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- Income Verification Express Service (IVES): The IRS is modifying the 4506-T and W-2 delivery process for the entire country with a new system called Income Verification Express Service (IVES).The effective date of this program is October 1, 2006. There will be a price increase under the new IVES program in accordance with the following pricing schedule:
Single year request: $15.00
Two year request: $20.00
Three year request: $25.00
Four year request: $30.00
Under the new program, the IRS charges whether or not they return results. Therefore customers will be charged for orders that return "No Results". The IRS will still target at providing results in 24 to 48 hours for the 4506-T, but offers no delivery guarantee at this time. Therefore, Interthinx can no longer guarantee a 48-hour turnaround but will continue to have that as the stated objective. Interthinx will still provide the 4506-T and W-2 product when the new program goes into affect on October 1, 2006. Interthinx customers will still order and receive the 4506-T and W-2 in the same manner as they do today. W-2 and 1099 orders will be offered but exact delivery turn around time are not solidified because these requests will not go into the new IVES program immediately. Consequently orders could take up to 5 to 10 business days through the beginning of November. - PER DIEM INTEREST STATUTE: On August 12, 2005, the Ninth Circuit issued its decision in Wells Fargo Bank, N.A. v. Boutris, The citations to the Ninth Circuit's Boutris decision are to the slip opinion, Nos. 03-16194, 03-16461, 03-16197, issued on August 12, 2005. holding that the Depository Institutions Deregulation and Monetary Control Act of 1980 ("DIDMCA") does not preempt California's per diem interest statute, even with respect to first-lien federally related mortgage loans. Neither the Department of Corporations nor the Department of Real Estate has issued any announcement with respect to whether they will enforce the decision retroactively.
Read More - OHIO - PREDATORY LENDING: SB185 - On May 24, 2006, the Ohio Senate and House of Representatives passed the long-awaited mortgage lending law reform bill, Senate Bill 185 (the "Bill"). The Bill will go to the Governor of Ohio, Bob Taft, for his signature.
Read More - COLORADO: HB1387 - Attached is a bill summary of Colorado HB1387 which was recently introduced into the state legislature.
Read More - PREDATORY LENDING: SB185 - The House Financial Institutions, Real Estate, and Securities Committee met today and took testimony from the AG himself, among others. A substitute bill will be released later this evening and received by the committee tomorrow that is significantly better for us.
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Licensing - Alaska: HB424 (SB272) - The Act is related to mortgage lenders and persons who engage in activities relating to mortgage lending, for example, it prohibits a licensee from making, purchasing, or selling a mortgage loan that contains a prepayment penalty.
Read More - Colorado: HB1161 - Mortgage Broker Registration Act requires a mortgage broker to register every 3 years with the director of the division of real estate (director) & an applicant for registration must undergo a criminal background check, disclose relevant administrative discipline taken against the applicant, and post a bond of $100,000.
Read More - Georgia: SB505 relates to exemptions for certain persons from the requirement of obtaining a mortgage broker or mortgage lender license, so as to exempt certain exclusive agents of licensed mortgage brokers or lenders; to provide for related matters; to provide an effective date; to repeal conflicting laws.
Read More - Hawaii: SB2279 (HB2316) - The purpose of this bill is to repeal the existing law on mortgage brokers and solicitors, chapter 454, Hawaii Revised Statutes (HRS), and to replace it with a statute that provides for more specialized regulation of residential mortgage brokers by the Division of Financial Institutions (DFI) rather than the Professional & Vocational Licensing Division (PVL) as is now the case.
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HB2315 (SB2278) eliminates obsolete requirements and improves the procedures for the licensing and regulation of financial institutions by the Division of Financial Institutions
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