Freddie Mac Increases Loss Proceeds Limit for Submitting Repair Plans

On February 17, 2015, Freddie Mac announced an update to its loss settlement requirements. In a previous announcement Freddie Mac stated that repair plans were not required if the status of the mortgage at the time of notification of a loss was current or less than 31 days delinquent and the total insurance proceeds were […]

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Final Force-Placed Insurance Regulations for New York

The New York State Department of Financial Services (NY DFS) finalized its Regulation on Force-Placed Insurance (“Regulation”), which will become effective on February 7th of this year. Mortgage Servicers who have borrowers with properties located in New York will be impacted by the attached regulations. In summary, the Regulation sets forth new requirements and restrictions […]

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ABA: CFPB Adjusts Exemption Thresholds for Escrows, HMDA

“The CFPB adjusted asset size exemption thresholds for banks under Regulation Z and Regulation C. The asset size for banks exempt from the requirement to establish an escrow account for higher-priced mortgages under Reg Z will rise from $2.028 billion to $2.060 billion. The asset size exemption threshold for financial institutions reporting under the Home […]

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The CFPB Proposes Amendments to the 2013 Mortgage Rules RESPA and TILA

On December 15, 2014 the Consumer Financial Protection (CFPB) proposed amendments to certain mortgage servicing rules that were issued back in 2013 under the Real Estate Settlement Procedures Act (RESPA) Regulation X and the Truth in Lending Act (TILA) Regulation Z. The proposed rule changes include clarifications, revisions, or amendments regarding force-placed insurance notices. The […]

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DS News: FHFA Announces Policy Change For GSEs’ Existing REO Sales

“The Federal Housing Finance Agency (FHFA) announced a policy change on Wednesday that would allow Fannie Mae and Freddie Mac to sell existing REO properties to any qualified purchaser at fair market value, which would be determined by the companies. The new directive applies only to the single-family REO inventory of Fannie Mae and Freddie […]

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Insurance Journal: House Subcommittee Renews Call for Private Flood Insurance

“A House Financial Services subcommittee scheduled a hearing for today to focus attention on encouraging flood insurance sold by private insurers as an alternative to policies sold by the National Flood Insurance Program (NFIP). The hearing called by the Subcommittee on Housing & Insurance is entitled “Opportunities for a Private and Competitive Sustainable Flood Insurance […]

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CFPB: Avoiding Discrimination Against Consumers Receiving Disability Income

“The CFPB released a bulletin to help lenders avoid discrimination against consumers receiving disability income. The bulletin is meant to remind lenders that requiring unnecessary documentation from consumers who receive Social Security disability income may raise fair lending risk. The bulletin discusses standards and guidelines on verification of Social Security disability income, including under the […]

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