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North Carolina’s Strongest Earthquake in 94 Years Shakes Area Along Virginia Border
CNN published a report outlining a magnitude 5.1 earthquake that occurred two miles southeast of Sparta, N.C. Home damage has been reported in the area.
9 Aug 2020
FEMA Declared Disaster Alabama
FEMA issued an update to a Presidential Major Disaster Declaration for areas in Alabama affected by severe storms and flooding that took place February 5 to March 6, 2020.
31 Jul 2020
HUD: Ben Carson Praises Confirmation of Dana Wade as New FHA Commissioner
U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson applauded the confirmation of Dana Wade to serve as the Federal Housing Administration’s (FHA) commissioner. Wade previously served as acting federal housing commissioner and assistant secretary for housing from July 2017 to June 2018, where she oversaw over 2,400 employees and implemented enhanced risk management and monitoring of FHA’s $1.3 trillion portfolio.
28 Jul 2020
USDA: Elizabeth Green Named Acting Administrator of Rural Housing Service
U.S. Department of Agriculture (USDA) Deputy Under Secretary for Rural Development Bette Brand has named Elizabeth Green as acting administrator of Rural Housing Service. Previously, Green served as USDA Rural Development’s state director for Virginia. During her tenure, she led a team of 61 to invest in rural communities across the state.
28 Jul 2020
Tropical Storm Hanna Heads for Texas Gulf Coast, Heavy Rain Expected
The Weather Channel issued a report offering the latest on Tropical Depression Hanna, which has caused flooding and damage in South Texas.
27 Jul 2020
Hurricane Douglas Likely to Strike Hawaii with Heavy Rain, High Winds
The Weather Channel published a report offering the latest updates for Hurricane Douglas, which is pulling away from Hawaii and expected to return to open water.
27 Jul 2020
New York Bill Aims to Add Lender Requirement Prior to HECM Foreclosure
A5627/S4408 has passed the New York State Legislature. The proposed legislation would require an authorized lender that seeks to foreclose upon a reverse mortgage issued under the federal home equity conversion mortgage program to provide notice to the department of financial services and to the mortgagor.
22 Jul 2020
Minimize Loss Through Enhanced Disposition Strategies
The latest Five Star Institute Property Preservation Executive Forum newsletter featured an article authored by Safeguard CFO Joe Iafigliola. In it, Iafigliola offers an analysis of HUD’s Claims Without Conveyance of Title (CWCOT) program and discusses how partnerships between servicers and property preservation companies are critical when it comes to evaluating associated assets.
21 Jul 2020
New York Bill Aims to Require Servicer Contact Info During Foreclosure
A.6976/S.4190 has passed the New York State Legislature. The proposed legislation would require a mortgage loan servicer’s name and phone number to be included at multiple points during foreclosure proceedings.
21 Jul 2020
VA: VALERI Servicer Newsflash
The U.S. Department of Veterans Affairs (VA) issued a release providing information related to Adequacy of Servicing, Electronic Default Notice Event, Foreclosure Sale Scheduled Event and contacting the VA.
17 Jul 2020
Fannie Mae: SVC-2020-03: Servicing Guide Updates
Fannie Mae issued a release announcing updates that simplify loss draft disbursement policies while balancing risk, revise post-disaster credit reporting requirements, authorize servicers to not send a payment reminder notice to borrowers in an active forbearance plan, and encourage servicers to make borrowers aware of the Disaster Response Network.
15 Jul 2020
Freddie Mac: FHLMC Guide Bulletin 2020-29: Servicing Updates
Freddie Mac announced a number of updates relevant to servicers. Included are changes to insurance loss requirements and document custody.
15 Jul 2020
Freddie Mac: FHLMC Guide Bulletin 2020-28: Eligible Disasters and Other Servicing Guidance Related to COVID-19
Freddie Mac announced a number of updates relevant to servicers. Included is guidance related to eligible disasters and the introduction of the Disaster Payment Deferral.
15 Jul 2020
Fannie Mae: AAA Matrix Update – July 2020
Fannie Mae announced that as of July 1, 2020, the fee amount for the Case Management Hearing – Illinois Administrative Order – SP37 Standard Excess Fee has been updated in the Illinois Attorney Authorization Approval matrix.
15 Jul 2020
HUD: FHA INFO #20-50: Updated Servicing and Loss Mitigation Section Draft of the Single Family Housing Policy Handbook
The Federal Housing Administration (FHA) has posted a draft revision of the Servicing and Loss Mitigation section (Section III) of the Single Family Housing Policy Handbook 4000.1 on the Single Family Housing Drafting Table for public review and feedback.
14 Jul 2020
FHFA: Foreclosure Prevention Report – April 2020
The Federal Housing Finance Agency (FHFA) issued its April 2020 Foreclosure Prevention, Refinance and FPM Report.
13 Jul 2020