A&B Abstract: Effective October 1, 2019 only Connecticut licensed attorneys can conduct real estate closings in the state for certain mortgage loan transactions. Real Estate Closings The process of closing a loan generally involves four core … [Continue reading] about Connecticut Officially Becomes an Attorney Closing State
On June 25, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) kicked off its symposia series with a panel discussion of whether the Bureau should use its rulemaking authority to further define “abusive acts or practices.” The … [Continue reading] about Will the CFPB find its Voice on “Abusiveness”?
Maine is joining the ranks of states whose requirements for mortgage servicers may exceed those of the CFPB’s Mortgage Servicing Rules. Effective September 19, Senate Paper 415 (2019 Me. Laws 363) creates a mortgage servicer duty of “good faith,” … [Continue reading] about Maine Creates Mortgage Servicer Duty of Good Faith
The New York Department of Financial Services has proposed significant changes to the mortgage servicer business conduct rules found in Part 419 of the Superintendent’s Regulations. The proposed changes represent the first major changes to Part 419 … [Continue reading] about NYDFS Proposes Overhaul to Mortgage Loan Servicer Business Conduct Rules
New York State’s Department of Financial Services (DFS) recently unveiled two new divisions with broad enforcement authority focused on consumer protection, financial enforcement, and cybersecurity. Financial service providers should take note as … [Continue reading] about New York DFS Unveils Two New Divisions Focused on Consumer Protection, Financial Enforcement and Cybersecurity