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 […]

Read More

DS News: FHFA Announces Policy Change For GSEs’ Existing REO Sales

“The Federal Housing Finance Agency (FHFA) announced a policy change on Wednesday that would allow Fannie Mae and Freddie Mac to sell existing REO properties to any qualified purchaser at fair market value, which would be determined by the companies. The new directive applies only to the single-family REO inventory of Fannie Mae and Freddie […]

Read More

Fannie Mae Announces New Single Family Housing Servicing Guide

On November 14, 2014 Fannie Mae released the new, long anticipated, Single Family Housing Servicing Guide. The new guide replaces the 2012 Guide it its entirety. According to the announcement the new Servicing Guide: makes it easier to locate servicing-related policies and requirements; streamlines policy content by moving the procedural requirements to new separate Servicing […]

Read More

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 […]

Read More

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 […]

Read More

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 […]

Read More

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 […]

Read More

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 […]

Read More

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 […]

Read More

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 […]

Read More