The Bureau Rescinds RESPA Bulletin 2015-05 – Issues FAQs Loretta Salzano weighed in on the FAQs to RESPA News as follows: Kudos to the CFPB for rescinding the 2015 Bulletin and replacing it with more practical guidance! Much of the…
Blog Archives
Summer-Fall 2020 Hot Topics
Georgia House Bill 781 Georgia passed House Bill 781, effective January 1, 2021. The Bill makes several amendments to the Georgia Residential Mortgage Act. Highlights of the Bill include: – Removal of the requirement that mortgage brokers and mortgage lenders…
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Summer-Fall 2020 Hot Topics
CFPB Announces the Establishment of a New Pilot Advisory Opinion Program The Consumer Financial Protection Bureau (“Bureau”) announced the establishment of a new Pilot Advisory Opinion (AO) Program. The primary purpose of the Pilot AO Program is to provide a…
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Temporary State Guidance Coronavirus
In the wake of the spread of the Coronavirus, state regulators are working with licensees to permit mortgage loan originators to work from home where it may otherwise be restricted. Depending on the state, licensees may be required to provide…
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Georgia Issues Executive Order to Temporarily Suspend In-Person Notary and Witness Requirements
On March 31, 2020, the Governor of Georgia issued Executive Order No. 03.31.20.01 to temporarily suspend the in-person requirements of a notary public and a witness related to legal documents for real estate transactions. Specifically, the Order permits the use…
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Winter 2019-2020 Hot Topics
CFPB Issues Policy Statements on “Abusive Acts or Practices” Standard and on Treatment of “Compliance Aids” The CFPB issued a policy statement indicating it intends to follow three principles when applying the “abusiveness” standard in supervision and enforcement matters, to…
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New Georgia Rules Regarding Temporary Authority To Operate Effective January 9, 2020 (except for Disclosure Requirement)
On December 20th, the Georgia Department of Banking and Finance finalized its proposed rules on temporary authority for loan originators to operate without a license. Loretta Salzano was the sole non-DBF attendee at the hearing and was pleased to work…
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IRS Posts Guidance on the Taxpayer First Act
On December 19, 2019, the Internal Revenue Service (“IRS”) posted guidance on the Taxpayer First Act, clarifying that Section 2202 applies only to disclosures made by the IRS after December 28, 2019. The Taxpayer First Act requires a lender obtain…
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Georgia Issues Proposed Rule on Temporary Authority to Operate
The Georgia Department of Banking and Finance (“DBF”) has issued a proposed rule regarding “temporary authority to operate” as a loan originator (as provided in the amended SAFE Act). The proposed rule can be found at the following link: Proposed…
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Transitional Authority Coming Soon!
Effective November 24, 2019, mortgage loan originator (“MLO”) transitional licensing authority will allow qualified MLOs who are changing employment from a depository institution to a state-licensed mortgage company and qualified state-licensed MLOs seeking licensure in another state to act as…
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