Mortgage Servicing
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Massachusetts Passes Act to Prevent Unlawful and Unnecessary Foreclosures
by Marissa Aquila Blundell, Esq.Sr. VP & General Counsel The Massachusetts legislature recently approved an Act to Prevent Unlawful and Unnecessary Foreclosures, which Governor Patrick is expected to sign in the next few days. Major provisions in the bill will be effective immediately upon its being signed and will impact the Massachusetts foreclosure process significantly. […]
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CFPB and Prudential Regulators Issue Joint Guidance on Loan Servicing Practices
by Anna DeSimone President and Founder Guidance Highlights Protections for Military Homeowners On June 21, 2012 the Consumer Financial Protection Bureau (CFPB) along with the following prudential regulators: the Board of Governors of the Federal Reserve System; the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of […]
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CFPB Proposes New Mortgage Servicing Rules
by Anna De SimonePresident & Founder On April 9, 2012 the Consumer Financial Protection Bureau (CFPB) released an outline of rules under consideration to help protect mortgage borrowers from being hit by costly surprises or getting the runaround from their mortgage servicer. The CFPB plans to formally propose rules this summer and finalize them in […]
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Current Development in Loan Modification Programs
by Suzanne Familo Cieslica, Esq. With foreclosures at record highs, many borrowers are examining ways in which to remain in their homes, avoid foreclosure, and receive financial relief. In order to buttress the housing market and return it to stability, the Obama Administration instituted the Making Home Affordable Program. It offers several options for Homeowners, […]
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Best Practices for Mortgage Servicing and Foreclosure Compliance
By Anna DeSimone Every day there is a news article or media story regarding foreclosures and attorney generals from states across the country have issued moratoriums. Lawmakers and consumer groups have found that thousands of homes have been foreclosed upon illegally and often due to inaccurate or fraudulent documentation. Lenders are suddenly faced with […]
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Recap of New England Conference and Dodd-Frank Act
by Dani Krasner, J.D.Bankers Advisory Staff Attorney NEMBC Recap and Key Provisions of the Dodd-Frank Act The 2010 New England Mortgage Bankers Conference (NEMBC) was held on September 15-17 at the Rhode Island Convention Center in Providence. I attended the Conference on Thursday, along with fellow staff attorney Lindsay Sayre Kift, and the following is […]
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Welcome to Compliance Monitor!
Compliance Monitor is a complimentary newsletter written for Bankers Advisory’s clients and associates. As a mortgage industry professional, you have little time to research and comprehend today’s ever-changing laws and regulations. Each issue of Compliance Monitor will feature a key regulation and offer additional resources to help your organization understand, implement and monitor compliance. Visit […]