section 61-2c-301 is amended to read: - 8 -9 Enrolled Copy S.B c-301. Prohibited conduct -- Violations of the chapter. 227 (1) A person transacting the business of residential mortgage loans in this state may 228 not: 229 (a) give or receive a referral fee, other compensation, or anything of value in exchange 230 for a referral of residential mortgage loan business; 231 (b) charge a fee in connection with a residential mortgage loan transaction: 232 (i) that is excessive; or 233 (ii) without providing to the loan applicant a written statement signed by the loan 234 applicant: 235 (A) stating whether or not the fee or deposit is refundable; and 236 (B) describing the conditions, if any, under which all or a portion of the fee or deposit 237 will be refunded to the applicant; 238 (c) give or receive compensation or anything of value in exchange for a referral of 239 settlement or loan closing services related to a residential mortgage loan transaction; 240 (d) do any of the following to induce a lender to extend credit as part of a residential 241 mortgage loan transaction: 242 (i) make a false statement or representation; 243 (ii) cause false documents to be generated; or 244 (iii) knowingly permit false information to be submitted by any party; 245 (e) give or receive compensation or anything of value, or withhold or threaten to 246 withhold payment of an appraiser fee, to influence the independent judgment of an appraiser in 247 reaching a value conclusion in a residential mortgage loan transaction, except that it is not a 248 violation of this section for a licensee to withhold payment because of a bona fide dispute 249 regarding a failure of the appraiser to comply with the licensing law or the Uniform Standards 250 of Professional Appraisal Practice; 251 (f) violate or not comply with: 252 (i) this chapter; 253 (ii) an order of the commission or division; or - 9 -10 S.B. 120 Enrolled Copy 254 (iii) a rule made by the division; 255 (g) fail to respond within the required time period to: 256 (i) a notice or complaint of the division; or 257 (ii) a request for information from the division; 258 (h) make false representations to the division, including in a licensure statement; 259 (i) for a residential mortgage loan transaction beginning on or after January 1, 2004, 260 engage in the business of residential mortgage loans with respect to the transaction if the 261 person also acts in any of the following capacities with respect to the same residential mortgage 262 loan transaction: 263 (i) appraiser; 264 (ii) escrow agent; 265 (iii) real estate agent; 266 (iv) general contractor; or 267 (v) title insurance producer; 268 (j) order a title insurance report or hold a title insurance policy unless the person 269 provides to the title insurer a copy of a valid, current license under this chapter; 270 (k) engage in unprofessional conduct as defined by rule; 271 (l) engage in an act or omission in transacting the business of residential mortgage 272 loans that constitutes dishonesty, fraud, or misrepresentation; 273 (m) engage in false or misleading advertising; 274 (n) (i) fail to account for money received in connection with a residential mortgage 275 loan; 276 (ii) use money for a different purpose from the purpose for which the money is 277 received; or 278 (iii) except as provided in Subsection (4), retain money paid for services if the services 279 are not performed; 280 (o) fail, within 90 calendar days of a request from a borrower who has paid for an 281 appraisal, to give a copy of an appraisal ordered and used for a transaction to the borrower;11 Enrolled Copy S.B (p) engage in an act that is performed to: 283 (i) evade this chapter; or 284 (ii) assist another person to evade this chapter; 285 (q) recommend or encourage default, delinquency, or continuation of an existing 286 default or delinquency, by a mortgage applicant on an existing indebtedness before the closing 287 of a residential mortgage loan that will refinance all or part of the indebtedness; 288 (r) in the case of the lending manager of an entity or a branch office of an entity, fail to 289 exercise reasonable supervision over the activities of: 290 (i) unlicensed staff; and 291 (ii) a mortgage loan originator who is affiliated with the lending manager; 292 (s) pay or offer to pay an individual who does not hold a license under this chapter for 293 work that requires the individual to hold a license under this chapter; 294 (t) in the case of a dual licensed title licensee as