New Closing Disclosure Effective 7/20/17
On 7/10/2017 the Ohio Department of Commerce Division of Financial Institutions posted a new closing disclosure, effective with closings on and after July 20, 2017. A copy of the posting and disclosure can be obtained by clicking HERE.
Ohio House Passes the
“OHIO MORTGAGE LENDING ACT”
On Wednesday, June 21, 2017 the Ohio House of Representatives passed the Ohio Mortgage Lending Act. The bill, a working project of OMBA’s for nearly 3 years, modernizes the licensing and company registration process with the State of Ohio. Some key provisions of the bill are:
- All loans secured by 1-4 unit residential property, both first and subordinate liens, will fall under Section 1322 of the Ohio Revised Code, requiring only 1 license;
- All non-depository companies will become registrants, alleviating the possibility of unknowingly engaging in unlicensed activity;
- Special accounts will no longer be required; and
- Only unsecured loans and loans secured by collateral other than real estate will require a license under Section 1321 of the O.R.C.
The bill will now move to the Ohio Senate for introduction after the summer break. For a copy of the house bill, as passed, click HERE.
DIAMOND, PLATINUM and GOLD