Mortgage Servicing
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Fannie Mae Updates Prior to Closing Debt Payoff, Clarifies Asset Verification and Other Rules
May 26, 2015, Fannie Mae issued Ann. SEL-2015-06: Selling Guide and Other Updates. The Selling Guide has been updated for the following: • Payoff of Revolving Debt At or Prior to Closing • Extension of DU Refi Plus™ and Refi Plus™ • Manufactured Housing Affidavit of Affixture • Clarification of CLTV and HCLTV Ratio Requirements for Project Reviews on […]
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Federal Reserve Issues New Examination Procedures for RESPA and TIL
By Anne DeSimoneApril 30, 2015, The Board of Governors of the Federal Reserve System, Division of Consumer and Community Affairs issued Bulletin CA 15-3 announcing the Revised Interagency Examination Procedures for Regulation Z and Regulation X. Applicability to Community Banking Organizations: This guidance applies to institutions supervised by the Federal Reserve with total consolidated assets […]
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Nebraska Updates Foreclosure Provisions
By Marlana Melendez, J.D. Through Legislative Bill 151, the Nebraska State Legislature recently amended several provisions regarding foreclosures and trust deed defaults relating to the sale of trust property. These provisions take effect on September 5, 2015. Filing a Foreclosure Complaint Upon filing a complaint for the foreclosure or satisfaction of a mortgage, the plaintiff […]
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Arizona Amends Provisions Regarding Foreclosure
By Matthew Dailey, J.D.The state of Arizona amended its provisions relating to the action to foreclose, the right to redeem as well as subsequent certificates of purchase by assignment. These provisions are effective on July 3, 2015.Arizona addressed section 42-180 which deals specifically with partial payment of taxes and certificates of purchase. The amended statute […]
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Freddie Mac Updates Servicing Policies
April 15, 2015, Freddie Mac issued Bulletin 2015-5: Servicing Updates. This Single-Family Seller/Servicer Guide (“Guide”) Bulletin announces: Alternatives to Foreclosure• The new “Modification Solution” screen in Workout Prospector® to facilitate the settlement of modifications of Mortgages guaranteed by the Rural Housing Service (RHS) and other modifications that cannot be settled through other Workout Prospector paths• Updates […]
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Fannie Mae Amends Servicing Policies
April 15, 2015, Fannie Mae issued Ann. SVC-2015-06: Miscellaneous Servicing Policy Changes. Fannie Mae is amending its policies and requirements related to the following: • Processing Additional Principal Payments for Delinquent Mortgage Loans• Accepting Funds from Hardest-Hit Fund (HHF) Programs and Housing Finance Agencies (HFA)• Processing a Partial Reinstatement During Foreclosure Policy Change Effective DateThe servicer is […]
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Mortgage Servicing and Regulatory Compliance
by Margaret Wright, J.D.Mortgage servicing is becoming solidified as an area of major regulatory importance. The Consumer Financial Protection Bureau’s more recent entry into the mortgage servicing rulemaking arena has resulted in updated and new servicing regulatory requirements. Additionally, the current servicing market has shown that although delinquencies are down overall, servicing income and employment […]
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CFPB Issues Fair Debt Collection Report
March 26, 2015, the Consumer Financial Protection Bureau (CFPB) submitted to Congress its Fourth Annual Report summarizing activities to administer the Fair Debt Collections Practices Act (FDCPA). This year’s report describes activities conducted by the CFPB and the FTC during 2014 in relation to debt collection. The CFPB and the FTC work closely to coordinate […]
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HUD Issues Trial Payment Plan as Loss Mitigation Option
March 18, 2015 the Department of Housing and Urban Development (HUD) issued Mortgagee Letter 2015-07, Trial Payment Plans Associated with HUD’s Loss Mitigation Loan Modification Options for Forward Mortgages. The purpose of the Mortgagee Letter is to communicate: • Requirements for plan duration, required signatures, and reporting for Trial Payment Plan (TPP) Agreements; and • […]
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Freddie Mac Issues Servicing Changes for Loan Modifications
March 17, 2015 Freddie Mac issued Bulletin 2015-3, Modification Changes to Freddie Mac Servicers. Following is the information from the Bulletin:To further enhance Freddie Mac modification options, this Single-Family Seller/Servicer Guide (“Guide”) Bulletin updates the Guide to require Servicers to offer the Freddie Mac Streamlined Modification to Borrowers with Step-Rate Mortgages who become 60 days […]