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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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FHA Announces New Quality Assurance Methodology
By Anna DeSimone June 18, 2015, the Federal Housing Administration released its Single-Family Loan Quality Assessment Methodology. Referred to as “Defect Taxonomy,” the system outlines a detailed process for quality assurance of Single-Family FHA endorsed loans. Please click on the link below to review the 28-page document in its entirety: http://portal.hud.gov/hudportal/documents/huddoc?id=SFH_LQA_Methodology.pdf The framework centers on […]
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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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CFPB Delays TRID Until October 1st
by Anna DeSimoneJune 17, 2015 the Consumer Financial Protection Bureau Issued the following Press Release: Statement by CFPB Director Richard Cordray on Know Before You Owe Mortgage Disclosure RuleWASHINGTON, D.C. – Today, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray issued the following statement on the Know Before You Owe mortgage disclosure rule:“The CFPB will […]
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OCC Issues New Residential Lending Examination Procedures
by Anna DeSimoneJune 15, 2015, the Office of the Comptroller of the Currency (OCC) issued the Revised Comptroller’s Handbook Booklet and Rescissions. The announcement was issued to chief executive officers of all national banks and federal savings associations, department and division heads, all examining personnel, and other interested parties. The “Residential Real Estate Lending” booklet […]
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Texas Amends Provisions Regarding Licensing Exemptions
By Matthew Dailey, J.D.The state of Texas amended its provisions relating to exemptions from the applicability of the state Secure and Fair Enforcement for Mortgage Licensing Act of 2009. These provisions are effective on September 1, 2015.IRS Designated 501(c)(3) EntitiesSenate Bill 1203 was enacted by the legislature to deal with Section 156.202 of the Finance […]
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Veteran’s Administration Announces New Appraisal Review Requirements
By Anna DeSimone June 12, 2015, the U.S. Department of Veterans Affairs (VA) issued CIRC. 26-15-12: New Appraisal Review Requirements and Instructions Regarding Department of Veterans Affairs Appraisal Management Service for the Lender Appraisal Processing Program and the Servicer Appraisal Processing Program Staff Appraisal Reviewers. Please refer to the attached Diagram: Exhibit to Circular 26-15-12 […]
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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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State of Washington Enacts Substitute Senate Bill 5299
By Marlana Melendez, J.D.DefinitionsTo prevent ambiguity, the statute lists definitions that are to be applied to the remaining sections. More details on the specific language used for each definition can be found in the statute. Escrow AgentsUnder Section 1 of the foregoing statute, a person must not engage in business as an escrow agent by […]
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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 […]