defined in Section 31A-2-402: 295 (i) provide a title insurance product or service without the approval required by Section A-2-405; or 297 (ii) knowingly provide false or misleading information in the statement required by 298 Subsection 31A-2-405(2); 299 (u) represent to the public that the person can or will perform any act of a mortgage 300 loan originator if that person is not licensed under this chapter because the person is exempt 301 under Subsection 61-2c-102(1)(h)(ii)(A), including through: 302 (i) advertising; 303 (ii) a business card; 304 (iii) stationery; 305 (iv) a brochure; 306 (v) a sign; 307 (vi) a rate list; or 308 (vii) other promotional item; [or] 309 (v) (i) engage in an act of loan modification assistance without being licensed under12 S.B. 120 Enrolled Copy 310 this chapter; 311 (ii) engage in an act of foreclosure rescue that requires licensure as a real estate agent 312 or real estate broker under Chapter 2, Division of Real Estate, without being licensed under 313 that chapter; 314 (iii) engage in an act of loan modification assistance without entering into a written 315 agreement specifying which one or more acts of loan modification assistance will be 316 completed; 317 (iv) request or require a person to pay a fee before obtaining: 318 (A) a written offer for a loan modification from the person's lender or servicer; and 319 (B) the person's written acceptance of the offer from the lender or servicer; 320 (v) induce a person seeking a loan modification to hire the licensee to engage in an act 321 of loan modification assistance by: 322 (A) suggesting to the person that the licensee has a special relationship with the 323 person's lender or loan servicer; or 324 (B) falsely representing or advertising that the licensee is acting on behalf of: 325 (I) a government agency; 326 (II) the person's lender or loan servicer; or 327 (III) a nonprofit or charitable institution; 328 (vi) recommend or participate in a loan modification that requires a person to: 329 (A) transfer title to real property to the licensee or to a third-party with whom the 330 licensee has a business relationship or financial interest; 331 (B) make a mortgage payment to a person other than the person's loan servicer; or 332 (C) refrain from contacting the person's: 333 (I) lender; 334 (II) loan servicer; 335 (III) attorney; 336 (IV) credit counselor; or 337 (V) housing counselor; or13 Enrolled Copy S.B (vii) for an agreement for loan modification assistance entered into on or after May 11, , engage in an act of loan modification assistance without offering in writing to the person 340 entering into the agreement for loan modification assistance a right to cancel the agreement 341 within three business days after the day on which the person enters the agreement[.]; or 342 (w) violate or fail to comply with a provision of Title 57, Chapter 28, Utah Reverse 343 Mortgage Act. 344 (2) Whether or not the crime is related to the business of residential mortgage loans, it 345 is a violation of this chapter for a licensee or a person who is a certified education provider to 346 do any of the following with respect to a criminal offense that involves moral turpitude: 347 (a) be convicted; 348 (b) plead guilty or nolo contendere; 349 (c) enter a plea in abeyance; or 350 (d) be subjected to a criminal disposition similar to the ones described in Subsections 351 (2)(a) through (c). 352 (3) A lending manager does not violate Subsection (1)(r) if: 353 (a) in contravention of the lending manager's written policies and instructions, an 354 affiliated licensee of the lending manager violates: 355 (i) this chapter; or 356 (ii) rules made by the division under this chapter; 357 (b) the lending manager established and followed reasonable procedures to ensure that 358 affiliated licensees receive adequate supervision; 359 (c) upon learning of a violation by an affiliated licensee, the lending manager 360 attempted to prevent or mitigate the damage; 361 (d) the lending manager did not participate in or ratify the violation by an affiliated 362 licensee; and 363 (e) the lending manager did not attempt to avoid learning of the violation. 364 (4) Notwithstanding Subsection (1)(n)(iii), a licensee may, upon compliance with 365 Section 70D-2-305, charge a reasonable cancellation fee for work done originating a mortgage14 S.B. 120 Enrolled Copy 366 if the mortgage is not closed. 