US Property Statutes

Significant US Property Statutes

that have been passed since the publication of the Encyclopedia of Real Estate Terms (Third Edition).

Some recent significant US Property Statutes (with the appropropriate Real Estate Terms):

Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010

One of the most significant US Property Statutes to be passed since the Subprime mortgage crisis, which was one of the most significant cause of the Global Financial Crisis.

The Act includes sixteen Titles from “Financial Stability” to “Certain Swaps, etc.”, (interest rate swaps, credit default swaps, …) .

The most significant Titles affecting real estate finance and investment are:

Title X—Bureau of Consumer Financial Protection (Secs. 1001–1100H) and;

Title XIV—Mortgage Reform and Anti-Predatory Lending Act (Secs. 1400–1498).

Real Estate Terms referred to in the major US Property Statute include:
appraiser independence requirements (AIR); appraisal management company (AMC); customary and reasonable feefee appraiser;  risk retention; “Prohibition on Steering Incentives”, incl. yield spread premium.

There are also important references to the  Uniform Standards of Professional Appraisal Practice (USPAP).

This important US Property Law introduces the Consumer Financial Protection Bureau (Bureau of Consumer Financial Protection), whose mission is “to make markets for consumer financial products and services work for Americans — whether they are applying for a mortgage, choosing among credit cards, or using any number of other consumer financial products”.

Secure and Fair Enforcement for Mortgage Licensing Act of 2008

An Act designed to enhance consumer protection and reduce fraud through the setting of minimum standards for the licensing and registration of any mortgage loan originator (MLO). A “Federal Register” has been established in accordance with the provisions of the Act for the registration of individual employees of Federally-regulated institutions who engage in the business of residential mortgage loan origination.

The Wall Street Reform and Consumer Financial Protection Act of 2010 transferred authority to maintain this Federal Registry to the Consumer Financial Protection Bureau (CFPB)  (formerly the Consumer Federal Protection Bureau and referred to in the Act as the “Bureau of Consumer Financial Protection”) . All other mortgage loan originators must be licensed by the state in which they operate.

Log in to Real Estate Defined and go to the tab  ‘Statutes’ for more  Significant US Property Statutes.

US Property Statutes