Hawaii launched a series of bills related to mortgage origination and servicing this week.
The Hawai'I Free Press and JDSupra say the state passed Senate Bill 2763, amending a previous act. The reports on the changes were compiled by the law firm of BuckleySandler LLP. The new bill also reflects changes to federal law and adjusts originator registration fees.
The news agencies also noted that House Bill 2502 changes Hawaiian law, allowing the Commissioner of Financial Institutions to require mortgage servicers to register with the Nationwide Mortgage Licensing Systems & Registry, or NMLS. The bill also says servicers cannot provide loan modifications without first following certain licensing requirements.
Meanwhile, House Bill 1875 changes state foreclosure laws to include recommendations from the Mortgage Foreclosure Task Force created by the state legislature two years ago. In addition, House Bill 2375 creates criminal penalties for violations of Hawaii's Mortgage Rescue Fraud Prevention Act.
Click here to read more.