Safeguard Properties

CFPB: Regulation X and Regulation Z Mortgage Servicing FAQs

Posted on by Safeguard

Investor Update
March 20, 2018

Source: CFPB (Mortgage Servicing FAQs full version)

Additional Resource:

CFPB (Title XIV Rules: Mortgage Servicing web page)

Mortgage Servicing FAQs

The questions and answers below pertain to compliance with Regulation X and Regulation Z, effective April 19, 2018. These questions and answers are not a substitute for Regulation X, Regulation Z, or their official interpretations (also known as the commentary). Regulation X, Regulation Z, and their official interpretations are the definitive sources of information regarding their requirements.

Bankruptcy Periodic Statements

NOTE: For certain borrowers in bankruptcy, servicers are exempt from sending periodic statements. For other borrowers in bankruptcy, servicers are not exempt from sending periodic statements, but instead are required to send modified periodic statements. Additionally, in certain circumstances, a servicer may be required to resume sending unmodified periodic statements after a borrower’s bankruptcy case has completed. To determine if a servicer is required to send modified periodic statements to a borrower in bankruptcy, please review Regulation Z, § 1026.41(e) and (f).

CFPB: Final Rule to Help Mortgage Servicers Communicate with Certain Borrowers Facing Bankruptcy Issued

Posted on by Safeguard

Investor Update
March 8, 2018

Source: CFPB

WASHINGTON, D.C. — The Consumer Financial Protection Bureau (Bureau) today issued a final rule to help mortgage servicers communicate with certain borrowers facing bankruptcy. The final rule gives mortgage servicers more latitude in providing periodic statements to consumers entering or exiting bankruptcy, as required by the Bureau’s 2016 mortgage servicing rule.

The Truth in Lending Act requires mortgage servicers to provide periodic statements to borrowers, and the Bureau has developed sample forms for servicers to use. The 2016 mortgage servicing rule requires that servicers send modified periodic statements or coupon books to certain consumers in bankruptcy starting April 19, 2018. The rule also addressed the timing for servicers to transition to providing or ceasing to provide modified periodic statements to consumers entering or exiting bankruptcy. After issuing the rule, however, the Bureau learned that certain technical aspects of the timing of this transition may create unintended challenges and be subject to different legal interpretations. In October 2017, the Bureau sought public comment on a proposed rule that would provide greater certainty to help servicers comply. Today the CFPB is finalizing that proposed rule. Specifically, the final rule provides a clear single-statement exemption for servicers to make the transition, superseding the single-billing-cycle exemption included in the 2016 rule.

The effective date for the rule is April 19, 2018, the same date that the other sections of the 2016 rule relating to bankruptcy-specific periodic statements and coupon books become effective.

The final rule on the timing requirements for bankruptcy periodic statements is available at: ?https://files.consumerfinance.gov/f/documents/cfpb_mortgage-servicing_final-rule_2018-amendments.pdf

VALERI Servicer Newsflash

Posted on by Safeguard

Investor Update
February 27, 2018

Servicer Handbook Update – Revisions to multiple chapters and appendices have been posted in M26-4 and are reflected on the transmittal document dated February 1, 2018. They can be accessed at http://www.benefits.va.gov/WARMS/M26_4.asp.

Circular 26-18-3, Department of Veterans Affairs (VA) Acceptance of Properties, was issued on February 23, 2018, and is located on the VALERI internet at https://www.benefits.va.gov/homeloans/servicers_valeri.asp.

Circular 26-15-2, Change 1, Reconveyance Dispute Process, was issued on February 6, 2018, and is located on the VALERI internet at https://www.benefits.va.gov/homeloans/servicers_valeri.asp.

Circular 26-15-9, Change 1, Servicer Statutory Redemption Procedures, was issued on February 6, 2018, and is located on the VALERI internet at https://www.benefits.va.gov/homeloans/servicers_valeri.asp.

