Janet Yellen Sworn In As Secretary of the U.S. Department of the Treasury

Industry Update
January 26, 2021

Source: U.S. Department of the Treasury

WASHINGTON – Earlier today, Vice President Kamala D. Harris administered the oath of office to Janet L. Yellen. Secretary Yellen is the first woman to lead the U.S. Department of the Treasury in its 231-year history, and the first person to have served as Treasury Secretary, Chair of the Council of Economic Advisers, and Chair of the Federal Reserve. She has previously been confirmed by the Senate on four separate occasions.

Treasury Announces Appointment of Key Members of Staff

Industry Update
January 25, 2021

Source: U.S. Department of the Treasury

WASHINGTON – Today, the United States Department of the Treasury announced new members of staff who will serve in key roles. These qualified, tested, and skilled leaders will join a team prepared to deliver results by getting the economy back on track, strengthening the financial system, and restoring jobs. These appointees represent diverse and varied communities and will put service to the American people at the forefront of their work. They also reflect the Biden-Harris Administration’s commitment to assembling a team of experts with diverse backgrounds

Biographies of the appointees are listed below in alphabetical order:

NATALIE WYETH EARNEST, COUNSELOR TO THE SECRETARY FOR STRATEGIC COMMUNICATIONS

Natalie Wyeth Earnest is returning to the Treasury Department after serving as Assistant Secretary for Public Affairs during the Obama-Biden Administration. In that role, Earnest was the principal communications advisor to Secretary Jack Lew, and directed public affairs and external communications on issues including economic policy, domestic finance, tax policy, international affairs, and illicit finance. She also managed the communications for Secretary Lew’s confirmation by the U.S. Senate in 2013.  Earnest joined Treasury in 2009, under Secretary Tim Geithner, as the spokesperson for international affairs. Before joining the administration, she served as a spokesperson for the Presidential Inaugural Committee, the 2008 Obama-Biden campaign, and the 2008 Democratic National Convention. Prior to that, she was press secretary for Governor Kathleen Blanco’s Louisiana Recovery Authority, which focused on securing funding, establishing principles for redevelopment, and leading regional planning efforts to rebuild southern Louisiana in the aftermath of Hurricanes Katrina and Rita. Most recently, Earnest managed communications for Treasury Secretary-designate Yellen’s nomination as part of the Biden-Harris Presidential Transition. Earnest received her Bachelor’s degree from the University of Southern California. She lives on Chicago’s North Shore with her husband and their two children.

ARUNA KALYANAM, DEPUTY ASSISTANT SECRETARY FOR TAX AND BUDGET, OFFICE OF LEGISLATIVE AFFAIRS

Aruna Kalyanam is a veteran of Capitol Hill, bringing over 21 years of experience in the tax policy legislative process with her to the Treasury Department’s Office of Legislative Affairs.  Kalyanam most recently served on the Ways and Means Committee as Deputy Chief Tax Counsel and Staff Director of the Select Revenue Measures (the dedicated tax policy Subcommittee) under Chairman Richard E. Neal and Subcommittee Chairman Mike Thompson. She has been involved in every major tax legislative package on Capitol Hill since 2001, and led the Ways and Means Committee’s policy development on renewable energy, energy efficiency, and infrastructure.  A native of Maryland, Kalyanam is a graduate of Washington University in St. Louis and the Washington College of Law at American University.

ALEXANDRA LAMANNA, SPOKESPERSON, OFFICE OF PUBLIC AFFAIRS

Alexandra LaManna joins the Treasury Department from Lyft, Inc., where she was Head of Corporate, Crisis, and Financial Communications. At Lyft, LaManna led strategic communications, crisis and issues management, rapid response, and thought leadership programs. She also served as Lyft’s primary spokesperson and led communications for its 2019 initial public offering. LaManna is a trusted senior advisor with more than a decade of experience advising C-suite executives navigating complex business, competitive, reputational, and regulatory challenges. Prior to Lyft, she was a counselor for the global advisory firm Sard Verbinnen where she worked with clients on corporate positioning, as well as on issues advocacy programs for organizations and high-profile individuals facing crises, regulatory investigations, high-stakes legal challenges, and other sensitive matters. LaManna also oversaw communications efforts for various Cabinet nominees as part of the Biden-Harris Presidential Transition. Originally from New Jersey, she is a graduate of Northwestern University.