367 Section 17. Section 70D is amended to read: D Prohibited acts. 369 (1) An individual transacting the business of a loan originator in this state may not: 370 (a) violate or not comply with: 371 (i) this chapter; 372 (ii) an order of the commissioner under this chapter; 373 (iii) a rule made by the commissioner under this chapter; 374 (iv) Title 70C, Utah Consumer Credit Code, if subject to that title; or 375 (v) Chapter 2, Mortgage Lending and Servicing Act, if subject to that chapter; 376 (b) engage in an act that is performed to: 377 (i) evade this chapter; or 378 (ii) assist another person to evade this chapter; 379 (c) do any of the following to induce a lender to extend credit as part of a residential 380 mortgage loan transaction: 381 (i) make a false statement or representation; 382 (ii) cause a false document to be generated; or 383 (iii) knowingly permit false information to be submitted by a person in a transaction; 384 (d) fail to respond within the required time period to: 385 (i) a notice or complaint of the commissioner; or 386 (ii) a request for information from the commissioner; 387 (e) make a false representation to the commissioner, including in a licensure 388 application; 389 (f) engage in the business of a loan originator with respect to a residential mortgage 390 loan transaction if the individual also acts in any of the following capacities with respect to the 391 same residential mortgage loan transaction: 392 (i) appraiser; 393 (ii) escrow agent;15 Enrolled Copy S.B (iii) real estate agent; 395 (iv) general contractor; or 396 (v) title insurance agent; 397 (g) engage in an act or omission in transacting the business of a loan originator that 398 constitutes dishonesty, fraud, or misrepresentation; 399 (h) engage in false or misleading advertising; 400 (i) (i) fail to account for money received in connection with a residential mortgage 401 loan; 402 (ii) use money for a different purpose than the purpose for which the money is 403 received; or 404 (iii) subject to Subsection (3), retain money paid for services if the services are not 405 performed; 406 (j) fail, within 90 calendar days of a request from a borrower who has paid for an 407 appraisal, to give a copy of an appraisal ordered and used for a residential mortgage loan to the 408 borrower; 409 (k) recommend or encourage default, delinquency, or continuation of an existing 410 default or delinquency, by a mortgage applicant on an existing indebtedness before the closing 411 of a residential mortgage loan that will refinance all or part of the indebtedness; [or] 412 (l) pay or offer to pay an individual who does not hold a license under this chapter for 413 services that require the individual to hold a license under this chapter[.]; or 414 (m) violate or fail to comply with a provision of Title 57, Chapter 28, Utah Reverse 415 Mortgage Act. 416 (2) (a) An individual engaging solely in loan processor or underwriter activities, may 417 not represent to the public that the individual can or will perform any act of a loan originator. 418 (b) A representation prohibited under this Subsection (2) includes an advertisement or 419 other means of communicating or providing information including the use of: 420 (i) a business card; 421 (ii) stationery;16 S.B. 120 Enrolled Copy 422 (iii) a brochure; 423 (iv) a sign; 424 (v) a rate list; or 425 (vi) another promotional item. 426 (3) Notwithstanding Subsection (1)(i)(iii), if a licensee complies with Section D-2-305, the licensee may charge a reasonable cancellation fee for services completed to 428 originate a residential mortgage loan if the residential mortgage loan is not closed Similar documents
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Ch. 46 PROPER CONDUCT OF LENDING 10 46.1 CHAPTER 46. PROPER CONDUCT OF LENDING AND BROKERING IN THE MORTGAGE LOAN BUSINESS Sec. 46.1. Definitions. 46.2. Proper conduct of lending and brokering in the mortgage More information 24-1.1E. Restrictions and limitations on high-cost home loans.
24-1.1E. Restrictions and limitations on high-cost home loans. (a) Definitions. The following definitions apply for the purposes of this section: (1) "Affiliate" means any company that controls, is controlled More information Delaware s Bank Commissioner Adopts Mortgage Regulations
April 21, 2014 Delaware s Bank Commissioner Adopts Mortgage Regulations By Louis Danastorg Delaware has adopted the amended regulations that had been published in the February 2014 edition of the Delaware More information Chapter 21 Credit Services Organizations Act