Scheduling Reports – When selecting a report destination, please do not select “Email.” Selecting this option will cause scheduled reports to fail. Either “Default Enterprise Location” or “Business Object Inbox” should be selected as the destination option (VALERI Scheduling Reports Quick Reference Guide).

Source: VA

VA Circular 26-18-5: Department of Veterans Affairs Property Management and Servicing Contract

Posted on by Safeguard

Investor Update
February 27, 2018

1. Purpose. This Circular provides details concerning operational matters related to VA’s Real Estate Owned (REO) and direct loan portfolio, also known as VA’s National Portfolio, performed by Vendor Resource Management (VRM) under the U.S. Department of Veterans Affairs (VA) REO and Portfolio Servicing Contract (RPSC).

2. Background. In connection with the termination of loans guaranteed by VA, servicers have the option to convey to VA the properties acquired at liquidation sales. VA manages these properties (known as REO) through disposition, which includes management, marketing, and disposition activities. VA has sold those acquired properties with seller financing, known as a Vendee loan, which required loan servicing by VA. In addition, VA has, from time to time, acquired or refunded VA-guaranteed loans from private servicers in order to modify the loans at terms beyond the capability of the private servicers so that Veteran borrowers will be able to retain their homes. These loans are known as repurchase loans (4600 or loans repurchased under 38 C.F.R. 36.4600) and refunded loans (loans acquired under 38 Code of Federal Regulations [C.F.R.] 36.4320), respectively. VA also makes direct loans to Native American Veterans on trust lands under the Native American Direct Loan (NADL) program. In aggregate, these four loan prducts are known as the National Portfolio. The servicing of the National Portfolio is one of the components that is outsourced to a private contractor under the RPSC contract. This contract was awarded to Vendor Resource Management (VRM) on June 1, 2017, with an effective date of July 1, 2017, for up to 10 years. This contract also includes the facilitation and management of United States Department of Agriculture (USDA) properties. Through this contract, VRM subcontracts the mortgage servicing of VA’s National Portfolio. Effective December 1, 2017, mortgage servicing will be subcontracted by VRM to BSI Financial Services.

3. Submission of Title Documents. Title documents for new properties conveyed to VA under 38 C.F.R. 36.4323 shall be emailed to title-va@vrmco.com. Documents must be provided no later than 60 days after the liquidation sale in most jurisdictions. VA previously provided advice concerning additional time for title submission in certain jurisdictions, and that advice remains in effect, as shown in the Title Documentation, Insurance and Timeframe Requirements link on the VA Loan Electronic Reporting Interface (VALERI) webpage (http://www.benefits.va.gov/HOMELOANS/servicers_valeri.asp).

4. Insurance on Conveyed Properties. VA regulation 38 C.F.R. 36.4323(d)(2) requires servicers to request endorsements on all insurance policies in force at termination, naming as an assured The Secretary of Veterans Affairs. Endorsement requests should be sent to insurance-va@vrmco.com. In addition, information about the insurance policy should appear in the Transfer of Custody (TOC) event submitted in VALERI. Servicers should include endorsements with the title packages on properties conveyed to VA, or, if endorsements are received after title packages have already been submitted, they may be identified with the VA loan identification number (VA LIN) and sent to VRM at the email address in this paragraph. Notices of cancellation on homeowners or force-placed policies will be handled in a similar manner. If insurers cancel policies, servicers must properly account for any unearned premiums refunded by the insurer.

5. Purchasing VA REO. VRM is responsible for the disposition of VA REO. VA REO inventory can be found at https://listings.vrmco.com/.

