New Jersey recently amended multiple provisions of its Residential Mortgage Lending Act (RMLA), including those relating to mortgage loan originator licensing and sponsorship.
The changes also affect fees licensed lenders and brokers may charge, branch office supervision, secondary mortgage loans and continuing education requirements.
The amendments take effect Nov. 22. The bill passed the state assembly 76-0 and the state senate 38-0 before being signed by the governor.
The House Financial Services Committee recently advanced two bills slated to improve access to real estate settlement services and products.
Committee members voted 34-22 to send H.R. 2570, the Mortgage Fairness Act of 2017, to the full House after a July 24 markup session involving seven pieces of legislation. H.R. 2570 amends TILA to clarify that the points and fees relating to a mortgage loan do not include certain compensation amounts already taken into account in setting the interest rate on the loan.
Read on for Rep. Maxine Waters’ reaction to the committee’s votes on that bill and others up for further consideration.
The National Flood Insurance Program (NFIP) has been extended through Nov. 30, averting a possible lapse in coverage for millions of Americans at peak hurricane season.
However, National Association of Realtors President Elizabeth Mendenhall said there is still more work to be done to ensure people in more than 20,000 communities nationwide who depend on the NFIP are not put at risk for a lapse in flood insurance.
Read on for more details.
The House of Representatives voted July 25 to extend the National Flood Insurance Program for four months through Nov. 30.
The bill passed the House by a vote of 366-52.
Now, the National Association of Realtors (NAR) and other trade groups are urging the Senate to take swift action to enact a long-term reauthorization before the program expires July 31. Read on for more details.
The nomination hearing to consider Kathy Kraninger as the next director of the Consumer Financial Protection Bureau (CFPB) was conducted Thursday, with Senate Banking Committee Democrats asking that the session be postponed until she provide proof she has the necessary experience to replace acting director Mick Mulvaney.
The appearance marked Kraninger’s first public comments since she was nominated by President Donald Trump to succeed Mulvaney at the bureau.
Read on to hear what Kraninger herself had to say about her qualifications to lead the 1,600-member bureau.
The Consumer Financial Protection Bureau (CFPB) expects to issue further guidance this summer on the Home Mortgage Disclosure Act (HMDA), as the bureau stated how changes in the Economic Growth, Regulatory Relief, and Consumer Protection Act apply to HMDA data collected in 2018.
On May 24, President Donald Trump signed the Act, which provides partial exemptions for some insured depository institutions and insured credit unions from certain HMDA requirements.
Read on to learn exactly what is – and isn’t – considered an exemption.
Leaders from public and private housing sectors recently gathered to debate a White House proposal to remove the federal charter from statute and fully privatize comprehensive government-sponsored enterprise (GSE).
The National Association of Realtors (NAR) hosted a June 22 roundtable event in Washington, D.C. examining GSE reform.
Read more to learn what the plan could mean for Fannie Mae and Freddie Mac and what experts had to say about the effects of it.
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