Mortgage Servicing
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South Carolina Amends Mortgage Satisfaction and Foreclosure Expedition
by: Louis Danastorg House Bill 3134-Satisfaction of Mortgage Recently, South Carolina’s legislature amended Section 29-3-330 of the South Carolina Code, relating to the methods by which certain parties may discharge or cancel a mortgage. A mortgagee of record, or its duly authorized representative, may satisfy or release a security instrument by any of the following […]
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Louisiana Enacts Credit Report and Mortgage Servicer Laws
by: Louis Danastorg House Bill 844: Credit Reports of Protected Persons Louisiana has enacted R.S. 9:3571.3, provisions relating to credits reports, security freezes, and the release of credit information of protected persons. Protected person refers to someone sixteen years old or younger, an interdicted person having been appointed a curator, or an incapacitated person having […]
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Colorado Adds Provisions Regarding Residential Mortgage Foreclosures
The state of Colorado recently added provisions regarding residential mortgage foreclosures in House Bill 1295. The new legislation takes effect January 1, 2015, and applies to foreclosure proceedings in which the notice of election and demand is filed on or after said date. The new law includes the following additions: • At least thirty days before […]
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CFPB Proposes Minor Changes to Mortgage Rules
by: Anna DeSimoneProposal Would Assist Nonprofits and Allow for Refunds of Excess Points and Fees for Qualified Mortgages April 30, 2014 the Consumer Financial Protection Bureau (CFPB) proposed minor adjustments to its mortgage rules to ensure access to credit. The proposal includes two changes that would help certain nonprofit organizations continue to provide mortgage credit […]
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Maryland Amends Owner Occupied Foreclosure Sales and Notary Public Fees
by: Paul McSheffreyForeclosure Sale of Owner Occupied Residential Real Property Maryland has amended provisions regarding residential real property foreclosure with House Bill 595. Under 7-105.1(N-1), if a certified community development financial institution makes an offer to a secured party to purchase owner-occupied residential property, no person may require as a condition of the sale any […]
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CFPB Recovers $1 Million+ for Servicemembers and Veterans Interagency Servicing Guidance
by: Anna DeSimone March 6, 2014 the Consumer Financial Protection Bureau (CFPB) announced that servicemembers, veterans, and their families who complained to the Bureau about financial products or services have recovered more than $1 million. The relief was reported in the CFPB’s second snapshot of complaints from military consumers, which also highlighted how some military […]
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Oregon Amends Provisions Regarding Foreclosure Avoidance Notice
by: Zachary PearlsteinEffective January 31, 2014, the Oregon Department of Justice has revised provisions concerning the foreclosure avoidance measure notice. This update implements the foreclosure avoidance measure notice provisions of Oregon Laws 2013, chapter 304. It provides the form and content of the notice that is to be issued by a beneficiary, when the beneficiary […]
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CFPB Issues Report on Mortgage Servicing Problems in 2013
by: Anna DeSimoneJanuary 30, 2014 the Consumer Financial Protection Bureau (CFPB) issued a report highlighting problems like unfair and deceptive practices in the mortgage servicing market uncovered through the Bureau’s supervision program in 2013. The report also notes that, between July and October 2013, consumers received $2.6 million as result of overall non-public supervisory activities […]
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Fannie Mae Updates Lender-placed Insurance Requirements
by: Emily RossFannie Mae recently released updates to its lender-placed insurance requirements. These updates must be implemented by June 1, 2014. Servicers must work with their lender-placed, or force-placed, insurance providers to implement these changes by the required change date, but are encouraged to do so before this date. Fannie Mae has adopted the definition […]
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CFPB Clarifies Mortgage Servicing Rules
by: Anna DeSimoneOn October 15, 2013 the Consumer Financial Protection Bureau (CFPB) released a bulletin and interim final rule to provide greater clarity to the market concerning mortgage servicing rules that take effect in January 2014 in an effort to resolve interpretive issues prior to the January implementation. The clarifications address communications with borrowers, including […]