Monthly Archive:: April 2019

The Alabama Senate had its first “shutdown” day of the 2019 session yesterday, as members of the upper chamber spent a considerable amount of time debating just one bill. Senate Bill 220, sponsored by Sen. Greg Albritton (R-Atmore) is a proposed constitutional amendment that, ...Read More

Question: When is the deadline to provide a PMI notice of cancellation/termination? Answer: Assuming this is subject to the Homeowners Protection Act, the bank has 30 days after the PMI relating to a residential mortgage transaction is canceled or terminated to send out a ...Read More

Question: We escrow for taxes and insurance. This is not an HPML loan nor is flood insurance required in this situation. The taxes, with respect to this loan, are subject to a continual homestead credit that exceeds the tax charge. So, year after year, ...Read More

by Fob James, Burr & Forman On Jan. 23, TechCrunch reported that more than 24 million mortgage and banking documents were left exposed on the internet in an unprotected environment for approximately two weeks. Ascension, which provides data analytics and document management services to ...Read More

House Bill 419 is one of the most significant pieces of legislation in several years. Introduced on April 11 by Rep. Kyle South (R-Fayette), the 33-page bill is the culmination of nearly 12 months of work between the banking industry and the Alabama Department ...Read More

by Jenny McCain, Maynard Cooper & Gale As your bank grows either organically or through a merger/acquisition, it’s important to make sure the internal operations, overall organizational structure and “governance” considerations grow with it. Banking organizations that have historically operated in the $100-$200 million ...Read More

Major issues are still on tap in the fledging 2019 Regular Session, with more controversial topics popping up seemingly every week. As legislators began the third week of the session, issues such as repealing “Common Core,” legalizing medical marijuana, and adopting one of two ...Read More