6. Submission of NADL, Repurchase (4600), and Vendee Custodial Documents by the VA Regional Loan Centers (RLCs) for all National Portfolio Loans. VRM is responsible for maintaining the custodial file for all National Portfolio Loans in accordance with VA’s Records Control Schedule. Documents typically found in the custodial file include, but is not limited to, the following: Note, Deed/Mortgage, Modification Agreements, origination documents, closing documents, Assignments, as applicable. RLCs shall ship all documents within 90 days of loan boarding to BSI Financial Services, Attn: Collateral Department (VRM), 314 South Franklin Street, 2nd Floor, Titusville, PA 16354. Applicable custodial documents will be inventoried by the RLC, and organized in a loan file in the proper stacking order listed in the table titled Exhibit A, Shipment of Custodial Documents, followed by any other documents that can be obtained. RLCs must email shipment tracking information and provide a list of documents included in the shipm nt to va-docs@vrmco.com prior to shipment. The email should include identifying information such as borrower name and loan identification number. RLCs must notify VRM using this email address when unable to ship the files within 120 days of loan boarding, and every 30 days thereafter, providing status and justification for the delay.

7. Submission of Refunded Custodial Documents by VA Servicers to the RLCs and from the RLCs to BSI Financial. Servicers are required to submit the original Refund Custodial documents to the RLCs within 60 days of refund approval. At that time, VA requires services to also submit an electronic copy of the documents, in pdf format, for timely and efficient loan boarding. Documents typically found in the custodial file include, but is not limited to the following: Note, Deed/Mortgage, Modification Agreements, origination documents, closing documents, assignments, as applicable. Upon receipt, custodial documents will be inventoried by the RLC and organized in a loan file in the proper stacking order listed in the table titled Exhibit A, Shipment of Custodial Documents, followed by any other documents that can be obtained. RLCs will then ship the loan file with original documents to BSI Financial Services Attn: Collateral Department (VRM), 314 South Franklin Street, 2nd Floor, Titusville, PA 16354. RLCs must email shipment tracking information and provide a list of documents included in the shipment to va-docs@vrmco.com prior to shipment. The email should include identifying information such as borrower name and loan identification
number.

8. Concerning the boarding of NADL, Refunded, and Repurchased Loans. Prior to approving a NADL, Refunded or Repurchased loan, RLCs must collect the requisite custodial documents. These documents are used to validate the setup sheet that is manually completed by the RLCs. Upon receipt, documents will be inventoried by the RLC and uploaded to the Contract Assurance SharePoint site at https://vaww.portal2.va.gov/sites/Loan%20Guaranty%20Service/oversight/PLOU/Boarding/Forms/AllItems.aspx. Contract Assurance will validate receipt of required documentation so the loan can be boarded. The setup sheet will be accompanied by an electronic custodial file. Any setup sheet not accompanied by a complete electronic custodial file, or found to be incomplete or determined unacceptable, will not be forwarded to ALAC for boarding and will be returned by Contract Assurance to the RLC for immediate action/follow up. See Exhibit B, Electronic Version of Custodial Documents, for a list of required documents needed for boarding.

9. Insurance on 4600 and Refunded Loans. Insurance policies on loans refunded (acquired) or repurchased by VA will be endorsed to The Secretary of Veterans Affairs, c/o BSI Financial Services ISAOA/ATIMA, PO BOX 961260, Fort Worth, TX 76161. Copies of letters requesting endorsement may be included with the title packages sent to the VA Loan Technician (refunded loans) or the St. Paul RLC (4600 loans).

10. Reconveyance Implications. VA presently pays for a property upon acceptance of the Transfer of Custody (TOC) event in VALERI and then waits for acceptable title documents to be provided. Since holders should be able to verify the validity of sales prior to conveyance, upon reconveyance of a property, VA will demand reimbursement of the amount paid for the property and all expenses incurred while the property was in VA’s custody. This policy will continue with little variation. VA incurs expenses and fees, known as a Management and Marketing Fee (MMF) and a Property Preservation Fee (PPF), as soon as a conveyance is accepted in VALERI. Those expenses will gradually increase over time, as provided in Appendix A. Holders should be prepared to reimburse VA for the fees provided in the table below, any expenses incurred and the amount paid for conveyance of the property. The longer the time until an erroneous conveyance is discovered, or it is determined that acceptable title documents cannot be provided or d emed unacceptable, then the more likely that additional expenses will incurred and owed to VA. When a Bill of Collection is not paid promptly, the amount due will be offset from a future payment, including, but not limited to claims, acquisition and/or incentive payments.

