Fannie Mae Updates Flood Insurance Requirements

On August 12, 2015, Fannie Mae announced revisions to several flood insurance requirements that must be implemented no later than November 1, 2015.  A summary of those changes is listed below. Detached Structures If a non-residential detached structure attached to the land that serves as part of the security for the mortgage loan is located […]

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Massachusetts Finalizes Flood Regulations

The State of Massachusetts has finalized its new flood insurance regulations for properties located in the state that will affect both borrower obtained policies and lender-placed flood insurance policies.  The new regulations will become effective September 11, 2015. In summary, the Massachusetts regulations provide: A creditor, as defined under Massachusetts law, may not require a […]

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New Florida Law Addresses Private Flood Insurance Policies

The lending industry generally has a difficult time assessing whether a private policy meets or exceeds NFIP requirements because the process requires a full policy review and is very cumbersome.  A new Florida law is designed to address this issue and gives lenders an additional way of verifying that a private flood insurance policy is […]

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Nevada Revises HOA “Super Lien Laws”

The State of Nevada adopted important changes to its law that will help lenders protect their liens from being extinguished by a homeowner association’s (HOA) super priority lien. To read more, please log into Compliance Resources and view article under Federal, State & Agency Resources.

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Compliance Update: Mandatory Flood Insurance Requirements Revised for Detached Structures

Proper flood insurance coverage for low value, detached structures (also known as appurtenant structures), such as sheds and pole barns, has been problematic for lenders and borrowers.  The Homeowner Flood Insurance Affordability Act of 2014 (“HFIAA”) revised the Flood Disaster Protection Act of 1973 changing the mandatory flood insurance requirements on detached structures.   According to […]

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OCC Issues Updated RESPA Booklet

On April 14, 2015, The Office of the Comptroller of the Currency (OCC) issued its revised Real Estate Settlement Procedures Act booklet. According to the OCC Bulletin 2015-25, the “Real Estate Settlement Procedures Act” booklet of the Comptroller’s Handbook replaces the booklet issued in back in October 2011 and provides updated information including recent changes […]

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ABA: CFPB Issues Guidance on Housing Counselor Requirement

“The CFPB released a final interpretive rule on how to provide mortgage applicants with a list of local homeownership counseling organizations. In addition to the guidance issued by the CFPB in 2013, the rule includes instructions about: how to provide applicants abroad with homeownership counseling lists; permissible geolocation tools; combining the homeownership counseling list with […]

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ABA: House Passes ABA-Backed Regulatory Relief Bills

“By virtually unanimous votes, the House passed four regulatory relief bills that are part of ABA’s Agenda for America’s Hometown Banks. The bills that sailed through would eliminate the annual privacy notice disclosure requirement for institutions that haven’t changed their policies (H.R. 601), establish a process for designating an area rural for purposes of CFPB […]

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