Chapter 21 Credit Services Organizations Act 13-21-1 Short title. This chapter is known as the "Credit Services Organizations Act." Enacted by Chapter 29, 1985 General Session 13-21-2 Definitions -- Exemptions. More information S.F. No. 2430, 3rd Engrossment - 86th Legislative Session (2009-2010) [s2430-3]
1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 1.10 1.11 1.12 A bill for an act relating to mortgages; regulating reverse mortgages; requiring certain notices related to redemption rights be made to a mortgagor; More information Title 9-A: MAINE CONSUMER CREDIT CODE
Title 9-A: MAINE CONSUMER CREDIT CODE Article 10: LOAN BROKERS Table of Contents Part 1. GENERAL PROVISIONS... 3 Section 10-101. SHORT TITLE... 3 Section 10-102. DEFINITIONS... 3 Part 2. REGISTRATION AND More information Be it enacted by the People of the State of Illinois,
AN ACT concerning business. Be it enacted by the People of the State of Illinois, represented in the General Assembly: Section 5. The Currency Exchange Act is amended by changing Section 3.1 as follows: More information 64th Legislature AN ACT REVISING THE MONTANA MORTGAGE ACT TO CLARIFY LICENSING REQUIREMENTS; REVISING
64th Legislature SB0098 AN ACT REVISING THE MONTANA MORTGAGE ACT TO CLARIFY LICENSING REQUIREMENTS; REVISING DEFINITIONS; REMOVING EXEMPT COMPANY REGISTRATION; CLARIFYING PRELICENSING EDUCATION REQUIREMENTS; More information STATE OF OKLAHOMA. 1st Session of the 50th Legislature (2005) COMMITTEE SUBSTITUTE
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23400 Michigan Avenue, Suite 101 Dearborn, MI 48124 Tel: 1-(866) 534-6177 (toll-free) Fax: 1-(734) 943-6051 Email: contact@legaleasesolutions.com www.legaleasesolutions.com Florida Mortgage Laws and Regulations More information UNOFFICIAL COPY OF SENATE BILL 660. ENROLLED BILL -- Finance/Economic Matters -- Read and Examined by Proofreaders:
I1 UNOFFICIAL COPY OF SENATE BILL 660 ENROLLED BILL -- Finance/Economic Matters -- (5lr2457) Introduced by Senator Astle Senators Astle and Exum Read and Examined by Proofreaders: Proofreader. Proofreader. More information ESCROW REQUIREMENTS UNDER TILA
Overview Escrow Requirements Reg. Z High Cost Mortgage and Counseling - Reg. Z & X Ability to Repay & Qualified Mortgages Reg. Z & X Mortgage Servicing Reg. Z & X Loan Originator Compensation Reg. Z Copies More information CHAPTER 454M MORTGAGE SERVICERS
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45-189 Loan brokers; legislative findings. The Legislature finds that: Nebraska Loan Broker Act Chapter 45, Article 1, Section f 45-189 to 45-193 (1) Many professional groups are presently licensed or More information STATE OF GEORGIA DEPARTMENT OF BANKING AND FINANCE SPECIAL EDITION IMPORTANT NOTICE PROPOSED RULEMAKING
STATE OF GEORGIA DEPARTMENT OF BANKING AND FINANCE NATHAN DEAL GOVERNOR KEVIN HAGLER COMMISSIONER SPECIAL EDITION IMPORTANT NOTICE PROPOSED RULEMAKING September 24, 2015 NOTICE OF PROPOSED RULEMAKING AND More information A3816 5. Registered mortgage loan originator means any individual
- - C.:C- to :C- - Repealer - Note to - P.L. 0, CHAPTER, approved May, 0 Assembly, No. AN ACT concerning certain licensed lending activities, supplementing P.L., c. (C.:C- et seq.), and revising various More information Title 9-A: MAINE CONSUMER CREDIT CODE
Maine Revised Statutes Title 9-A: MAINE CONSUMER CREDIT CODE Article : 8-506. ENHANCED RESTRICTIONS ON CERTAIN CREDITORS In addition to the compliance requirements of section 8-504, subsection 1, unless More information A Bill Regular Session, 2005 HOUSE BILL 1008
0 Stricken language would be deleted from and underlined language would be added to the law as it existed prior to this session of the General Assembly. Act of the Regular Session State of Arkansas th More information 360.100 Predatory lending -- Definitions -- Limitations on high-cost home loans -- Conditions -- Penalties. (1) The following definitions apply for
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U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER Date: April 25, 2014 To: All Approved Mortgagees Mortgagee Letter More information CHAPTER 86. C.46:10B-36 Short title. 1. This act shall be known and may be cited as the Save New Jersey Homes Act of 2008.
CHAPTER 86 AN ACT concerning certain residential mortgages, and supplementing Title 46 of the Revised Statutes. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey: C.46:10B-36 More information AN ACT RELATING TO PROPERTY; ENACTING THE MORTGAGE FORECLOSURE CONSULTANT FRAUD PREVENTION ACT; IMPOSING PENALTIES.
