DS News: CFPB Now Gives Consumers Opportunity to Publicly Share Complaint Narratives

“Handling consumer complaints is an integral part of the work of the Consumer Financial Protection Bureau (CFPB). A policy the Bureau finalized on Thursday will allow consumers to share their complaints publicly about financial institutions, according to an announcement from the CFPB. Under the new policy, consumers have the option to share their complaint narratives […]

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DSNews: FHFA Enacts New Rules for Sales of Non-Performing GSE Loans

“In an ongoing effort to reduce the number of non-performing loans (NPLs) in the portfolios of Fannie Mae and Freddie Mac and transfer risk to the private sector, the GSEs’ conservator, the Federal Housing Finance Agency (FHFA), on Monday announced enhanced requirements for the sales of NPLs by the GSEs.” Read more in DSNews.

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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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FHFA Releases Advisory Bulletin on Oversight of Single-Family Seller/Servicer Relationships

On December 1, 2014, the Federal Housing Finance Agency (FHFA) released advisory bulletin AB 2014-07 entitled Oversight of Single-Family Seller/Servicer Relationships. The bulletin lays out the expectations for managing operational risks associated with its single-family Seller/Servicer counterparties, namely Fannie Mae and Freddie Mac (the Enterprises). The bulletin outlines several factors that the FHFA expects each […]

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Fannie Mae Announces Minor Changes to Servicing Guide for Insured Loss Events

On December 10, 2014, Fannie Mae released Servicing Guide Announcement SVC-2014-21 making minor changes to Section B-5-1, Insured Loss Events. Fannie Mae removed the requirement that the servicer must submit the Report of Property (Hazard) Insurance Loss (Form 176) when the servicer has been unable to establish contact with the borrower from the bullets under […]

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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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Massachusetts Holds Public Hearing on New Flood Insurance Provisions

The Commonwealth of Massachusetts will hold a public hearing on December 16, 2014 to hear comments on recently passed legislation imposing new provisions with respect to Flood Insurance in the state.   On July 23, 2014, Chapter 177 of the Acts of 2014 (Chapter 177), An Act Further Regulating Flood Insurance, was signed into law […]

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