NEW CALIFORNIA MORTGAGE LAWS
|Tom Wolfe, Attorney with Moore Brewer Wolfe Jones Tyler and North
03/04/13 07:42 PM
Legislation May Affect Your CU
A series of bills, known as the California Homeowner’s Bill of Rights, was signed by Gov. Jerry Brown in 2012. These new laws impact mortgage lending practices in California, and credit unions operating in the state should be aware of their provisions.
The bills include the following provisions:
- Dual tracking prohibition
- Robo-signing prohibition
- Single point of contact
- Borrower remedies
- Foreclosure property buyer maintenance
- Notice of sale to tenants
- Mortgage modification pre-payment fees
- Limited statewide grand jury investigations
Click here to read New California Mortgage Laws on Page 17 within the February/March edition of Credit Union Digest.