11. Concerning Vendee Mortgage Trust (VMT) Securitized Loans. VRM does not provide servicing of VMT loans. All VMT loan-level questions, including Assignment of Mortgage, Lost Note Affidavit, chain of title matters, etc., should be directed to VendeeResearch@carringtonms.com.

12. Application to become a VRM partner. VRM directly hires subcontractors including, but not limited to, property inspectors, appraisers, property managers, home repair contractors, attorneys, among other professions to fully satisfy RPSC contractual requirements. To learn more about becoming a VRM subcontractor, and to submit an application, please visit http://www.vrmco.com/join-our-network/. Questions concerning VRM subcontracting can be emailed to VRM at VRM-supplier@vrmco.com.

13. Questions. REO questions may be directed to pm.vbaco@va.gov. Loan servicing questions may be directed to nashpm.vbaco@va.gov.

14. Rescission: Circular 26-17-38 is rescinded immediately. This Circular is rescinded April 1, 2020.

By Direction of the Under Secretary for Benefits

Jeffrey F. London Director
Loan Guaranty Service

Source: VA

VA Circular 26-15-9 Change 1: Servicer Statutory Redemption Procedure

Posted on by Safeguard

Investor Update
February 6, 2018

1. Purpose. The purpose of this Circular is to extend the rescission date.

2. Therefore, Circular 26-15-9 is changed as follows:

Page 2, paragraph 5: Delete “January 1, 2018” and replace with “October 1, 2020”.

3. Rescission: This Circular is rescinded October 1, 2020.

By Direction of the Under Secretary for Benefits

Jeffrey F. London
Director, Loan Guaranty Service

Source: VA

Additional Resource:

VA (Circular 26-15-9)

VA Circular 26-15-2 Change 1: Reconveyance Disputes Process

Posted on by Safeguard

Investor Update
February 6, 2018

1. Purpose. The purpose of this Circular is to extend the rescission date:

2. Therefore, Circular 26-15-2 is changed as follows:

Page 1, paragraph 4: Delete “January 1, 2018.” and replace with “October 1, 2020.”

3. Rescission: This Circular is rescinded October 1, 2020.

By Direction of the Under Secretary for Benefits

Jeffrey F. London
Director, Loan Guaranty Service

Source: VA

Additional Resource:

VA (Circular 26-15-2)

USDA: Special Relief Measures for Natural Disasters

Posted on by Safeguard

Investor Update
February 20, 2018

In response to recent natural disaster events, the 3555 Handbook, Chapter 18 Section 4:  Assistance in Natural Disasters will be amended to add Special Relief Measures.  Servicers may use Special Relief Measures immediately to respond to borrowers who are reaching the end of their forbearance periods.  We anticipate publication of the handbook changes on May 1, 2018.
 
18.11 Special Relief Measures
 
In addition to standard workout options, eligible borrowers may be offered the following special relief measures to assist borrowers without the standard financial evaluation required subject to the following conditions:
 

  • The loan was current or less than thirty (30) days past due as of the date of the applicable Presidentially Declared Disaster (PDD);
  • The servicer receives verification the hardship (employment and/or property) has been resolved;
  • Total modified mortgage principal and interest payment is less than or equal to the payment prior to modification.

Special Relief Measures shall be considered in the following order:

  • Term Extension:  If the servicer determines the borrower is capable of maintaining the current contractual payment including any escrow shortage created by advancements during the forbearance period (can be spread over 60 months), the loan term may be extended an equal number of months to the term of the forbearance provided.  Any interest accrued during the forbearance period should be waived and the servicer may re-amortize the loan if necessary to meet any investor restrictions.
  • Capitalization of Delinquency and Term Extension:  If the servicer determines the borrower is capable of maintaining the current contractual payment, but cannot manage the additional escrow repayment amount, the servicer may offer a Cap and Extend Modification under the following terms:

    • 1. Capitalize the accumulated arrearages and eligible unreimbursed servicer advances, fees and costs into the modified mortgage balance;
    2. Extend term up to 360 months;
    3. Reduce rate down to no greater than 50 basis points greater than the most recent Freddie Mac Weekly Primary Mortgage Market Survey (PMMS) Rate for 30-year fixed-rate conforming mortgages (US Average), rounded to the nearest one-eighth of one percentage (0.125%), as of the date a plan is offered to the borrower;
    4. The borrower’s post modified PITI payment must be equal to or less than their payment prior to the disaster.