ANGEL L. NIGAGLIONI, DEPUTY ASSISTANT SECRETARY FOR APPROPRIATIONS AND MANAGEMENT, OFFICE OF LEGISLATIVE AFFAIRS

Angel L. Nigaglioni most recently served as Legislative Director and Counsel, as well as Appropriations Committee Associate Staff, to Congressman José E. Serrano, the Chairman of the Commerce, Justice, Science Appropriations Subcommittee and Vice-Chairman of the Financial Services and General Government Appropriations Subcommittee. Since 2013, Nigaglioni served under Congressman Serrano and worked on crafting, managing, and accomplishing Mr. Serrano’s legislative and appropriations priorities. Nigaglioni is a proud graduate from The George Washington University and Indiana University Maurer School of Law. Originally from Puerto Rico, he lives in Fairfax, Virginia with his wife.

ADITI HARDIKAR, SENIOR ADVISOR TO THE DEPUTY SECRETARY

Aditi Hardikar most recently served as the Leadership and Training Lead for the Biden-Harris Presidential Transition. She spent three years at the Obama Foundation, first as Chief of Staff with a focus on strategic planning and organizational growth, and then as the Acting Vice President for Operations on the development team, overseeing data and analytics, communications, and research. During the second term of the Obama-Biden Administration, Hardikar was Associate Director in the White House Office of Public Engagement, serving as the primary liaison to the LGBTQ and AAPI communities for issues including economic opportunity, health care, transgender rights, data collection, and youth homelessness. Hardikar served as Coalitions Finance Director for the Clinton-Kaine presidential campaign, helped lead LGBTQ fundraising and outreach efforts on the Obama-Biden reelection campaign, and led LGBTQ and AAPI fundraising and strategy at the Democratic National Committee. Hardikar is a proud graduate of the University of Michigan.

MARK J. MAZUR, DEPUTY ASSISTANT SECRETARY FOR TAX POLICY, OFFICE OF TAX POLICY

Mark J. Mazur was most recently the Robert C. Pozen Director of the Urban-Brookings Tax Policy Center, where he led the organization since 2017. Mazur has served in the federal government for 27 years in various positions.  He was a policy economist at the Congressional Joint Committee on Taxation from 1989 to 1993. He then joined the Clinton-Gore Administration where he served in a number of roles, including: senior economist at the President’s Council of Economic Advisers; senior director at the National Economic Council; chief economist and senior policy adviser to the Secretary of Energy; Director of the Policy Office at the U.S. Department of Energy; and Acting Administrator of the Energy Information Administration. In 2001, he became the Director of Research, Analysis, and Statistics at the Internal Revenue Service. Mazur joined the Obama-Biden Administration in 2009 as Deputy Assistant Secretary for Tax Analysis in the Treasury Department’s Office of Tax Policy. In 2012, he was confirmed as the Assistant Secretary for Tax Policy, and he served in this role until early 2017. Before entering public service, Mazur was an assistant professor in Heinz College at Carnegie-Mellon University. He has a bachelor’s degree in financial administration from Michigan State University and a master’s degree in economics and a Ph.D. in business from Stanford University. A native of New Jersey, Mazur now lives in Silver Spring, Maryland.

DAMIAN RICHARDSON, SPECIAL ASSISTANT, OFFICE OF THE SECRETARY

Damian Richardson served on the Biden-Harris Presidential Transition as the Executive Assistant to Secretary-designate Yellen and the Treasury transition team, working closely with the incoming Chief of Staff to prepare for day one of the Administration. During the 2020 general election, Richardson was a campus organizer in the key battleground state of Wisconsin. Richardson is a recent graduate of Harvard College and a native of Oak Park, Illinois.

Alabama Tornado Severely Damages Multiple Structures

Disaster Alert
January 26, 2021

Source: The Weather Channel

Approximate location (according to media outlets) sustaining structural damage:

Alabama

– Center Point (Jefferson County, 35215, 35220, 35235)
– Fultondale (Jefferson County, 35068)

At a Glance

  • A tornado struck Fultondale, Alabama, overnight.
  • Significant damage and injuries have been reported.

Multiple buildings, including a high school, a motel and dozens of homes, were severely damaged when the tornado struck Fultondale, Alabama, about 10:40 p.m. CST Monday night.

For full report, please click the source link above.

