MBA State Relations Committee Update State Highlights

Advocacy News and Information From the Latest Issue of the MBA State Relations Committee Update

Loan Originator Compensation Rule Sign On Letter Opportunity for State and Local Associations
MBA circulated a sign-on letter earlier this week to all associations encouraging them to be a part of MBA's advocacy to achieve changes in the LO Comp rule. The effort is a follow up to MBA's CEO sign on letter in recent weeks, and focuses on one of the industry's three key asks - to allow lenders to vary compensation in order to be able to widely offer loans made under state and local housing finance agency (HFA) programs. MBA is working with the National Council of State Housing Agencies (NCSHA) who is reaching out to their state partners to also appear on this letter. If your state or local group has not signed on yet, please reach out to William Kooper by cob, Monday, November 5, 2018. Thank you!

MBA, ALTA Comment on Draft Rules to Implement RON in Nevada
On Sept. 25, the Office of the Nevada Secretary of State (SOS) announced that it would hold an Oct. 17 workshop to solicit comments on its temporary regulations to implement AB 413, which authorizes notaries public to perform electronic notarial acts remotely using audio-visual communication devices and technology. MBA, in conjunction with the American Land Title Association (ALTA) and its state partner, the Nevada Land Title Association (NLTA), submitted comments to the SOS encouraging it to adopt final rules that are consistent with the Mortgage Industry Standards Maintenance Organization (MISMO) Remote Online Notarization (RON) Development Working Group draft model standards. Earlier this year, rules implemented in Texas reflected key elements of MISMO's work product. Nevada modeling its rules on the MISMO standards of credential analysis, identity proofing, and vendor neutrality will create legal consistency among states enabling RON and protect consumers. In addition, the Nevada Mortgage Lenders Association (NMLA) also submitted comments directly to the SOS urging it to adopt a uniform standard and provide greater clarity to the industry.