Mortgage Servicing
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Modification to Utah’s Mortgage Lending and Servicing Act
Utah’s Mortgage Lending and Servicing Act was recently amended. The changes take effect on May 9, 2016. 70D-2-102 Section 70D-2-102 revised the definition of the term mortgage lender as follows: (7) “Mortgage Lender” means an entity that performs each of the following related to originating a mortgage loan: (a) taking and processing an application; (b) […]
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Arizona Modifies Provisions Regarding Consumer Lenders
Arizona modified its provisions relating to consumer lenders prohibited acts and insurance. These provisions are effective on August 26, 2016 (or 90 days following adjournment of the legislative session). Prohibited Acts A licensee is prohibited from knowingly using false, misleading, or deceptive advertising in connection with rates, terms, or conditions for a consumer lender loan. […]
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CFPB Releases 2015 Consumer Complaint Report
March 22, 2016, the Consumer Financial Protection Bureau (CFPB) released its annual Consumer Complaint Report. The breakdown of the number of complaints received for each category were as follows: Debt collection: 85,200 Credit reporting: 55,000 Mortgages: 50,800 Key points of the CFPB Report that pertain to residential mortgages are summarized below. The illustrations below show […]
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Freddie Mac Updates Servicing Guide
Freddie Mac released Bulletin 2016-5: Servicing. Key highlights are provided below. This Guide Bulletin announces: Mortgage modifications The eligibility of a Mortgage subject to an indemnification agreement for a modification, provided certain requirements are met – New Foreclosure Revisions to certain State foreclosure timelines The cessation of the temporary suspension of State foreclosure timeline compensatory […]
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Fannie Mae Updates Servicing Guide
Fannie Mae released Ann. SVC-2016-02: Servicing Guide Updates, reproduced below: The Servicing Guide has been updated to include the following: Updates to HAMP Incentive Payments Semi-Annual Update to Foreclosure Time Frames Future Changes to Fannie Mae’s Contact Information Each of these updates is described below. The servicer must review each topic in the Servicing Guide […]
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Freddie Mac Updates Servicing Guide
By Anna DeSimone February 3, 2016, Freddie Mac issued Bulletin 2016-2, Servicing. The Single-Family Seller/Servicer Guide Bulletin announces a number of changes pertaining to the following: Freddie Mac Servicer Success Scorecard Reimbursement Mortgage Modifications Electronic Default Reporting (EDR) for repayment plans Freddie Mac Default Legal Matters Highlights from three topics are reproduced below. Please refer […]
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FHFA, Fannie Mae, and Freddie Mac Announce Independent Dispute Resolution Program
By Anna DeSimone February 2, 2016, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac have implemented an independent dispute resolution (IDR) process for resolving repurchase disputes. The IDR process is the final piece of the Representation and Warranty Framework for Lenders and is available on loans delivered to Fannie Mae […]
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New Jersey Enacts Escrow Agent and Foreclosure Provisions
By Linaldo Donovan New Jersey Enacts Provisions Regarding Escrow Agent Evaluation Services The state of New Jersey enacted provisions by making it an unlawful practice under its Consumer Fraud Act for an escrow agent evaluation service to prepare a report for use by a mortgage lender in evaluating the capacity of an escrow agent to […]
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Changes Related to the Use of the Freddie Mac Primary Mortgage Market Survey for Subprime Loans in New York
By Theresa M. Dydzak, J.D. Effective January 1, 2016, Federal Home Loan Mortgage Corporation ceased publication of regional breakout figures in its weekly Primary Mortgage Market Survey for 30 and 15 year fixed rate mortgages as well as 5/1hybrid and 1 year adjustable rate mortgages. These figures were used to determine if loans should be […]
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Nevada Adopts Mortgage Servicer Regulations
On January 6, 2016, Nevada has adopted license regulations for its mortgage servicers. These measures are in effect as of January 1, 2016. Who must obtain a license? The regulations require anyone who advertises, presents themselves or operates as a mortgage servicer to obtain a license issued according to NRS 645F and the Nevada Mortgage […]