Fair Lending Shake-Ups: CFPB Vacates Townstone Settlement, FHFA Ends GSEs' Special Purpose Credit Programs — The Consumer Finance Podcast
The Latest on Junk Fees and New York's Foreclosure Abuse Prevention Act — The Consumer Finance Podcast
The Latest on HUD's Disparate Impact Rule - The Consumer Finance Podcast
Title Insurance and Your Transaction
Law Brief®: Robert Wolf, Alexander Tiktin and Richard Schoenstein Discuss the Continuing Foreclosure/Eviction Moratorium
Credit Eco to Go Podcast - Not a Normal Mortgage Crisis: How the Mortgage Industry Weathered the Pandemic
Not a Normal Mortgage Crisis: How the Mortgage Industry Weathered the Pandemic
Gabriel Acosta and Liz Facemire from the Mortgage Bankers Association join RegFi co-hosts Jerry Buckley and Sherry Safchuk to discuss how artificial intelligence — both long-standing automated underwriting tools and emerging...more
The State of Nevada has enacted the Uniform Mortgage Modification Act (UMMA or the Act) as Assembly Bill 192, which will become effective on October 1, 2025. The UMMA was prepared by the National Conference of Commissioners...more
On August 2, the U.S. Senate passed the Homebuyers Privacy Protection Act (H.R. 2808) by unanimous consent, which amends the Fair Credit Reporting Act (FCRA) to restrict consumer reporting agencies from sharing “trigger...more
What Happened? Mortgage servicers should take note that on June 30, 2025, Louisiana Governor Jeff Landry signed into law HB 356 (2025 La. Acts 480) creating the Stated Value Policy Act (the “Act”) which allows insurers to...more
In a notable trend in state consumer financial regulation, state legislatures are increasingly seeking to regulate a variety of marketing and advertising practices, rather than limiting their regulatory focus limited to the...more
A new law in New York took effect on June 11, 2025, requiring banking organizations, licensed lenders, and mortgage bankers provide a disclosure pamphlet titled “What Mortgage Applicants Need to Know” (the “Pamphlet”)....more
On May 14, 2025, Governor Brian Kemp signed Georgia House Bill 15 into law. House Bill 15, which will take effect on July 1, 2025, will implement several major changes to Georgia’s residential mortgage licensing law, the...more
What Happened? As we previously advised you, in 2024, the Maryland Appellate Court in Estate of H. Gregory Brown v. Carrie M. Ward, et al., No. 1009, (App. Ct. Sept. Term 2023), ruled that a statutory trust that held a...more
As we reported previously, the Maryland Office of Financial Regulation (“OFR”) issued emergency regulations this past January which indicated that passive trusts holding residential mortgage loans, even those used as part of...more
On April 28, the governor of Tennessee signed into law HB 908 to amend the maximum effective interest rate for home loans originated in the state. The new law sets the rate at four percentage points above the average prime...more
In January 2025, the Maryland Office of Financial Regulation (the “OFR”) issued a guidance stating that assignees of residential mortgage loans, including certain passive trusts, were required to hold a Maryland mortgage...more
Shortly after Mayer Brown published an update on legislation introduced to exempt passive trusts and other assignees of certain Maryland loans from licensing, Governor Wes Moore signed the legislation into law. The Maryland...more
Our Financial Services Group reviews the Maryland Secondary Market Stability Act, which overrides the Office of Financial Regulation’s requirement that passive trusts holding Maryland loans in residential mortgage-backed...more
In a highly anticipated and welcome development, on April 22, 2025, Maryland Governor Wes Moore signed into law the Maryland Secondary Market Stability Act of 2025 (emergency measures HB 1516 and its companion SB 1026) with...more
In a prior Legal Update, we discussed the introduction of legislation in the Maryland General Assembly that would amend Maryland law to address guidance issued by the Maryland Office of Financial Regulation (“OFR”). That...more
The latest edition of the Consumer Finance State Roundup highlights recently enacted measures of potential interest from three states: Arkansas: House Bill 1184, which we expect to take effect on or about August 8, amends...more
On March 25, Utah enacted HB 99 (the “Act”), titled “Residential Mortgage Loan Amendments,” which modifies the Utah Residential Mortgage Practices and Licensing Act. The Act grants the Division of Real Estate with the...more
California Assembly Bill 3108 became effective on January 1, 2025 and could conceivably make certain business purpose loans secured by owner-occupied property subject to mortgage fraud claims by the borrowers. The primary...more
A law recently passed by the New York State Assembly and signed by Gov. Kathy Hochul puts significant limits on the flood insurance that lenders can require borrowers to purchase on loans secured by residential real property....more
The Ohio Department of Commerce, Division of Financial Institutions is amending the rules that implement the state’s Residential Mortgage Lending Act. The Division is seeking preliminary feedback on the administrative rules,...more
In the six months since New York’s governor signed the Foreclosure Abuse Prevention Act, L. 2022, ch. 821 (eff. Dec. 30, 2022) (FAPA), a split has emerged about whether the law applies retroactively....more
On March 13, the North Dakota governor signed SB 2090, which, among other things, revises licensing requirements for residential mortgage lenders. ...more
In December, the New York governor signed A 7737-B, the “Foreclosure Abuse Prevention Act,” which amends the rights of parties in foreclosure actions....more
Michigan has joined a number of states that have amended its statutes to grant certain individuals temporary authority to act as a mortgage loan originator while a license application is pending, in conformity with the...more
Wisconsin is the latest state to pass legislation amending its statutes to add provisions addressing temporary authority to operate as a mortgage loan originator while a license application is pending pursuant to the federal...more