Mortgage Servicing
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CFPB Issues Private Mortgage Insurance Cancellation & Termination Guidance
By Anna DeSimone August 4, 2015 the Consumer Financial Protection Bureau (CFPB) issued a bulletin providing guidance to mortgage servicers regarding the cancellation and termination of private mortgage insurance. The bulletin explains certain requirements of the Homeowners Protection Act and is intended to help servicers comply with the law. The CFPB has identified substantial industry […]
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Oregon Amends Provisions Regarding Payoff Statements and Borrower Obligations under Real Estate Loan Agreements
By Paul McSheffrey, JDJuly 8, 2015 The Oregon legislature recently passed House Bill 3244, amending Oregon statute ORS 86.157. These changes concern payoff statements and the obligations of borrowers under real estate loan agreements. The definitions found within 86.157(1)(a)-(g) have been amended. The definitions for “borrower” and “lender” now include an assignee or successor in […]
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FHA Updates Servicing Handbook
By Anna DeSimoneJuly 7, 2015 HUD published FHA Info #15-54, News and Updates. The update referenced the June 24th announcement (FHA Info #15-50) which announced the publication of the Servicing and Loss Mitigation (Servicing) for Title II Forward Mortgages and the Servicer Tier Ranking System II (TRS II) sections of HUD’s Single Family Housing Policy Handbook […]
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An Act Regarding Maine’s Power of Sale Foreclosure Law
By Linaldo Donovan-Green On June 5, 2015, the Maine Legislature enacted new amendments to Power of Sale Foreclosure Law. The following “power” is a statutory power in written into a mortgage which is triggered upon any default in the performance of a mortgage. Under the provision, a mortgagee may foreclose and sell encumbered real estate […]
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Georgia Updates Foreclosure Provisions
By Zachary Pearlstein, J.D.Effective July 1, 2015, the State of Georgia has updated its provisions regarding foreclosures, and the witnessing requisites of deeds, mortgages, and bills of sale.Code Section 44-5-30 of Title 44 of the Official Code of Georgia Annotated, relating to property, has been updated to state that except for documents electronically filed, a […]
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Agencies Issue Final Flood Insurance Rule
By Anna DeSimoneJune 22, 2015, five federal regulatory agencies announced the approval of a joint final rule that modifies regulations that apply to loans secured by properties located in special flood hazard areas. Announcement NR-2015-89 was issued by Board of Governors of the Federal Reserve System, Farm Credit Administration, Federal Deposit Insurance Corporation, National Credit […]
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Minnesota Amends Provisions Regarding Foreclosure
by Matthew Dailey, J.D.The state of Minnesota amended its provisions relating to the action to foreclose. Affected are the publication requirements and defenses to foreclosure sales. These provisions regarding advertisements are effective on July 1, 2015 and apply to foreclosures in which the notice of pendency is recorded on or after that date. The State […]
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Freddie Mac Updates Servicing Guide
By Anna DeSimone June 15, 2015, Freddie Mac issued Bulletin 2015-9: Servicing. This newsletter highlights key sections of the bulletin. Please click on the following link to view the 7-page document in its entirety and access the numerous internet links contained in the Bulletin: Freddie Mac Servicing Bulletin 6.15.15 Outlined below are some of […]
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Fannie Mae Updates Servicing Guide
By Anna DeSimone June 10, 2015, Fannie Mae issued Ann. SVC-2015-09: Servicing Guide Updates. The Servicing Guide has been updated to include the following: Introduction to New Fannie Mae Custodial Document Reconciliation Requirements Updates to Requirements Related to Adverse Action Updates to Fannie Mae’s Investor Reporting Manual Extension of Fannie Mae HAMP/2MP and Elimination of […]
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Minnesota Modifies Provisions Regarding Mortgage Foreclosure, Commerce and Notary Public Fees
By Lee Greenberg, J.D. June 2, 2015 The state of Minnesota recently modified provisions regarding mortgage foreclosure, commerce and notary public fees.Modified Provisions Regarding Mortgage Foreclosure Minnesota modified its provisions relating to mortgage foreclosure by amending the definition of a small servicer and clarifying the Foreclosure Curative Act in House Bill 2213. The legislation is […]