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USDA: Final Rule: Loss Claim and Loss Mitigation
The U.S. Department of Agriculture (USDA) announced that a previously proposed rule designed to streamline the loss claim process for lenders who have acquired title to property through voluntary liquidation or foreclosure and better align loss mitigation policies with the mortgage industry has been published in the Federal Register. The rule will become effective on April 24, 2020.
26 Dec 2019
New York Foreclosure Protection Law Signed by Governor
New York Governor Andrew Cuomo signed A.5619/S.5160 (An Act to amend the real property actions and proceedings law, in relation to the failure to raise the defense of lack of standing in a mortgage foreclosure action). The legislation amends Article 13 of the Real Property Actions and Proceedings Law to protect foreclosure court defendants by allowing more leeway to raise the defense of “standing”.
23 Dec 2019
Freddie Mac: Taxpayer First Act and Use of Tax Return Information
Freddie Mac issued a release highlighting information made available by the Internal Revenue Service (IRS) that helps clarify the application of Section 2202 of the Taxpayer First Act.
20 Dec 2019
Fannie Mae: Selling and Servicing Notice
Fannie Mae confirmed an Internal Revenue Service (IRS) post clarifying that Section 2202 of the Taxpayer First Act is effective only for disclosures made by the IRS with the taxpayer’s consent after Dec. 28, 2019, and any subsequent redisclosures and uses of such information.
19 Dec 2019
FEMA Declared Disaster New York
FEMA issued a Presidential Major Disaster Declaration for areas in New York affected by severe storms, straight-line winds and flooding that took place October 31 to November 1, 2019.
19 Dec 2019
NY Governor Signs “Zombie Property Remediation Act”
New York Governor Andrew Cuomo signed SB 5079A (Zombie Property Remediation Act). The legislation aims to permit municipalities to compel a mortgagee to either complete a mortgage foreclosure proceeding or to issue a certificate of discharge of the mortgage for any property which has been certified abandoned pursuant to article 13 of the real property actions and proceedings law.
18 Dec 2019
Fannie Mae: Servicer Expense Reimbursement Job Aid Now Available
On December 18, Fannie Mae announced the availability of job aid relating to its ability to copy and resubmit claims on behalf of servicers, a new “Not Yet Recovered” drop-down option, HOA, COA & Co-Op dues, and property/insurance policies.
18 Dec 2019
Fannie Mae: LoanSphere Invoicing Line Item Updates
Fannie Mae announced that effective February 27, 2020, the LoanSphere Invoicing application will be updated with a new line item for the following reimbursable expense: “Initial Grass Cut – Less than 10,000 sq ft”. Additionally, the “Lawn Care – Less than 10000 sq ft” line item will be deactivated.
18 Dec 2019
Multiple Tornadoes Plow Across Deep South
The Weather Channel published a report outlining severe thunderstorm activity that spawned multiple tornadoes that caused major damage in several southern states.
17 Dec 2019
Severe Thunderstorms Damage Buildings, Topple Trees in Florida
The Weather Channel published a report outlining tornadic activity that caused widespread damage in portions of North and Central Florida.
14 Dec 2019
Fannie Mae: SVC-2019-08: Servicing Guide Announcements
Fannie Mae announced a number of updates relevant to sellers/servicers. Included is the introduction of a payment shortage tolerance that authorizes a servicer to accept a mortgage loan payment that is deficient by $50 or less for up to three monthly payments during a 12 month period.
11 Dec 2019
VA: VALERI Servicer Newsflash
The U.S. Department of Veterans Affairs (VA) issued a release containing important information relating to VALERI reports and servicer department contacts.
10 Dec 2019
CFPB: Kraninger Marks First Year as Director of the Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau (CFPB) issued a news release highlighting the one year anniversary of Director Kathleen L. Kraninger leading the bureau.
10 Dec 2019
FEMA Declared Disaster North Carolina
FEMA issued an update to a Presidential Major Disaster Declaration for areas in North Carolina affected by Hurricane Dorian from September 1 to September 9, 2019.
9 Dec 2019
FEMA Declared Disaster Florida
FEMA issued an update to a Presidential Major Disaster Declaration for areas in Florida affected by Hurricane Dorian from August 28 to September 9, 2019.
9 Dec 2019
Northern California Storm Causes Rockslide and Flooding
The Weather Channel published a report outlining storm activity in California that has caused home flooding in at least one San Francisco neighborhood.
8 Dec 2019