Compliance News
In First American's Compliance News Archive you will find easy access to our library of GSE announcements, court findings, legislative changes, specific changes to state requirements, governmental guidance on issues that directly affect the mortgage document industry and more.
May 2007
Hawaii
Any person who commits a violation of the Mortgage Brokers and Solicitors Act and the violation includes conduct that is directed towards, targets, or is committed against a consumer who is sixty-two years of age or older may be fined an amount not to exceed $10,000 for each violation in addition to any other fine or penalty.
Indiana
If the mailing address on a conveyance of real property is not a street address or rural route address of the grantee, the conveyance must also include a street address or rural route address of the grantee after the mailing address. A conveyance may not be recorded after June 30, 2007, unless the conveyance meets this requirement.
Mississippi
Reenacts Mississippi Mortgage Consumer Protection Law – adding definitions for mortgage broker, mortgage lender and mortgage lending process and multistate licensing system. Authorizes the department of banking and consumer finance to participate in a multistate licensing system for mortgage brokers, lenders and loan originators.
If a third party requests for the purpose of an application access to a credit report on which a security freeze is in effect and the consumer has not provided a temporary lifting of a security freeze for that specific party or a period of time, the third party may treat the application as incomplete.
Montana
The homestead exemption is increased from $100,000 to $250,000.
North Dakota
If a third party requests for the purpose of an application access to a credit report on which a security freeze is in effect and the consumer has not provided a temporary lifting of a security freeze for that specific party or a period of time, the third party may treat the application as incomplete.
Virginia
The Virginia Notary Act has been amended to require, among other things, that a notary's signature to appear on the same page of a document as the signature of the principal. First American Nationwide Documents is in the process of amending the necessary documents, which will be available to our clients by July 1, 2007.
West Virginia
If a third party requests for the purpose of an application access to a credit report on which a security freeze is in effect and the consumer has not provided a temporary lifting of a security freeze for that specific party or a period of time, the third party may treat the application as incomplete.
News Archive
