PFI Releases New Compliance Webinar – NFIP, “Other Residential”

Does your institution service loans on “Other Residential” Buildings that require flood insurance? On June 1, 2014, the National Flood Insurance Program (NFIP) increased the maximum coverage limits for “Other Residential” Buildings. This change is primarily a result of the Biggert-Waters Flood Insurance Reform Act of 2012 (BW-12). In response, Fannie Mae and Freddie Mac… Read More »

Fannie Mae Releases New Reverse Mortgage Loan Servicing Manual

On May 28, 2014, Fannie Mae released the new 2014 Reverse Mortgage Loan Servicing Manual. According to the announcement, changes have been made to both content and structure of the manual in order to streamline and “more clearly codify Fannie Mae reverse mortgage loan servicing policies and procedures.”  The new version also incorporates Announcements SVC-2013-27:… Read More »

NFIP Change in Flood Deductible Amount

On June 1, 2014, in accordance with Section 100210 of BW-12, The Federal Emergency Management Agency (FEMA) revised the minimum deductibles available through the National Flood Insurance Program (NFIP). The new minimum deductibles are available for new business and renewals that are effective on or after June 1, 2014.  The revised minimum deductibles are as… Read More »

Flood Insurance Update – Interagency Statement on Increased Available Coverage Amount

On May 30th, the Board of Governors, FDIC, OCC, NCUA and FCA (“Agencies”) issued an Interagency Statement on Increased Maximum Flood Insurance Coverage for Other Residential Buildings (“Interagency Statement”).  The Interagency Statement outlines the position of the Agencies with respect to the newly increased available coverage amount for residential buildings designed for use for 5… Read More »

Freddie & Fannie Direct Services to Continue Registering Vacant Properties in the City of Chicago

Freddie Mac Servicing Bulletin 2014-7 issued on April 29, 2014 advised servicers that “[They] must voluntarily register vacant properties with the City” pursuant to the City of Chicago Vacant Property Ordinance (the Ordinance); however, effective May 12, 2014, servicers “must no longer pay any fees associated with the registration of a vacant property security a… Read More »

Fannie Mae Lender-Placed Insurance Certification Deadline Approaching

Fannie Mae issued a Servicing Announcement to remind servicers that they must certify compliance with Fannie Mae’s lender-placed insurance requirements no later than June 1, 2014. Until June 1, 2014, the certification process requires the servicer to use the Lender-Placed Insurance Compliance Certification (Form 202). As of June, 1, 2014, Form 202 will be retired… Read More »

MBA NewsLink: NY’s Lawsky: Expect More Scrutiny of Non-Bank Mortgage Servicing

Sorohan, Mike–May 21, 2014 NEW YORK–This city has served the epicenter of enforcement efforts targeting unscrupulous mortgage activity for the past decade. The current superintendent of the New York State Department of Financial Services, Benjamin Lawsky, is the latest standard-bearer for those efforts. Speaking here at the Mortgage Bankers Association’s National Secondary Market Conference &… Read More »

CFPB Opening Board and Council Meetings to Public

CFPB: Our Board and Council meetings are changing Since establishing our Consumer Advisory Board and Councils in 2012, these groups have provided us with information about emerging trends and practices, allowed us to hear directly from small financial institutions, and the Academic Research Council has provided technical and scientific advice to our Office of Research…. Read More »

Fannie Mae Clarifies Flood Insurance Requirements for PUDs

On April 8, 2014 Fannie Mae released an FAQ document clarifying various insurance requirements for units in condo and Planned Unit Development (PUD) projects. Questions related to the Flood Insurance Requirements released in the Fannie Mae Selling Guide announcement SEL-2013-07, released on September 24, 2013, were among the many topics discussed in the document. Read… Read More »

OCC Encourages Nat’l Banks and FSAs to Work With Customers Affected by Recent Extreme Weather

On April 29th The Office of the Comptroller of the Currency (OCC) issued news release  NR 2014-68 reminding national banks and federal savings associations to provide guidance to assist financial institutions and customers affected by extreme weather, such as the recent tornadoes in the south central and central United States. The OCC re-posted Bulletin 2012-28… Read More »

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