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Mortgage Loan Originator Qualifications and Identifier Requirements (12 CFR 1026.36 (f) and (g)) In January 2013, the Consumer Financial Protection Bureau (CFPB) amended Regulation Z to implement requirements More information Referred to Committee on Ways and Means. SUMMARY Revises provisions relating to mortgage lending. (BDR 54-1174)
REQUIRES TWO-THIRDS MAJORITY VOTE EXEMPT (,.,.,,,,.,.,,.,., & NRS F.0) (Reprinted with amendments adopted on May, 0) SECOND REPRINT A.B. 0 ASSEMBLY BILL NO. 0 COMMITTEE ON WAYS AND MEANS (ON BEHALF OF More information MORTGAGE LICENSING LAW
MORTGAGE LICENSING LAW 7 Pa.C.S. 6101 6154 (Last Updated 07/05/2011) (When referring to section numbers, use the last two digits. For example, 6123 may be referred to as Section 23.) TABLE OF CONTENTS More information Article 1 - Definitions
FHA Case No. HOME EQUITY CONVERSION MORTGAGE ADJUSTABLE RATE LOAN AGREEMENT THIS AGREEMENT is made this day of ( Borrower ) and ( Lender )., 20, among Article 1 - Definitions 1.1. Borrower is defined above. More information Senate Bill 1149 Summary -- Prohibit Predatory Lending
MEMORANDUM TO: FROM: Hal D. Lingerfelt Commissioner of Banks L. McNeil Chestnut Assistant Attorney General DATE: August 25, 1999 RE: Senate Bill 1149 Summary -- Prohibit Predatory Lending I. Background More information APPRAISAL MANAGEMENT COMPANY
STATE OF ARKANSAS APPRAISER LICENSING AND CERTIFICATION BOARD APPRAISAL MANAGEMENT COMPANY STATUTES 1 ARKANSAS APPRAISER LICENSING AND CERTIFICATION BOARD APPRAISAL MANAGEMENT COMPANY STATUTES SUBCHAPTER More information KANSAS ADMINISTRATIVE REGULATIONS. Agency 17 Office of the State Bank Commissioner. Article 24. Mortgage Business
KANSAS ADMINISTRATIVE REGULATIONS Agency 17 Office of the State Bank Commissioner Article 24. Mortgage Business K.A.R.17-24-1. Signed acknowledgment; contents. Before a licensee enters into any contract More information TITLE 209: DIVISION OF BANKS CHAPTER 41.00: THE LICENSING OF MORTGAGE LOAN ORIGINATORS
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South Carolina Code of Laws Unannotated Current through the end of the 2012 Session SECTION 37-22-110. Definitions. The following definitions apply in this chapter: Title 37 - Consumer Protection Code More information A PRIMER FOR BANKERS ON THE IMPLEMENTATION OF THE SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING ACT
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Comment Call (10-1) To: From: All Credit Union CEOs Veronica Madsen Counsel Date: January 15, 2010 RE: Reverse Mortgages Introduction The Federal Financial Institutions Examination Council (FFIEC), on More information Chapter 258 of the Acts of 2010
Page 1 Chapter 258 of the Acts of 2010 AN ACT RELATIVE TO MORTGAGE FORECLOSURES. Whereas, The deferred operation of this act would tend to defeat its purpose, which is to protect forthwith the citizens More information Title 70D. Financial Institution Mortgage Financing Regulation Act. Chapter 1 General Provisions
Title 70D. Financial Institution Mortgage Financing Regulation Act Chapter 1 General Provisions 70D-1-101 Title. This title is known as the "Financial Institution Mortgage Financing Regulation Act." 70D-1-102 More information BEFORE YOU INVEST IN A PROMISSORY NOTE SECURED BY AN INTEREST IN REAL PROPERTY, YOU SHOULD KNOW
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Introduced Version HOUSE BILL No. 1473 DIGEST OF INTRODUCED BILL Citations Affected: IC 4-21.5-3-6; IC 23-2-5-3; IC 24-5-24.7; IC 24-4.5-1-202. Synopsis: Nonprofit facilitators of lending circle loans. More information Reverse Mortgage Specialist
ADVISOR/LENDER APPLICANT ASSISTANCE AGREEMENT This ADVISOR/LENDER APPLICANT ASSISTANCE AGREEMENT (the Agreement ) is made this day of, 200_ by and between Oaktree Funding Corporation, a California Corporation More information *HB0160S02* H.B. 160 2nd Sub. (Gray) LEGISLATIVE GENERAL COUNSEL 6 Approved for Filing: S.M. Snyder 6 6 02-10-04 4:26 PM 6
