Residential MortgageCompliance Monitor

Mortgage Servicing

  • Fannie Mae Announces Simplifying Servicing™ Initiative

    February 15, 2017, Fannie Mae published Servicing News announcing Fannie Mae’s Simplifying Servicing™.  The announcement highlights a new user interface for the SMDU workout decisioning tool, investor reporting enhancements, relief from post-foreclosure expenses and Flex Modification to assist borrowers. To view the Servicing News in its entirety, including the summaries highlighted below: Servicing News The Fannie […]

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  • Fannie Mae Updates Servicing Guide

    February 15, 2017, Fannie Mae issued Announcement SVC-2017-02: Servicing Guide Updates. The Guide has been updated with the following changes, several of which will simplify servicing: Relieves servicers of responsibility for paying most post-foreclosure taxes and homeowners’ association, condo, or co-op fees and assessments for acquired properties. This change will reduce costs and operational risk […]

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  • Fannie Mae Updates Selling Guide

    Key highlights include appraisals, confidentiality and seller/servicer financial eligibility requirements January 31, 2017, Fannie Mae issued Announcement SEL-2017-01 which announces a number of Selling Guide updates.  Below is a brief summary of key updates. Please refer to Announcement SEL-2017-01 for additional updates and complete information on the topics highlighted in this article. https://www.fanniemae.com/content/announcement/sel1701.pdf Confidentiality of Information […]

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  • Washington State Updates Consumer Loan Licensing Requirements

    Effective January 1, 2018, the amount of a surety bond required for a consumer loan license will change. Furthermore, two new sections were added to Washington’s Consumer Loan Act concerning capital requirements for non-depository residential mortgage loan servicers.

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  • CFPB Publishes Notice Regarding Semiannual Regulatory Agenda

    December 23, 2016 the Consumer Financial Protection Bureau (CFPB) published Federal Register Notice Vol. 81, No. 247, Semiannual Regulatory Agenda. The notice is published as part of the Fall 2016 Unified Agenda of Federal Regulatory and Deregulatory Actions.

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  • CFPB Publishes Small Entity Compliance Guide for New Servicing Rules

    November 30, 2016 the Consumer Financial Protection Bureau (CFPB) published a Small Entity Compliance Guide on the final rules that were announced in August 2016, known as the 2016 Mortgage Servicing Rule.

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  • CFPB Outlines Next Priority Areas for Enforcement and Supervision

    In a speech to the Mortgage Bankers Association October 25, Consumer Financial Protection Bureau Director Richard Cordray highlighted three priority areas for enforcement and supervision in the next year.

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  • California Adopts Several Provisions affecting Mortgage Lenders, Mortgage Servicers, and Fiduciaries

    California adopts several provisions affecting mortgage lenders, mortgage servicers, and fiduciaries.

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  • California Updates Various Provisions

    California has passed Assembly Bill 1650 which amends its real estate licensee advertising requirements to require additional disclosures. Existing law requires that, where a real estate licensee publishes, circulates or distributes in any newspaper or periodical or by mail any matter pertaining to any activity for which a license is required, that the advertisement disclose: that the licensee is performing an act for which a real estate license is required, the licensee’s license identification number, and, in the event the licensee is also a mortgage loan originator, his or her NMLS license number.

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  • Rhode Island Amends Foreclosure and Homestead Exemption Statutes

    The State of Rhode Island has recently passed an act relating to Mortgage Foreclosure and Sale. Rhode Island has amended RIGL Ch. 34-27 Mortgage Foreclosure and Sale by adding Section 34-27-8 Requirement of affidavit from certain tax exempt entities. The amended statute affects the sale of residential property by a mortgagee.

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