VA: VALERI Servicer Newsflash

Investor Update
January 25, 2021

Source: VA

VALERI Downtime – The application will be unavailable on Thursday, January 28, 2021, from 9:00 to 11:59 p.m. EST for a system deployment. Users must log out of the system by 8:45 p.m. EST. The deployment will include the following items:

LM-18701 – The Servicer Loan Listing report has been amended to only display the most recent loan modification, if a loan has two or more loan modifications.

LM-22739 and LM-21969 – The WebLGY and Servicer Non-Matching report “Reported Date” filter will be corrected and the “Owning” and “Reporting” Servicer ID number columns will be removed.

LM-19068 – The Events with Fatal Rules report will capture all events with fatal and non-fatal rules.

LM-3725 – The Adequacy of Servicing Action Required report will have a new column to capture the reason for default from the Electronic Default Notice primary default reason.

LM-23060 and 19055 – The report tabs on the Post Audit Claim Details report will be corrected to show “Review Post Audit” as the first tab and “Post Audit Claim Details” as the second tab. The sections within the report will be updated to mirror the sections in the Claim Detail Results report.

LM-3761 – VALERI administrators will be able to view user license counts while navigating in the User Administration screen.

To access full announcement, please click the source link above.

Meet Biden’s New CFPB Acting Director

Industry Update
January 21, 2021

Source: HousingWire

After former Consumer Financial Protection Bureau Director Kathy Kraninger stepped down Wednesday at the request of President Joe Biden, Dave Uejio took over as the bureau’s acting director.

Biden named Uejio acting director late Wednesday, moving him from his previous role as CFPB strategy program manager. In that role, he reported to the deputy director, led the 30-person Office of Strategy to define the bureau’s enterprise level strategy and policy priorities, identified and managed enterprise risks, evaluated impact of major programs and drove organizational performance.

Uejio originally joined CFPB in February 2012 as its first lead for talent acquisition, where he created a recruiting program to support the start-up of the bureau. Through the years he has held other roles at the CFPB including strategy program manager, acting deputy chief of staff and acting chief of staff.

“I am obsessed with providing the American people with the world-class federal government they deserve,” Uejio said on his LinkedIn bio. “I help agencies define their strategy, prioritize their work, identify and address the risks standing in the way and leverage data to measure their impact and performance. At the CFPB, that means aligning the incredible experts of the bureau to translate the mission into action.”

Uejio will serve as acting director until Biden’s nomineeFederal Trade Commission Commissioner Rohit Chopra, is confirmed by the Senate as the next director of the CFPB.

To access full article, please click the source link above.

Biden Appoints New HUD Chief of Staff

Industry Update
January 21, 2021

Source: HousingWire

After his inauguration Wednesday, President Joe Biden swore in Jenn Jones as the new chief of staff for the U.S. Department of Housing and Urban Development.

Jones will replace former HUD Chief of Staff Andrew Hughes. She was among several senior appointees who took part in a virtual swearing-in ceremony at the White House led by Biden after the presidential inauguration earlier in the day.

This won’t be Jones’ first time serving at HUD. During former President Barack Obama’s administration, Jones served as senior policy advisor under former HUD Secretary Julian Castro. During that time, Jones was charged with leading HUD’s affirmatively furthering fair housing, neighborhood and community revitalization, rental assistance transformation, criminal justice reform and socio-economic mobility priorities.

Jones served the last four years as chief of membership and policy for the National Community Reinvestment Coalition, where she helped expand the organization’s membership to more than 600 members. She also transformed NCRC’s annual conference into the Just Economy Conference with more than 1,100 attendees and helped shape the organization’s policy agenda for years to come, according to a statement by NCRC.

To access full article, please click the source link above.

Biden Issues Executive Order on Foreclosures

Industry Update
January 20, 2021

Source: DS News

On the first day of his administration, President Joe Biden issued a slate of executive orders, including one that called on federal departments and agencies to extend their bans on evictions and foreclosures through at least the end of March. As with the previous extensions, this act is designed to provide ongoing relief to homeowners and renters feeling the negative financial impact of the ongoing COVID-19 pandemic.

According to the order, both housing foreclosures and evictions would be delayed until at least March 31, 2021.

Earlier this week, FHFA extended once again their moratoriums on single-family foreclosures and real estate owned (REO) evictions through February 28. The moratoriums were previously set to expire on January 31.

To access full article, please click the source link above.

CFPB Director Kathy Kraninger Resigns

Industry Update
January 20, 2021

Source: HousingWire

Editor’s note: This story originally appeared in the January edition of DS News

Florida’s Fourth District Court of Appeals has recently issued two new opinions concerning the “HUD Face-to-Face Provision.”

