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Consumer Finance State Roundup

June 26, 2023 By Consumer Finance Team

The pace of legislative activity from this year’s current session can make it hard to stay abreast of new laws.  The Consumer Finance ABstract’s “Consumer Finance State Roundup” is intended to provide a brief overview of recently enacted measures of potential interest.   During this current legislative session, the following three states have enacted measures of […]

Filed Under: Licensing, Mortgage Loans, Mortgage Servicing, Reverse Mortgages, State Law Tagged With: #stateroundup

Massachusetts Enacts Emergency COVID-19 Measure Addressing Residential Mortgage Foreclosure Moratoria, Forbearance, Evictions, Reverse Mortgage Counseling

April 24, 2020 By Nanci Weissgold

A&B Abstract: On April 20, 2020, Massachusetts Governor, Charlie Baker, signed into law HB 4647 (2020 Mass. Acts 65), an emergency measure, effective immediately, providing for mortgage forbearances and a moratorium on evictions and foreclosures during the COVID-19 emergency. This measure also waives the in-person counseling requirement for reverse mortgage loans.  This law follows guidance […]

Filed Under: Mortgage Loans, Mortgage Servicing, Real Estate Settlement Procedures Act (RESPA), Reverse Mortgages, Servicemembers Civil Relief Act (SCRA), State Law Tagged With: #Massachusetts, CARES Act, Evictions, Forbearance, Mortgage Loans, Mortgage Servicing, Reverse Mortgages

New York Enacts HECM Law

January 9, 2020 By Nanci Weissgold

A&B ABstract: Effective March 5, 2020, New York Assembly Bill 5626 (“AB 5626”) regulates the origination and servicing of the federal U.S. Department of Housing and Urban Development (“HUD”) home equity conversion mortgages (“HECMs”). Significant Impact to Mortgage Lenders and Servicers With the stated purpose of providing “new regulations on reverse mortgage products pertaining to […]

Filed Under: Mortgage Loans, Reverse Mortgages, State Law Tagged With: #A5626, #HECM

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