Mortgage Servicing

  • Freddie Mac Updates Selling and Servicing Rules

    February 17, 2015 Freddie Mac issued Bulletin 2015-2: Selling and Servicing. This Single-Family Seller/Servicer Guide (“Guide”) Bulletin announces: Selling and Servicing topics Updates to Guide Forms 16SF, Annual Eligibility Certification Report, and 1107SF, Seller/Servicer Change Notification Form, to help Freddie Mac better understand its Seller/Servicers• A new requirement that Seller/Servicers review the Federal Housing Finance Agency […]

    Read More

  • New York Adopts Force-Placed Insurance Regulation

    By Margaret Wright, J.D.Effective February 6, 2015, New York has adopted regulations concerning force-placed insurance. As a result of an investigation, the New York State Department of Financial Services had found that current force-placed insurance practices were resulting in excessive force-placed insurance rates, inadequate notice to consumers and questionable business practices and relationships.Notice RequirementThe new […]

    Read More

  • Maryland Revises Foreclosure Procedures for Residential Property

    By Paul McSheffrey, J.D. The Maryland Commissioner of Financial Regulation has recently amended provisions under COMAR 09.03.12 relating to foreclosure procedures for owner-occupied residential property.   These changes conform Maryland regulations with recent changes to federal regulations.  There are now Notice of Intent to Foreclose forms that conform to new federal regulations regarding the foreclosure referral […]

    Read More

  • Fannie Mae Publishes New Servicing Guide

    by Anna DeSimone, President November 12, 2014, Fannie Mae released the announcement:  SVC-2014-20: Introducing the New Single-Family Servicing Guide.   The new guide will replace the 2012 Servicing Guide (as updated by Announcements) in its entirety. Goals of the New Servicing GuideFannie Mae’s goals in creating the newly restructured and rewritten Servicing Guide were to make […]

    Read More

  • CFPB Issues Bulletin Regarding Mortgage Servicing Transfers

    By Anna DeSimone August 19, 2014  the Consumer Financial Protection Bureau (CFPB) released a bulletin outlining expectations for mortgage servicers that transfer loans. The bulletin includes information on how mortgage servicers should pay special attention to new rules protecting consumers applying for loss mitigation help or trial modifications. The bulletin gives examples of some things […]

    Read More

  • Financial Crimes Enforcement Network Publishes SAR Statistics

    by: Anna DeSimone The Financial Crimes Enforcement Network (FINCEN) has published the first issue of SAR Stats, the successor publication to The SAR Activity Review: By the Numbers. This issue examines only data contained on the 1,369,529 unique FinCEN SARs (Form 111) with filing dates between March 1, 2012 and December 31, 2013. The adoption of the new unified SAR form and […]

    Read More

  • Connecticut Enacts New Laws for Foreclosure Alternatives

    by: Margaret Wright CT Foreclosure by Market Sale, Servicer Licensing and Foreclosure Mediation House Bill No. 5514 Optional Method of Foreclosure Effective October 1, 2014, the Connecticut state legislature has enacted House Bill No. 5514 providing for an alternate method of foreclosure. Under the new bill a first mortgage against a property may be foreclosed by […]

    Read More

  • New York Adopts Shared Appreciation Mortgage Modification

    by: Margaret Wright New York has adopted regulations concerning shared appreciation mortgage modification as Title 3 NYCRR Part 83. Upon the sale of a residential property, a shared appreciation agreement provides a share to the lender or servicer in the appreciation of the value of the property. In order to have a shared appreciation agreement, […]

    Read More

  • Florida Enacts Provisions Regarding Consumer Collection Practices

    by: Lee Greenberg The state of Florida recently enacted provisions regarding consumer collection practices in House Bill 413.  The legislation becomes effective on October 1, 2014. Under the new law, a person may not engage in business in Florida as a consumer collection agency without first registering in accordance with the law, and thereafter maintaining a […]

    Read More

  • Hawaii Enacts Escrow Depository Rule, Amends Mortgage Servicing Regs

    by: Lee Greenberg Provisions Regarding Escrow Depositories The state of Hawaii recently enacted provisions regarding escrow depositories in Senate Bill 1067. The provisions become effective on July 1, 2014. The new law defines the powers and duties of the commissioner. Any person who violates the new law will be subject to an administrative fine of a […]

    Read More