New York Proposes Revised Force-Placed Insurance Regulations

The New York State Department of Financial Services (NY DFS) has re-proposed its Regulation on Force-Placed Insurance.  The regulations were originally proposed September of last year.  Based on comments received by the NY DFS, the re-proposed regulations modify certain provisions of the originally proposed regulations.   The proposed regulations set forth new requirements and restrictions on […]

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HUD/FHA Proposes Lender Placed Insurance Changes

On October 17, 2014 HUD issued a draft of changes to the servicing section of the Handbook.  One of the changes includes the following: Force-Placed Insurance The mortgagee may force-place insurance where consistent with federal regulations, including RESPA regulations on force-place insurance, if Borrowers fail to renew hazard insurance coverage when required. The mortgagee may […]

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Fannie Mae Updates Servicing Guide For Hazard And Flood Insurance Losses

Fannie Mae announced major changes to its procedures for handling hazard and flood insurance losses and insurance claim settlements.  On October 17th, Fannie released Servicing Guide Announcement SVC-2014-19 which completely replaces 9 sections of the Servicing Guide (Guide) pertaining to the handling of insurance claim settlements.  The Guide currently requires servicers to handle insurance losses […]

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Agencies Propose Flood Insurance Rules on Escrow, Detached Structures

On October 22, the FDIC, OCC, Federal Reserve, Farm Credit Administration and National Credit Union Administration (the Agencies) issued a joint statement proposing regulations to implement the mandatory escrow and detached structure required from the Homeowner Flood Insurance Affordability Act.  The proposal would exempt detached structures that are not used as a residence from a […]

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MA New Flood Requirements

The State of Massachusetts has enacted a new flood insurance law that will affect both borrower obtained policies and LPI policies.  The law requires regulations to be issues, which should be released sometime in September or October.  The effective date is in late November.  The law does not conflict with GSE or NFIP requirements. In […]

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FEMA Launches New Flood Map Service Center Site

On July 28th of 2014 the Federal Emergency Management Agency (FEMA) launched its newly redesigned Flood Map Service Center (MSC).  The MSC is the official source for flood hazard information produced in support of the National Flood Insurance Program (NFIP). The redesign includes several major changes.  According to the FEMA announcement, all flood hazard products […]

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Preview Version of the 2014 Fannie Mae Servicing Guide Now Available

Fannie Mae announced this week the release of the preview version of the redesigned 2014 Servicing Guide. The “authoritative” version of the Guide is slated for publication in the fourth quarter of 2014. The preview version is now available at free of charge via a special page on the AllRegs website than can be accessed […]

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DS News: CFPB Warns Servicers to Follow Loan Transfer Rules

The Consumer Financial Protection Bureau (CFPB) issued a bulletin on August 19 for mortgage servicers, outlining how they should handle the loan transfer process. The bulletin includes a reminder to mortgage servicers to pay close attention to the new common-sense mortgaging rules implemented by the CFPB in January 2014, aimed at protecting consumers from being […]

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ProperyCasualty360: The 5 Most Common Homeowners Insurance Shortcomings

Are your clients covered? PropertyCasualty360 put together a list of the top 5 common homeowners insurance shortcomings, including: Remodel and forget it Just covering your mortgage Forgetting about flood insurance Update building codes Materials costs are on the rise To read the details of the full list, click here.

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