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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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FDIC Issues Interagency Compliance Examination Procedures for TRID
June 30, 3014 the FDIC released Financial Institution Letter 27-2015.The letter provides a large number of resources and links to the updated Compliance Examination Manual. The revised interagency examination procedures pertain to the new Truth in Lending Act (TILA) – Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure Rule (TRID Rule), as well as amendments […]
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Freddie Mac Issues Bulletin Regarding TRID Disclosures
By Anna DeSimone June 30, 2015, Freddie Mac Issued Bulletin 2015-10, CFPB Integrated Disclosure Forms. Key highlights of the bulletin are provided in this newsletter. The TRID Rule initially had been slated to take effect on August 1, 2015. On June 17, 2015, the CFPB announced its intention to propose and invite comment on a […]
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Fannie Mae Announces Guide Updates and TRID Disclosure Policy
By Anna DeSimone June 30, 2015, Fannie Mae issued Ann. SEL-2015-07, Selling Guide and Other Updates. Key highlights of the Announcement are provided below. The Selling Guide has been updated for the following: Conversion of Principal Residence Requirements No Longer Apply Stocks, Bonds, and Mutual Funds Unreimbursed Employee Business Expenses Tip Income Use of IRS […]
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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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CFPB Issues Reports Identifying Illegal Practices Covered Under Supervision
By Anna DeSimoneJune 23, 2015, the Consumer Financial Protection Bureau (CFPB) released its latest supervision report outlining the illegal practices uncovered by the Bureau’s examiners in the first four months of 2015. The Bureau found problems with dual-tracking at mortgage servicers that could mislead consumers to believe their trial modifications were canceled. The Bureau also […]
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Oregon Amends Reverse Mortgage Disclosure Provisions
By Margaret Wright, J.D.The Oregon Legislature has enacted House Bill 2532 relating to required disclosures in communications about reverse mortgages. The Act takes effect upon its passage with an operative date of January 1, 2016.The Notice of Reverse Mortgage Prohibition in Homestead Property Tax Deferral Program, ORS 86A.196, has been amended to include additional disclosure […]
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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 […]
