Last year, the Connecticut General Assembly passed a new requirement in Senate Bill No. 9 for a flood notice for all “mortgage loans”, then this February 2026 session passed Raised Bill No. 5317 to update the definition of mortgage loan.  Both bills are effective July 1, 2026. 

The U.S. House of Representatives Financial Services Committee, along with the House Energy and Commerce Committee, recently introduced two draft bills that would have a significant impact on the mortgage industry if enacted.   The bills would update existing federal law on the protection of consumer sensitive data, namely the Gramm-Leach-Bliley Act (GLBA), and also address the developing patchwork of state laws governing private consumer information.   

In 2024, Colorado passed a law to regulate the use of Artificial Intelligence (AI) by requiring a comprehensive governance framework on developers and users of AI in certain high-risk areas.

The Mississippi Department of Banking and Consumer Finance amended the state’s S.A.F.E.

On February 20, 2026, the Nebraska Legislature passed a bill, Legislative Bill 717 (LB 717), that adds a new requirement for lenders to complete and provide to the borrower a tangible net benefit form for all refinances of mortgage loans.   As part of the state’s residential mortgage licensing laws and also its installment loans and sales laws, lenders or licensees will now be required to disclose whether any refinance provides a tangible net benefit to the borrower.&

In the context of legal analysis, when a higher authority of law overrides the law of a lower authority.  In US law, this mainly arises when a federal law preempts a state law, leaving only the federal law applicable, which is due to the Supremacy Clause of the U.S. Constitution.     

Don’t miss DocMagic’s Investor Compliance Specialist, Lisa Rose, and Senior Account Executive, Tom Rice at IMN’s Non‑QM Forum, June 15–16, at the Waldorf Astoria Monarch Beach in Dana Point, CA.  

As we previously wrote, the CFPB proposed a revision to Regulation B last November.  On April 22nd, the CFPB published a final version of that rule as proposed.  The final rule will be effective July 21, 2026.   

Updated to add additional space above dynamic signature lines for state-specific lead in language. (Date of Release to Production: 05/21/26)