  • Mortgage Recovery Advance:  If the servicer is unable to offer the borrower either of the first two options the servicer may utilize a mortgage recovery advance to settle the borrower delinquency and return the borrower to a current status.  The mortgage recovery advance is limited to an amount no greater than what is necessary to resolve any accumulated interest and unreimbursed servicer advances made during the forbearance and must meet all other requirements as explained in paragraph 6.R. of the Loss Mitigation Guide found in Attachment 18-A of this Chapter.

Questions regarding this announcement may be directed to the National Office Division at (202) 720-1452.
 
Thank you for your support of the Single Family Housing Guaranteed Loan Program!
 
USDA LINC Training and Resource Library:  https://www.rd.usda.gov/programs-services/lenders/usda-linc-training-resource-library

Help Resources

Policy Questions
Customer Service Center
Phone: 866-550-5887
Single Family Housing Guaranteed Loan Division
Phone: 202-720-1452
 
USDA ITS Service Desk Support Center
For e-Authentication assistance
Email: eAuthHelpDesk@ftc.usda.gov
Phone: 800-457-3642, option 1 (USDA e-Authentication Issues)
 
Rural Development Help Desk
For GUS system, outage or functionality assistance
Email: RD.HD@STL.USDA.GOV
Phone: 800-457-3642, option 2 (USDA Applications); then option 2 (Rural Development)

Source: USDA

Reforming the FHA?s Foreclosure and Conveyance Processes

Posted on by Safeguard

Investor Update
February 28, 2018

Source: Urban Institute

Additional Resource:

Urban Institute (Reforming the FHA’s Foreclosure and Conveyance Processes full report)

Abstract

In this brief, the third in a series prepared by HFPC researchers with support from the mortgage servicing collaborative, the authors address how the Federal Housing Administration (FHA) foreclosure and conveyance processes can be changed to bring down costs and create efficiencies. With proprietary data provided by Collaborative members, we explore foreclosure related costs and processes for FHA-insured loans. Specifically, we examine:

  • How changes to the foreclosure timeline can increase efficiency; and
  • How to improve the FHA conveyance process and reduce costs for the FHA, neighborhoods, consumers, and servicers.

The authors conclude that the current FHA foreclosure and property disposition processes result in avoidable delays, costs, and losses for HUD and servicers that are eventually passed on to neighborhoods and consumers in the form of depressed property values, neighborhood blight and reduced access to FHA credit for future borrowers.

CFPB: Nine Financial Problems After a Natural Disaster – and What You Can Do About Them

Posted on by Safeguard

Investor Update
February 23, 2018

Source: CFPB

If a natural disaster has hit your community, you know the damage to your home and property also means big bills. To get back on track, you need to rebuild your finances as well as your home or business.

Read below for tips on common problems consumers have reported to us after a natural disaster. You can also read our blog on dealing with your finances after a storm, or browse our frequently asked questions in Ask CFPB.

Hurricanes, floods, wildfires, and their resulting financial problems

Hurricanes Harvey, Irma, and Maria, and the wildfires in California may be months behind us, but we know people continue to deal with the effects of these natural disasters and, for many consumers, there are financial issues that are just now beginning to surface.

To understand what financial issues may occur months after a disaster, we looked at what people told us after other natural disasters including Hurricanes Sandy and Matthew. Troubles with mortgages were most common, followed by debt collection, credit cards, and other loans.

9 financial issues you might face after a natural disaster

We heard some common themes from people who wrote to us after experiencing a natural disaster. 

