NTC Releases White Paper on California Homeowner Bill of Rights

""Nationwide Title Clearing, Inc."":http://www.nwtc.com/index.html (NTC), a Florida-based leading service provider to the mortgage industry, released a new white paper Wednesday detailing the recently enacted ""California Homeowner Bill of Rights.""

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The bill, which passed in parts over the course of several months in 2012, went into effect at the start of 2013. The law restricts a number of servicing practices (including dual-tracking) and establishes requirements for foreclosure alternative efforts, among other things.

In the white paper, NTC chief legal officer Myron Finley says the new law is just the beginning for the mortgage lending industry.

""There is little doubt that the provisions of the California Homeowner Bill of Rights will materially alter the contours of the mortgage lending industry in that state,"" Finley writes. ""Moreover, as other states watch its implementation and the effects it has on that industry, it could well become a model for mortgage reform in those states. Anyone involved in the mortgage industry will be well advised to watch this issue to see how it impacts the nature of mortgage lending and servicing in the future.""

The paper goes on to offer an analysis of the law and its likely impact on staffing and documentation.

The paper can be ""downloaded"":http://info.nwtc.com/White-Paper-Preparing-for-the-California-Homeowner-Bill-of-Rights?utm_campaign=Press+Release&utm_source=Press+Release for free at NTC's website.