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Connecticut

State Community Reinvestment Acts Reaching Beyond Banks

September 28, 2022 By Caroline Eisner

A&B ABstract: When Congress passed the federal Community Reinvestment Act (“CRA”) in 1977 to address redlining, it imposed affirmative requirements on insured depository institutions to serve the credit needs of the communities where they receive deposits. At that time, banks were extending the vast majority of mortgages nationally. However, non-banks have become the dominant mortgage […]

Filed Under: Community Reinvestment Act, Mortgage Loans Tagged With: #Massachusetts, #New York, #redlining, Connecticut, CRA, District of Columbia, Illinois, mortgage lending

State Community Reinvestment Acts Reaching Beyond Banks

September 23, 2022 By Caroline Eisner

A&B ABstract: When Congress passed the federal Community Reinvestment Act (“CRA”) in 1977 to address redlining, it imposed affirmative requirements on insured depository institutions to serve the credit needs of the communities where they receive deposits. At that time, banks were extending the vast majority of mortgages nationally. However, non-banks have become the dominant mortgage […]

Filed Under: Mortgage Loans, State Law, Uncategorized Tagged With: #Massachusetts, #New York, Community Reinvestment Act, Connecticut, CRA, DC, District of Columbia, Illinois, mortgage lending

Connecticut Officially Becomes an Attorney Closing State

July 14, 2019 By Nanci Weissgold

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 functions: transferring title to the buyer; transmitting payment to the seller (usually through an escrow agent); discharging any outstanding […]

Filed Under: Mortgage Loans, State Law Tagged With: Closing agent, Connecticut, unauthorized practice of law

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