1. Some people didn’t know that their accounts were going to collection.

  • Understanding the situation: If you had to leave your home or if your utilities and services are not working, companies may have a hard time reaching you. If a creditor or service provider cannot reach you, they may send any debts you owe to a collection agency. This can have a negative impact on your finances, and your credit reports and scores.
  • What to do: Set up a forwarding address, and update your information with each of your financial institutions. This way, they can contact you before problems begin.

2. Some people thought that when they contacted their lender or servicer for a loan deferral or suspension, the payments would be added to the end of the loan, and were surprised when the payments became suddenly due.

  • Understanding the situation: Lenders or loan servicers will sometimes allow borrowers to defer payments for a few months, and then expect the entire amount to be repaid immediately afterward. Depending upon the type of loan you have, your lender or loan servicer may be willing to temporarily reduce or suspend your payments. This is called forbearance.
  • What to do: If your lender or loan servicer offers you a deferral, forbearance, a moratorium or a loan modification, carefully study the terms of the offer. Once you have an agreement or understanding, be sure to document everything that was discussed. If you can’t pay your mortgage or are worried about missing a mortgage payment, call your lender or loan servicer right away. Ask if they are willing to work with you on a repayment plan.

3. Some people had trouble understanding their financial company’s disaster relief policies.

  • Understanding the situation: Many companies have special disaster relief policies. It’s important to know how these policies work so you don’t miss out on disaster assistance, or misunderstand how much money you owe and when.
  • What to do: Ask the company for written copies of any special disaster policies. Review them carefully to see how they apply in your situation. A HUD-approved housing counselor may also be able to help you, if you are dealing with an issue related to your home. These counselors are specially trained to help you assess your financial situation, evaluate options if you are having trouble paying your mortgage loan, and make a plan to get you help with your mortgage.

4. Some people had trouble paying contractors they had hired because their insurance check was being held by their bank or mortgage servicer.

  • Understanding the situation: Many people hire contractors soon after a disaster to quickly begin repairs on their home or business. Some mortgage agreements require any insurance checks to be made out to both you and the mortgage company or servicer. This may affect your ability to cash insurance checks as that company may need to approve it before you can cash the insurance check. Typically, your mortgage company or servicer will agree to release a portion of the settlement money before work begins so you can hire a contractor.
  • What to do: Before hiring a contractor to begin repairs, check with your insurance company and your mortgage company or servicer about how and when the insurance funds will be distributed. You should also review our tips for hiring contractors to fix or rebuild your home.

5. Some people found that they still owed money on their auto loans even after their car was declared a total loss by their insurance company.

  • Understanding the situation: When your vehicle is damaged, your insurance company assesses the value of your vehicle based on age, model, and other factors. Damage to your vehicle does not eliminate your responsibility to make your auto loan payments. When the cost of repairs is more than the value of the car, the insurance company may declare the vehicle a total loss.
    If the amount you owe on your auto loan is more than the insurance paid on your totaled car, you may owe the difference to the lender. This situation is sometimes called “negative equity.” Sometimes, people have a type of vehicle insurance called Guaranteed Auto Protection (GAP) insurance, which covers the difference between the amount due on the auto loan and the amount paid by insurance.
  • What to do: Clarify with your insurance company and your auto loan lender what type of insurance policy you have as well as what losses the insurance will cover and what you will still owe. After the insurance process is completed, if you owe more on the loan than the amount paid by insurance, you will owe that amount. If the amount of your insurance coverage is more than what you owe, then you will get paid the difference.
    In working with your lender and insurance, things can get confusing. Write down the names of the people you speak with and ask if there is a case number associated with your account that you can refer back to. Once you have come to agreement or understanding, be sure to document everything that was discussed.

