National Mortgage News reported this week that more than 10 states have revamped mortgage and foreclosure rules by making legislative or regulatory changes. MRG Document Technology, which tracks compliance and rule changes, issued a variety of alerts for several different states; notably, many of these states made changes to foreclosure laws, perhaps in response to rising trends of homeowners being unable to keep up with mortgage payments.
Hawaii legislature recently amended its foreclosure and mortgage services laws regarding a Mortgage Foreclosure Dispute Resolution Program, which provides an owner-occupant an opportunity to negotiate an agreement that avoids foreclosure or mitigates damages in cases where foreclosure is unavoidable. Iowa, Arkansas and Indiana also had foreclosure-related amendments, while the South Carolina Supreme Court issued an Administrative Order related to foreclosure prevention and the District of Columbia finalized its foreclosure law.
Other changes include the Utah Department of Commerce, Division of Real of Estate recently amending the Utah Residential Mortgage Practices and Licensing Rules, and New York State Banking Department extending Emergency Regulations. Definitions and rules for mortgage law originators were also amended in Virginia and Colorado.
Written by Alyssa Gerace