Pending legislation in Virginia addresses Mortgage Lender and Broker Act and foreclosure

Minnesota legislature passes legislation to amend mortgage lending definitions, recordkeeping requirementsMortgagePress.comresidential mortgage loan, Residential Mortgage Originator and Servicer Licensing Act On April 23, the Minnesota legislature presented SF 3214 to the governor for his signature. This bill expands the definition of "residential mortgage loan" under the Residential Mortgage Originator and Servicer Licensing Act (the "Act"), removing the stipulation that a "residential mortgage loan" includes only loans "made primarily for personal, family, or household use." If signed by the governor, this bill will expand the Act to include commercial loans secured by one- to four-family residential real estate. The bill also expands the definition of "residential real estate" to include non-owner-occupied property, and extends certain record-retention requirements from 26 to 60 months. For a copy of the text of the bill, please visit www.revisor.leg.state.mn.us/bin/bldbill.php?bill=S3214.1.html&session=ls85. For more information, visit www.revisor.leg.state.mn.us.