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Fannie Mae Announces Hardest-Hit Fund® Modification Assistance Programs and Updates Disaster Assistance
by: Michelle PetersOn July 1, 2013 Fannie Mae issued Announcement SVC-2013-14: Hardest-Hit Fund® Modification Assistance Programs. This announcement references Lender Letter LL-2012-08 which provides guidance regarding loan modification assistance programs for loans that fall within the Hardest-Hit Fund® guidelines. Within the announcement, servicers are notified that regardless of whether or not principal forbearance is required, […]
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Nebraska Changes Loan Broker Provisions and Amends Residential Mortgage Licensing Act
by: Louis Danastorg Legislative Bill 279-Loan Brokers Earlier this year Nebraska made changes to its state laws relating to loan brokers. Typically, loan broker describes any person that in anticipation of compensation from a borrower arranges for a loan and assists with the loan application process. Loan brokers are employed as agents that solicit […]
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Oregon Enacts Short Sale Provisions Involving Nonprofits in Context of Foreclosure
by: Paul McSheffreyOregon has enacted new provisions regarding residential foreclosures with House Bill 3389. The Act amends Oregon statutes ORS 86.705 and 86.735. One of the amendments regards transactions where a nonprofit entity purchases property subject to a residential trust deed or purchases a note from a beneficiary that secures a grantor’s obligation. In these […]
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New York Issues Banking Law Guidance for Subprime Loans
by: Nicole LegereThe New York Department of Financial Services (the Department) has issued additional guidance on the interpretation of state banking law. This is in response to recent readings of section 6-m of the New York Banking Law, which have resulted in a number of loans being incorrectly deemed sub-prime. Under section 6-m, a sub […]
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North Carolina Provides Alternative Procedure for Satisfaction of Security Interest
by: Louis DanastorgRecently North Carolina’s General Assembly introduced and ratified an alternate procedure for satisfaction of security interests-effective July 1, 2013. The revisions provide for the use of a satisfaction agent, who would be authorized to record an affidavit of satisfaction when he or she had reasonable belief the secured obligation had been paid or […]
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North Carolina Corrects and Amends the Notary Public Act
by: Louis DanastorgOn June 18th, 2013 North Carolina’s General Assembly ratified corrections and amendments to the Notary Public Act. Within North Carolina notaries public facilitate the recording of security instruments affecting real property with the Registry of Deeds. Typically notaries public will perform signature acknowledgements, administer oaths and affirmations, and verify or prove signatures presented […]
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Missouri Modifies Statutes Regarding Real Estate Loans and Loan Fees
by: Paul McSheffrey Provisions Regarding Real Estate Loans The Missouri General Assembly recently passed House Bill NOS. 446 & 211, amending a statute regarding real estate loans. The statute, found at Section A. Chapter 443, is amended to now include a new section 443.454. The new section precludes local laws from affecting the rights associated […]
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North Carolina Enacts Modifications to its Consumer Finance Act
by: Louis Danastorg North Carolina’s Consumer Finance Act allows banks and non-banking institutions to make consumer loans under $10,000; now $15,000-reminiscent of predatory “payday” loans and cash advances, which are currently banned in the state. Consumer finance lenders typically offer scaled interest rate schemes and shorter loan terms, collecting various additional fees that drive up […]
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Fannie Mae Revises Lender Quality Control Requirements
by: Anna DeSimoneJuly 30, 2013 Fannie Mae published SEL-2013-SEL-05 to announce changes to Lender Quality Control Requirements and miscellaneous Selling Guide Updates. The updates for quality control are summarized below. The Guide has been updated to describe the following key elements that Fannie Mae requires lenders to include in their QC programs and practices: […]
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CFPB Issues New Guidance on Mortgage Servicing Rules
by: Anna DeSimoneIn June 2013, the CFPB issued a Small Entity Compliance Guide for Mortgage Servicing Final Rules. The guide was published with the notice that the CFPB proposes to amend the final rules issued January 17, 2013, which are set to take effect on January 10, 2014. The CFPB is amending Regulation X, which […]