Both actions involved the involuntary dismissal of foreclosure cases at trial based upon the lender’s failure to present prima facie evidence showing it complied with 24 C.F.R 203.604(b), specifically those minimum actions required to comply with the reasonable efforts expectation of the rule when a face-to-face interview has not been conducted. (It should be noted that Malcolm Harrison was the appellee in both cases and the servicer prevailed in both cases by overturning the circuit courts’ ruling.) 24 C.F.R 203.604(d) illuminates the specific actions required to comply with the reasonable efforts exception: (d) A reasonable effort to arrange a face-to-face meeting with the mortgagor shall consist at a minimum of one letter sent to the mortgagor certified as dispatched by the United States Postal Service (USPS). A reasonable effort shall also include at least one trip to see the mortgagor at the mortgaged property unless the mortgaged property is more than 200 miles from the mortgagee, its servicer, or a branch office of either; or it is known that the mortgagor is not residing in the mortgaged property.

Based on the above rule, a lender must meet a two-prong test: (1) visit the borrower(s) at least once to attempt a face-to-face interview, and (2) demonstrate a letter was sent via USPS to the borrower(s) asking to schedule the face-to-face interview.

To access full article, please click the source link above.

FHA INFO #21-05: Foreclosure and Eviction Moratorium Policy Extension

Investor Update
January 21, 2021

Source: HUD

Additional Resources:

HUD:
Biden Administration Authorizes Extension of Federal Housing Administration Single Family Foreclosure and Eviction Moratorium (Press Release)

Acting HUD Secretary Announces Extension of Eviction and Foreclosure Moratoriums (Press Release)

Today, the Federal Housing Administration (FHA) published Mortgagee Letter (ML) 2021-03, Extension of Foreclosure and Eviction Moratorium in Connection with the Presidentially-Declared COVID-19 National Emergency. Yesterday, President Joseph R. Biden directed agencies to extend a federal moratorium on evictions and a moratorium on foreclosures on federally guaranteed mortgages in response to the coronavirus pandemic. This ML announces a moratorium of foreclosures and evictions for single family properties with FHA-insured mortgages through March 31, 2021.

The moratorium applies to all FHA Title II Single Family forward mortgages and Home Equity Conversion Mortgages (HECM), except for those secured by vacant or abandoned properties.

This ML also extends the deadlines for the first legal action and reasonable diligence timelines for 120 days from the date of expiration of this moratorium for FHA-insured Single Family mortgages, except as noted above.

• View all HUD Press Releases at: https://www.hud.gov/press
• View all Mortgagee Letters at:
https://www.hud.gov/program_offices/administration/hudclips/letters/mortgagee
• View all Single Family policy waivers under the “Single Family” subhead at:
https://www.hud.gov/program_offices/administration/hudclips/waivers/
• View the online or PDF versions of the Single Family Housing Policy Handbook 4000.1 at:
https://www.hud.gov/program_offices/administration/hudclips/handbooks/hsgh

Need Support? Contact the FHA Resource Center.

• Visit our online knowledge base to obtain answers to frequently asked questions 24/7 at:
www.hud.gov/answers.
• E-mail the FHA Resource Center at: answers@hud.gov. Emails and phone messages will be responded to during normal hours of operation, 8:00 AM to 8:00 PM (Eastern), Monday through Friday on all non-Federal holidays.
• Call 1-800-CALLFHA (1-800-225-5342). Persons with hearing or speech impairments may reach this number by calling the Federal Relay Service at 1-800-877-8339.

Fannie Mae: SVC-2021-01: Servicing Guide Updates

Investor Update
January 20, 2021

Source: Fannie Mae

The Servicing Guide has been updated to include changes to the following:

Automatic reclassification time frame for delinquent MBS mortgage loans*: incorporates Lender Letter LL-2020-13, which
extended automatic reclassification triggers from four to 24 months for most delinquent MBS mortgage loans.

Update to delinquency status reporting for a disaster payment deferral*: eliminates the requirement for reporting a
delinquency status code for a disaster payment deferral if the mortgage loan is brought current.

Miscellaneous update: updates our policies on remote online notarizations for the purpose of servicing or modifying a
mortgage loan.

*Policy change not applicable to reverse mortgage loans.

To access full announcement, please click the source link above.