Flood Insurance Legislation – NY AB 1669

July 29, 2020

Recently, Proctor Financial brought to your attention legislation proposed in New York that would place restrictions on flood insurance required by mortgagees. Proctor would like to spotlight another similar proposal, NY AB 1669, that is currently with the Committee on Judiciary. The act would prohibit mortgagees from requiring mortgagors of certain pieces of real property […]

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New York Flood Insurance Legislation

July 27, 2020

Proctor Financial’s Compliance Team is actively tracking proposed legislation in the New York legislature.  New York AB 4770-A and its companion bill SB4629-A would place restrictions on flood insurance required by mortgagees.  Specifically, the bills prohibit mortgagees from requiring the purchase of flood insurance that exceeds the unpaid balance of the loan or includes contents […]

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Fannie Mae and Freddie Mac Insurance – Related Updates (Nov 18, 2019)

July 13, 2020

Fannie Mae Servicer Requirements Regarding Acquired Property In efforts to simplify the servicer’s process, Fannie Mae issued Bulletin 2019-07, announcing Guide updates pertaining to servicer responsibilities in situations where Fannie acquires the property. Presently, for conventional first- and second-lien mortgage loans, the required timeframe during which the servicer must cancel an applicable property insurance and/or […]

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Agencies Propose Revisions to Flood Q&As

June 30, 2020

The five federal agencies (FDIC, OCC, FRB, NCUA, and Farm Credit Administration – collectively, Agencies) issued a request for public comment on new and revised Interagency Questions and Answers Regarding Flood Insurance. The existing Q&As were last updated almost a decade ago in 2011. The Agencies’ proposal includes new Q&As covering topics, including but not […]

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FDIC Releases Flood Guidance with Coronavirus FAQs

June 23, 2020

The Federal Deposit Insurance Corporation (FDIC) joined the OCC and Federal Reserve in issuing guidance providing regulated lending institutions direction on how to handle lender placement of flood insurance in response to FEMA’s WYO Bulletin extending the NFIP policy payment grace period from 30 to 120 days. The guidance is in the form of FAQs […]

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Fannie and Freddie Q&A and Guide Updates

June 23, 2020

Freddie Mac Selling Guide Updates – Property Insurance Requirements Effective June 10, 2020, Freddie Mac will relocate property insurance requirements from Servicing Guide Chapter 8202 to an entirely new section, Chapter 4703, within the Selling Guide. By relocating the content, Freddie hopes to make it easier for Sellers to find the information. Freddie announced the […]

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CFPB Issues Coronavirus Complaint Bulletin

June 23, 2020

The Consumer Financial Protection Bureau (CFPB) Office of Consumer Response issued a bulletin containing complaint data trends for 2020, including statistics on consumer complaints pertaining to the novel coronavirus (COVID-19). According to the CFPB, of the total 143,609 complaints received between the first of the year and April 30, just over 4,500 pertained to COVID. […]

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OCC, HUD, VA and FHFA COVID-19 Updates

June 23, 2020

HUD, VA and FHFA Extend Foreclosure and Eviction Moratoriums In efforts to assist mortgagors and renters as they recover financially, the Department of Housing and Urban Development (HUD), the Department of Veterans Affairs (VA), and the Federal Housing Finance Agency (FHFA) announced another extension of previously issued foreclosure and eviction moratoriums until at least August […]

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Department of Veterans Affairs Extends Foreclosure Moratorium

May 20, 2020

Recently, Proctor brought to your attention extensions on foreclosure and eviction moratoriums previously issued by the Department of Housing and Urban Development (HUD) and the Federal Housing Finance Agency (FHFA). In addition, we would like to draw your attention to a similar publication from the Department of Veterans Affairs (VA), Circular 26-20-18, which extends its […]

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CFPB, HUD, and FHFA COVID-19 Updates

May 20, 2020

HUD and FHFA Extend Foreclosure and Eviction Moratoriums The Department of Housing and Urban Development (HUD) and the Federal Housing Finance Agency (FHFA) have announced extensions of prior foreclosure and eviction moratoriums until at least June 30, 2020. FHFA Creates New Payment Deferral Options Additionally, Fannie Mae and Freddie Mac have put forth new payment deferral options for borrowers. For those […]

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