LEGISLATIVE GENERAL COUNSEL 6 Approved for Filing: S.M. Snyder 6 6 02-10-04 4:26 PM 6 H.B. 160 2nd Sub. (Gray) Representative Wayne A. Harper proposes the following substitute bill: 1 MORTGAGE ACT AMENDMENTS More information Exposure Draft National Consumer Credit Protection Amendment (Enhancements) Bill 2011. Commentary on amendments: Reverse mortgages
Exposure Draft National Consumer Credit Protection Amendment (Enhancements) Bill 2011 Table A: Main amendments Commentary on amendments: Reverse mortgages Topic Provision Commentary Definition of reverse More information BILL ANALYSIS. Senate Research Center S.B. 173 By: Patterson State Affairs 3-24-97 Committee Report (Amended)
BILL ANALYSIS Senate Research Center S.B. 173 By: Patterson State Affairs 3-24-97 Committee Report (Amended) DIGEST Currently, the Texas Constitution prohibits the use of equity in a home for collateral More information Mortgage Loan Company Act
Mortgage Loan Company Act CHAPTER 58 ARTICLE 21 Mortgage Loan Companies and Loan Brokers Section: 58-21-1 Short title. 58-21-2 Definitions. 58-21-3 License required; qualified manager. 58-21-4 Application More information NEW CFPB RULES FOR HIGH COST MORTGAGES AND HOMEOWNERSHIP COUNSELING February 3, 2013
NEW CFPB RULES FOR HIGH COST MORTGAGES AND HOMEOWNERSHIP COUNSELING February 3, 2013 On January 10, 2013, the Consumer Financial Protection Bureau ( CFPB ) issued a final rule that carries out changes More information CHAPTER 211. AN ACT concerning life insurance viatical settlements. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey:
CHAPTER 211 AN ACT concerning life insurance viatical settlements. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey: C.17B:30A-1 Definitions relative to life insurance viatical More information Department of Legislative Services Maryland General Assembly 2010 Session
House Bill 799 Economic Matters Department of Legislative Services Maryland General Assembly 2010 Session FISCAL AND POLICY NOTE Revised (Delegate Kramer, et al.) Reverse Mortgage Homeowners Protection More information AN ACT relating to the disposition of real property. Be it enacted by the General Assembly of the Commonwealth of Kentucky:
AN ACT relating to the disposition of real property. Be it enacted by the General Assembly of the Commonwealth of Kentucky: Section 1. KRS 381.280 is amended to read as follows: (1) If the husband, wife, More information Reporting and recordkeeping requirements, Savings associations, Truth in lending.
List of Subjects in 12 CFR Part 1026 Advertising, Consumer protection, Credit, Credit unions, Mortgages, National banks, Reporting and recordkeeping requirements, Savings associations, Truth in lending. More information Case 1:14-cv-01028-RMC Document 65-8 Filed 09/30/14 Page 1 of 10 EXHIBIT G
Case 1:14-cv-01028-RMC Document 65-8 Filed 09/30/14 Page 1 of 10 EXHIBIT G Case 1:14-cv-01028-RMC Document 65-8 Filed 09/30/14 Page 2 of 10 STATE RELEASE I. Covered Conduct For purposes of this Release, More information Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act 59 O.S. 2095 2095.26
Oklahoma Secure and Fair Enforcement for Mortgage Licensing Act 59 O.S. 2095 2095.26 Section 2095 - Short Title Sections 3 through 29 of this act shall be known and may be cited as the "Oklahoma Secure More information TITLE 81. BANKS AND FINANCIAL INSTITUTIONS CHAPTER 22. MISSISSIPPI DEBT MANAGEMENT SERVICES ACT [REPEALED EFFECTIVE JULY 1, 2013]
TITLE 81. BANKS AND FINANCIAL INSTITUTIONS CHAPTER 22. MISSISSIPPI DEBT MANAGEMENT SERVICES ACT [REPEALED EFFECTIVE JULY 1, 2013] Section 81-22-1. Short title [Repealed effective July 1, 2013] 81-22-3. More information ARCHIVE. Table of Contents. 12.01.10 - Rules Pursuant to the Idaho Residential Mortgage Practices Act
Table of Contents 12.01.10 - Rules Pursuant to the Idaho 000. Legal Authority (Rule 0).... 2 001. Title And Scope (Rule 1).... 2 002. Written Interpretations -- Agency Access -- Filings (Rule 2).... 2 More information Colorado. TrainingPro. Ax5 Test Preparation: Colorado License Law and Regulation
TrainingPro Colorado Ax5 Test Preparation: Colorado License Law and Regulation 2014 - Advanced Education Systems, LLC DBA TrainingPro ALL RIGHTS RESERVED. No part of this publication may be reproduced, More information Prefiled pursuant to Article III, Section 2(A)(4)(b)(i) of the Constitution of Louisiana.