6. Some people impacted by natural disasters reported that their accounts became overdrawn.

  • Understanding the situation: After a disaster, electrical blackouts and flooding can make it hard to send payments on time or to stop automatic payments. This can lead to overdraft fees.
  • What to do: Make it a priority to contact your bank or lenders quickly if you need to stop automatic payments or if you will miss a payment due to the disaster. Explain the situation that caused the late payments and ask for a waiver of any late fees. Also, get in the habit of making a monthly budget. That way, you’ll know what charges to anticipate. Our spending tracker is a great way to see where your money is going and track any trends in your spending.

7. Some consumers with debts with the Small Business Administration were sent to collections.

  • Understanding the situation: The Small Business Administration (SBA) only makes loans for help after a disaster. There may be grants available through the Federal Emergency Management Agency (FEMA). Grants do not have to be repaid. If you received a loan, it must be repaid or the accounts may be sent to collections, and that could negatively affect your credit.
  • What to do: Check your paperwork, and if you are still unsure, contact the SBA or FEMA to see if you have received a loan or a grant. If you are having troubles repaying the disaster loan, contact the SBA to find out your options. If your loan was sent to a debt collector and you are having trouble repaying it, you may also want to try and to negotiate a settlement with the debt collector.

8. After a natural disaster it can be difficult to stay on top of mortgage payments and other bills.

  • Understanding the situation: As you struggle to pay for home repairs and get back to work, you may begin to fall behind on house payments, seek loans to repair hurricane-related damage, or become unemployed. This can lead to ballooning credit card debt. Missing mortgage payments can lead to foreclosure.
  • What to do: Here are some steps you can take to help manage debt.
  • If you’re having trouble paying your mortgage, act quickly. Contact your mortgage servicer and a HUD-approved housing counselor to explain your situation and ask for help.
  • Review your income and savings and determine how much money you have available to pay bills and creditors.
  • If you can’t make a payment, contact your credit card company before it balloons into a problem.
  • Check with FEMA about programs you may be eligible for following a disaster. If you are in a presidentially-declared disaster area, you may qualify for disaster assistance.
  • Keep written records and other documentation of conversations with customer service representatives.

9. People affected by natural disasters can sometimes become targets for fraud.

  • Understanding the situation: Fraud is common after disasters. Scammers will offer to get you a loan modification or do home repairs for an upfront payment.  Sometimes, a scammer will even pose as someone from your insurance agency, your bank, or as a government employee.
  • What to do: Learn to recognize the signs of a scam. If you need a loan modification on your mortgage, contact your mortgage lender or servicer directly rather than going through a third party. You can also check with your state licensing agency to confirm the business is legitimate. If you suspect a scam, contact your local authorities.

Have more questions? How the CFPB can help

In the U.S. there were 16 weather and climate disaster events where losses exceeded $1 billion each in 2017.

  • Hurricane Maria devastated Puerto Rico, leaving many without power.
  • Hurricane Irma hit the Florida Keys, destroying 25 percent of their buildings.
  • Houston suffered historic flooding that displaced more than 30,000 people. The storm damaged or destroyed more than 200,000 homes and businesses.
  • Wildfires devastated parts of California, Montana, and other states in the west.

If you are struggling, you are not alone.

We also recognize that the months after a disaster can be a time of great stress. At the CFPB, we are here to help with tips and tools to help answer your questions about dealing with financial products and services.

If you have a problem with a financial product or service, we can also help you get a response from a company.

You can submit a complaint and we’ll forward it to the company and work to get you a response.

Submit online at consumerfinance.gov/complaint or by calling (855) 411-2372.

MHA HAMP Update: Upcoming HAMP Reporting Tool User Interface Outage

Posted on by Safeguard

Investor Update
February 9, 2018

Black Knight will be conducting maintenance activities during the weekend of February 17, 2018. All Black Knight applications including the HAMP Reporting Tool user interface will be unavailable from Saturday, February 17, 2018,
9:00 a.m. ET to 11:59 p.m. ET.

If users attempt to access the Black Knight application during this time, they will receive connection errors. If you have questions, call 1-866-939-4469; to reach Black Knight Financial Services (BKFS), select option 1, then option 5.

Source: MHA