Mortgage Servicing
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With Interest Rates Soaring, Borrowers Turn to Buydown Agreements
As interest rates and property values remain at a steady high, borrowers are trending towards 2-1 temporary buydown agreements to keep their initial mortgage payments down. These borrowers are hopeful that they will be able to refinance in the future to bring their payments down permanently.
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Implications of 2022 Juneteenth Holiday on Residential Mortgage Transactions
In June of 2021 President Biden amended 5 U.S.C. 6103(a) to add “Juneteenth National Independence Day, June 19” to the list of Federal legal public holidays. Many regulatory provisions reference this list of holidays, including Regulation Z’s specific business day definition. However Regulation Z includes two definitions of “business day,” (specific and general) that apply to different disclosures.
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Sunset on the LIBOR Index
The Bureau of Consumer Financial Protection has issued a final rule that amends Regulation Z in anticipation of the discontinuation of the use of the London Interbank Offered Rate (LIBOR) based indices in consumer transactions.
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CFPB Amends Mortgage Servicing Rule
The Consumer Financial Protection Bureau (CFPB) has issued a final rule amending Regulation X to provide relief to borrowers facing financial hardship amid the COVID-19 emergency. The final rule was effective as of August 31, 2021.
The final rule consists of five amendments to Regulation X intended to encourage borrowers and servicers to work collaboratively on foreclosure avoidance options.
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Taxpayer First Act
The Taxpayer First Act, signed into law on July 1, 2019, contains a provision stating that persons receiving tax return information must obtain express permission from taxpayers before disclosing that information to a third party. This provision of the Act is effective as of December 28, 2019.
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Reminder: MERS Annual Reports must be submitted by December 31, 2017!
Contact us today to be sure your Annual Report is complete and submitted by the deadline.
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CFPB Releases State-level Snapshot of Consumer Complaints
June 27, 2017, the Consumer Financial Protection Bureau (CFPB) released a special edition of its monthly complaint report, providing a snapshot of consumer complaints submitted across the country. For each state and the District of Columbia, the report provides statistics on complaint volume, the products and services generating the most complaints, company response rates, and […]
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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. Selling Guide Announcement Confidentiality […]