Regular Session, 0 HOUSE BILL NO. BY REPRESENTATIVE PONTI Prefiled pursuant to Article III, Section (A)()(i) of the Constitution of Louisiana. FINANCIAL PLANNING: Provides relative to debt relief services More information CONCISE EXPLANATORY STATEMENT. Banking Regulation 6 Lenders, Loan Brokers, Small Loan Lenders and Mortgage Loan Originators
State of Rhode Island and Providence Plantations DEPARTMENT OF BUSINESS REGULATION Division of Banking 1511 Pontiac Avenue, Bldg. 69-2 Cranston, Rhode Island 02920 CONCISE EXPLANATORY STATEMENT Banking More information S T A T E OF T E N N E S S E E. August 24, 2010. Opinion No. 10-93
S T A T E OF T E N N E S S E E OFFICE OF THE ATTORNEY GENERAL P.O. BOX 20207 NASHVILLE, TENNESSEE 37202 August 24, 2010 Opinion No. 10-93 Seller-financing under the Tennessee Residential Lending, Brokerage More information IC 24-9-3 Chapter 3. Prohibited Lending Practices Generally
IC 24-9-3 Chapter 3. Prohibited Lending Practices Generally IC 24-9-3-0.1 Chapter not applicable to loans made before January 1, 2005 Sec. 0.1. Notwithstanding the addition of this chapter and IC 24-9-4 More information ILLINOIS CREDIT REPAIR LAWS
ILLINOIS CREDIT REPAIR LAWS This page contains information about starting a credit repair business in Illinois as well as legal information and Credit Repair laws for the State of Illinois. IL ST Ch. 815, More information ASSEMBLY, No. 1756 STATE OF NEW JERSEY 215th LEGISLATURE
ASSEMBLY, No. 1756 STATE OF NEW JERSEY 215th LEGISLATURE PRE-FILED FOR INTRODUCTION IN THE 2012 SESSION Sponsored by: Assemblyman VINCENT PRIETO District 32 (Bergen and Hudson) Assemblyman PATRICK J. DIEGNAN, More information FRESH. Agenda. Credit Union Integrated Mortgage Disclosures Are you Prepared?
MCUL & Affiliates 2015 Annual Convention and Exposition Credit Union Integrated Mortgage Disclosures Are you Prepared? Glory LeDu Thursday, June 4, 2015 2:00 p.m. Sponsored by: FRESH Ideas to Reinvent More information TABLE OF CONTENTS. This act shall be known and may be cited as the Appraisal Management Company Registration Act.
Appraisal Management Company Registration Act 63 P.S. 457.21 457.31 (Current through 02/02/2012) (When referring to section numbers, use a truncated version of the number after the decimal point. For example, More information 11 LC 14 0449ER A BILL TO BE ENTITLED AN ACT
House Bill 338 By: Representative Bryant of the 160 th A BILL TO BE ENTITLED AN ACT 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 To amend Title 44 of the Official Code of Georgia Annotated, relating to property, More information Guidelines for Identifying Mortgage and Foreclosure Fraud
Guidelines for Identifying Mortgage and Foreclosure Fraud Boulder District Attorney s Consumer Division Cynthia F. Taylor, Director The Colorado Foreclosure Protection Act was signed into law in 2006 to More information MORTGAGE TERMS. Assignment of Mortgage A document used to transfer ownership of a mortgage from one party to another.
MORTGAGE TERMS Acceleration Clause This is a clause used in a mortgage that can be enforced to make the entire amount of the loan and any interest due immediately. This is usually stipulated if you default More information FAQs About RESPA for Industry
FAQs About RESPA for Industry Scope of RESPA 1. What kinds of transactions are covered under RESPA? Transactions involving a federally related mortgage loan, which includes most loans secured by a lien More information 2017 © DocPlayer.net Privacy Policy | Terms of Service | Feedback