Mortgage Servicing
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Fannie Mae Updates Selling Guide and QC Requirements
By Anna DeSimoneDecember 15, 2015 Fannie Mae issued Ann. SEL-2015-13. The Selling Guide has been updated to include changes to the following: Loans with Age-Related Resale Restrictions Manufactured Housing and RD-Guaranteed Section 502 Mortgage Loans Lender Quality Control Updates Pledge of Servicing Custody of eMortgages Early Delinquency Counseling Posting of Buyup/Buydown Grids Miscellaneous Selling Guide […]
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California Updates Mortgage Loan Disclosure Statement Requirements
By Linaldo DonovanOctober 22, 2015The implementation of the TILA-RESPA Integrated Disclosure rule is now in effect as of October 3, 2015. Brokers and licensees should take notice of the requirements of Mortgage Loan Disclosure Statement (MLDS) under Real Estate Laws in California. MLDS is a disclosure required under Business and Professions Code (B&P) section 10240 […]
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Freddie Mac Updates Servicing Rules and Increases Foreclosure Timelines in 34 States
By Anna DeSimone October 14, 2015, Freddie Mac Issued Bulletin 2015-18: Servicing. This Single-Family Seller/Servicer Guide (“Guide”) Bulletin announced: State foreclosure time lines and compensatory fees Increased State foreclosure time lines in 34 jurisdictions Extension of the temporary suspension of the assessment and billing of State foreclosure time line compensatory fees announced in Bulletin 2014-19 […]
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Fannie Mae Updates Servicing Rules and Foreclosure Timelines
By Anna DeSimoneOctober 14, 2015, Fannie Mae Issued Ann. SVC-2015-13: Servicing Guide Updates (Revised). Key topics of the announcement are highlighted below. The Servicing Guide has been updated to include the following: Updates to Short Sale Access Requirements Updates to Property Inspection Frequency Updates to Lender-Placed Insurance Requirements Revisions to Breach/Acceleration Letter Content Requirements Clarifications […]
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State of Maine Enacts Provisions to Prevent Abusive Debt Collection Practices
by Robert Harrison, J.D.October 1, 2015 The State of Maine amended provisions in regards to debt collection practices. Specifically, House Paper 753 aims to prevent abusive debt collection practices. Payment schedules and settlements agreements must be in writing Debt collectors may not enter into a payment schedule or settlement agreement unless: the payment schedule or […]
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Conference of State Bank Supervisors and AARMR Issue Examination Guidance
September 29, 2015By Anna DeSimoneSeptember 29, 2015 the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR) issued an industry bulletin from the Multi-state Mortgage Committee (MMC). The bulletin was issued to mortgage lenders in order to make their supervisory expectations regarding the use of electronic examination tools clear. […]
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Freddie Mac Updates Servicing Guidelines
September 25, 2015 By Anna DeSimone Freddie Mac has recently issued two Bulletins announcing changes to the Single Family Seller/Servicer Guide. The two bulletins pertain to servicing rules, as summarized below. Summaries Bulletin 2015-14: Servicing (08/12/15) All of the changes announced in this Bulletin are effective immediately unless otherwise noted. DEFAULT MANAGEMENT Settlement automation process […]
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Massachusetts Updates Flood Insurance Regulations
By Margaret Wright, J.D.September 15, 2015 Massachusetts has finalized the recent amendments to 209 CMR 57 regarding the required purchase of flood insurance by a purchaser or owner of residential property located in a designated special flood area. These amendments are in effect as of September 11, 2015.Limitations on Required Flood InsuranceThe regulation places restrictions […]
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NH Amends Discharge of Mortgage by Affidavit Requirements
By Margaret Wright, J.D.The New Hampshire state legislature has recently amended the requirements of 224:1 Mortgages of Realty; Discharge by Affidavit (RSA:7-a Discharge by Affidavit) and 224:2 Penalty for Failure to Timely Discharge a Mortgage (RSA 479:8 Penalty). These amendments are effective January 1, 2016.RSA 479:8 has been amended to include a penalty provision where […]
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Illinois Foreclosure Document Pilot Program
By Robert Harrison, J.DIllinois has enacted provisions for its Foreclosure Document Pilot Program through Senate Bill 1487. This bill requires recorders in a county with a population of over 3 million to implement a pilot program that will only allow documents to be recorded against a property in foreclosure by judicial order. This does not […]