News & Analysis as of

State and Local Government Mortgage Lenders

Mayer Brown

Connecticut Repeals Mortgage Servicer Licensing Exemption for Licensed Mortgage Lenders

Mayer Brown on

A new approval requirement is coming for companies licensed as Mortgage Lenders in Connecticut and engaging in mortgage servicing activities. Effective October 1, 2025, Connecticut Mortgage Lender licensees will have to hold...more

Ballard Spahr LLP

Trigger Leads – Don’t Forget about the States

Ballard Spahr LLP on

As Rich Andreano blogged on April 15, 2025, legislation to prohibit or restrict so-called “trigger leads” in the home-buying process has been reintroduced in the House and Senate. The legislation has broad industry and...more

Orrick, Herrington & Sutcliffe LLP

Tennessee enacts new home loan rate

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

Sheppard Mullin Richter & Hampton LLP

Maryland Enacts Law Exempting Passive Trusts from Mortgage and Installment Loan Licensing Requirements

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

Alston & Bird

Consumer Finance State Roundup

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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

Orrick, Herrington & Sutcliffe LLP

Utah enacts residential mortgage loan amendments

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

Mayer Brown

Maryland Update on Licensing Guidance

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AT A GLANCE - In response to market concerns regarding licensing guidance for assignees of certain residential mortgage loans and installment loans released by the Maryland Office of Financial Regulation in January, that...more

Miles & Stockbridge P.C.

Key Takeaways from 2025 MBA CREF

The Mortgage Bankers Association hosted its annual Commercial Multifamily Finance Convention and Expo (CREF) in San Diego last week, bringing together industry leaders, experts and professionals. Members of the Krooth &...more

Orrick, Herrington & Sutcliffe LLP

California Governor announces mortgage relief for homeowners impacted by wildfires

On January 23, The Governor of California, Gavin Newsom, announced commitments from 270 state-chartered banks and one federally chartered institution, along with related support from credit unions and mortgage lenders, to...more

Orrick, Herrington & Sutcliffe LLP

Maryland Mortgage Loan Purchasers Face New License Requirement

Financial institutions that purchase mortgage loans in Maryland, including securitization trusts and other secondary market purchasers, face a new requirement to obtain a state license. The Maryland Office of Financial...more

Sheppard Mullin Richter & Hampton LLP

Maryland Expands Licensing Requirements for Mortgage Loan Assignees

On January 10, 2025, the Maryland Office of Financial Regulation (OFR) issued guidance significantly expanding licensing requirements for assignees of residential mortgage loans in Maryland. The guidance stems from an April...more

Cadwalader, Wickersham & Taft LLP

Trusts Holding Loans Need Licensing, Says Maryland Office of Financial Regulation

On January 10, 2025, the Maryland Office of Financial Regulation issued emergency regulations revised to clarify that “passive trusts” holding residential mortgage loans must obtain a Mortgage Lender License and if the trusts...more

Mayer Brown

Maryland Guidance Applies Licensing Requirements to Assignees of Residential Mortgage Loans

Mayer Brown on

On January 10, 2025, the Maryland Office of Financial Regulation (OFR) issued formal guidance asserting that assignees of residential mortgage loans—including certain “passive trusts” that acquire or obtain assignments of...more

Sheppard Mullin Richter & Hampton LLP

Texas Passes Law Expanding Mortgage Borrower Protections

Effective November 23, 2024, the Texas Department of Savings and Mortgage Lending (the “DSML”) adopted new rules affecting mortgage loan companies, mortgage bankers, individual residential mortgage loan originators, and...more

Alston & Bird

Consumer Finance State Roundup

Alston & Bird on

The latest edition of the Consumer Finance State Roundup highlights recently enacted measures of potential interest from four states: Delaware:  Effective August 9, Senate Bill 245 amends mortgage foreclosure provisions of...more

Hinshaw & Culbertson - Consumer Financial...

New York Governor Hochul Signs Anti-Deed Theft Bill into Law: What Mortgage Lenders and Servicers Need to Know

New York Governor Kathy Hochul recently signed off on anti-deed theft legislation, as outlined in Senate bill 2023-S.6577 with companion Assembly bill 2023-A.6656.[1] The Governor signed the new legislation on November 14,...more

Ballard Spahr LLP

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

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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

Troutman Pepper Locke

NY State Senate Passes Foreclosure Abuse Prevention Act

Troutman Pepper Locke on

On May 3, the New York State Senate passed S5473D (Bill), which will apply immediately in all actions “in which a final judgment of foreclosure and sale has not been enforced.” (See S5473D at Section 10.) This means that the...more

Bradley Arant Boult Cummings LLP

The Twelve Days of Renewals

On the first day of renewals the NMLS brought to me, system issues and lock outs. Yes, the 2021 Renewal season brought no holiday joy to either regulator or industry users. The first twelve days did present challenges with...more

Bradley Arant Boult Cummings LLP

April Update: COVID-19 Mortgage Servicing Trends Report

Bradley is proud to share the following information collected from the live polls presented at its weekly COVID-19 Compliance Roundtables. The polling covers hot topics, including forbearances, deferrals, HUD loss mitigation...more

Perkins Coie

Consumer Finance Law – COVID-19 Year in Review

Perkins Coie on

The year 2020 was a tumultuous one given the unexpected COVID-19 pandemic, particularly for the mortgage lending and servicing industry. In response to sudden stay-at-home orders and a sharp drop in employment rates, federal...more

Miles & Stockbridge P.C.

Will You Need a License to Hold MSRs in Maryland?

The question of whether a state mortgage finance licensing obligation arises to acquire and hold mortgage loans or mortgage loan servicing rights has often generated confusion and raised questions among mortgage finance...more

Sheppard Mullin Richter & Hampton LLP

It’s Time to (Carefully) Secure that Guaranty

The 2021 increase to California’s homestead exemption to up to $600,000 stands to change the legal and economic relationship of guarantors with their lenders and vendors who make loans or sell goods or services on...more

Ballard Spahr LLP

States Issue Work-From-Home Guidance for Mortgage Lenders (UPDATED)

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In response to the COVID-19 pandemic, state mortgage regulators are daily issuing guidance (1) about whether work from home arrangements are permissible under their existing licensing requirements and/or (2) are granting...more

McGlinchey Stafford

State COVID-related Foreclosure and Eviction Moratorium Updates

McGlinchey Stafford on

Alert October 23, 2020 Due to the economic impacts of COVID-19, many states have issued moratoriums on foreclosures and evictions. Some of those moratoriums have expired. However, even if a lender is now able to obtain a...more

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