Mortgages, New Legislation, Consumer Financial Products

Congress Passes Legislation to Help Protect Veterans from Foreclosure by Reauthorizing Partial Claims with VA Home Loans

Ballard Spahr LLP on 7/17/2025

The U.S. Senate recently passed H.R. 1815, the VA Home Loan Program Reform Act, to reauthorize partial claims with U.S. Department of Veterans Affairs (VA) guaranteed home loans. The U.S. House of Representatives passed the...more

House passes ‘trigger leads’ bill

Ballard Spahr LLP on 6/25/2025

The House has passed legislation that would ban “trigger leads,” except in limited circumstances. The “Homebuyers Privacy Protection Act of 2025,” H.R. 2808, passed the House by voice vote. ...more

Consumer Finance State Roundup

Alston & Bird on 4/11/2025

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

California AB 3108 Creates Potential Mortgage Fraud Issue for Lenders on Owner-Occupied Mortgage Loans Made for a Business Purpose

Sheppard Mullin Richter & Hampton LLP on 2/10/2025

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

Will New York’s New Flood Insurance Law Create a Coinsurance Problem for Lenders and Policyholders?

Bradley Arant Boult Cummings LLP on 1/27/2025

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

Washington state “true lender” law signed, effective June 6, 2024

Ballard Spahr LLP on 4/17/2024

After its passage by the Washington state legislature, Substitute Senate Bill (SSB) 6025, the Washington “predatory loan prevention act”, was approved by Governor Jay Inslee on March 25, 2024, with an effective date of June...more

Amendments to Ohio’s Administrative Rules Relating to Residential Mortgage Lending

Ballard Spahr LLP on 9/11/2023

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

New York Courts Split on the Constitutionality of the Foreclosure Abuse Prevention Act

Goodwin on 7/7/2023

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

North Dakota amends mortgage licensing requirements

Orrick, Herrington & Sutcliffe LLP on 3/28/2023

On March 13, the North Dakota governor signed SB 2090, which, among other things, revises licensing requirements for residential mortgage lenders. ...more

NY restricts lenders’ ability to reset statute of limitations on foreclosures

Orrick, Herrington & Sutcliffe LLP on 1/13/2023

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

California Legislative Roundup 2020: Financial Services

Holland & Knight LLP on 9/25/2020

Notwithstanding a pandemic-induced winnowing of legislative priorities this year, California has passed a handful of new bills to regulate discrete areas of the financial services industry, including student loan servicing,...more

Michigan Adopts Temporary Authority Provisions

Ballard Spahr LLP on 12/20/2019

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 Adopts Temporary Authority Provisions

Ballard Spahr LLP on 12/9/2019

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

Washington State Adopts Temporary Authority Provisions

Ballard Spahr LLP on 12/2/2019

Washington State has enacted legislation amending its regulations to permit temporary authority to operate as a mortgage loan originator...more

Vermont Supplements Recent Legislation

Ballard Spahr LLP on 7/1/2019

Vermont enacted legislation pertaining to initial and renewal applications and setting licensing fees to supplement legislation enacted earlier this year. Effective July 1, 2019, the following application fees apply in...more

Temporary Authority Update

Ballard Spahr LLP on 4/5/2019

Both Virginia and Utah have enacted legislation to permit temporary authority to operate as a mortgage loan originator in their respective states pursuant to the SAFE Act....more

California Further Expands Protections to Servicemembers, Restricts Credit Reporting About Active Duty Status, Requires Written...

Ballard Spahr LLP on 10/5/2018

On September 19, 2018, California enacted AB-3212. The Bill amends the California Military and Veterans Code to expand the protections offered to qualifying servicemembers under state law and to impose new criminal penalties...more

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