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  • October 04, 2017 8:34 AM | Anonymous

     

    October 4, 2017

     

                                                                                                                        

    CONSUMER FINANCIAL PROTECTION BUREAU ISSUES INTERIM FINAL RULE TO HELP MORTGAGE SERVICERS COMMUNICATE WITH CERTAIN BORROWERS AT RISK OF FORECLOSURE

    Bureau Also Seeks Comment on Separate Proposed Rule Modifying Timing Requirements for Bankruptcy Periodic Statements

     

    Washington, D.C. &#8211; The Consumer Financial Protection Bureau (CFPB) today issued an interim final rule and a proposed rule to provide mortgage servicers more flexibility and certainty around requirements to communicate with certain borrowers under the Bureau's 2016 mortgage servicing amendments. The interim final rule gives servicers more flexibility regarding when to communicate about foreclosure prevention options with borrowers who have requested a cease in communication under federal debt collection law. The proposed rule would provide more certainty for mortgage servicers about when to provide periodic statements to consumers in connection with their bankruptcy case.

     

    "Today's action should make it easier for mortgage borrowers to receive timely information from their mortgage servicers about available options for saving their home, even if they have submitted a request to cease communication," said CFPB Director Richard Cordray. "In addition, we are proposing changes to clear up confusion about when to provide periodic statements with important loan information to borrowers in bankruptcy."

     

    In 2016, the Bureau made changes to the mortgage servicing rules to require mortgage servicers to send written notices, referred to as early intervention notices, to certain consumers at risk of foreclosure who have requested a cease in communication under the Fair Debt Collection Practices Act. Under this law, consumers have the option to request that companies stop contacting them except for limited purposes. Once these borrowers become delinquent, the Bureau's 2016 amendments generally require that mortgage servicers send notices to these consumers every 45 days to inform them of available foreclosure prevention options but prohibit servicers from sending the notices more than once in a 180-day period. The Bureau has heard concerns that once a servicer sends a notice to one of these borrowers, the rule requires servicers to provide the next notice exactly on the 180th day after the prior one, regardless of whether it is a weekend or a holiday.

     

    To alleviate these concerns, the interim final rule issued today gives servicers a longer, 10-day window to provide the modified notices. The Bureau believes that this change offers greater certainty for servicers' ability to comply with the rule, without undermining important borrower protections. The interim final rule becomes effective on Oct. 19, 2017, the same date that the related 2016 rule provisions become effective. The Bureau is seeking comment on this rule and will consider whether to revisit it in the future.

     

    The Bureau has also learned that certain technical aspects of the 2016 amendments regarding the timing for servicers to provide periodic statements in connection with a borrower's bankruptcy case may create unintended challenges and be subject to different legal interpretations. Thus, the Bureau is also seeking public comment on a proposed rule that would provide greater certainty for mortgage servicers regarding the timing for providing periodic statements in those circumstances. The proposed effective date for the proposed rule is April 19, 2018, the same date that the sections of the 2016 rule that the proposal would amend become effective.

     

    The comment period on both the interim final rule and the proposed rule will close 30 days after publication in the Federal Register.

     

    The interim final rule on mortgage servicer communication flexibility is available at: files.consumerfinance.gov/f/documents/...

     

    The proposed rule on periodic statements is available at: files.consumerfinance.gov/f/documents/...

     

    ###

     

    The Consumer Financial Protection Bureau is a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives. For more information, visit consumerfinance.gov.

  • September 20, 2017 9:26 AM | Anonymous

    MBA - Mortgage Bankers Association


    CFPB 2.0: Advancing Consumer Protection

    Over the past six years, the Consumer Financial Protection Bureau has grownfrom a small startup to a powerful agency with over 1,600 employees. Over the same period, the economy and our financial and political institutions have also been transformed. Accordingly, it makes sense to take a fresh look at the Bureau and see how it should evolve to reflect these changes as well as its own successes and challenges. This white paper and its recommendations explain how an updated Bureau - call it CFPB 2.0 - could advance consumer protection while promoting a vibrant, competitive mortgage lending market.

    Read the Full Paper Here!

  • September 06, 2017 4:05 PM | Anonymous
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    A nationally distributed resource for those interested in flood zone issues, land surveying, real estate, history, and educational opportunities. If you no longer wish to receive this newsletter, simply click the unsubscribe link in the footer of this message.

    ***

    In this Issue of Welcome to the Flood Zone:

    Message from Jim: Hurricane Harvey
    Resources: Local, Regional, and National
    Flood Terminology: Flood Zone AO
    In the News: "Trump Pulls the Plug on Flood Risk Management Standard" and "Association of State Floodplain Managers' Reaction to Rollback of EO 13690 & FFRMS"
    History Corner: Flood and high water markers at the old Hathaway Mill, Waterville, Maine

    ***

    Jim Headshot

    Message from Jim

    With condolences being sent from all corners of the world, including Queen Elizabeth II and Pope Francis, this month’s message comes rather easy.

    Please extend your thoughts, prayers, and donations to the victims of Hurricane Harvey!

    Former Federal Emergency Management Agency Director, Michael Brown, has stated that damages from Harvey will surely be worse than Hurricane Katrina, the devastating storm of 2005, due to the greater number of people and businesses impacted. The governor of Texas is estimating cost of damage between $150-180 billion, but it is still uncertain at this time how much Congress will approve for immediate relief. Adding to the hardship, Harvey coincidentally made landfall only ten days after President Trump rescinded Executive Order 13960, which was signed by President Obama in 2015, to improve the resilience of communities and Federal assets and protect against the impacts of flooding, which are anticipated to increase over time due to the effects of climate change and other threats such as minimal zoning, filling of wetlands, and urban flooding, all of which are prevalent in Harris County, Texas. (See articles below for more information on the appeal of the Executive Order.)

    Every time a large-scale disaster hits and response and recovery are underway, I can’t help but think of the first two phases of emergency management: preparedness and mitigation, and how much less the impact could have been had better planning and stronger mitigation strategies been in place. Studies have claimed that for every $1 spent on mitigation, $4 on post-disaster recovery can be saved. Regardless of what you believe the cause to be, not preparing for the effects of climate change will always keep us in a costly response/recovery cycle.

    It is difficult to overlook the “Butterfly Effect”, a concept coined by Edward Lorenz, an MIT meteorologist in the early 1960s, since it can be applied in all parts of our lives. The “Butterfly Effect” presents the idea that small causes or decisions can have much larger effects into the future, even though much time may need to pass. The impacts of Harvey and other storms would be much less if our decision-making and planning is done with vision.

    Help if you can!

    ***

    Resources

    maine flood program

    Local

    Maine Floodplain Ordinances and Permit Forms

    How do you know when development requires a Flood Hazard Development Permit? The Maine Floodplain Management Program created a "Decision Tree for Flood Hazard Development Permits" to help with the process. They also provide resources to help you figure out which ordinances are appropriate for your particular town.

    Check it out!

    nesec

    Regional

    The Northeast States Emergency Consortium

    The Northeast States Emergency Consortium (NESEC) is funded by the Department of Homeland Security/Federal Emergency Management Agency (FEMA) to provide FREE assistance to help local, state, regional and other organizations develop, promote, and coordinate comprehensive “all-hazards” emergency management activities.

    Check out NESEC's website!

    levee

    National

    More about Levees!

    In last month's "Flood Terminology" section of this newsletter, we talked about levees. In support of that, we have an additional resource to share! For more information, check out:

    The American Society of Civil Engineers' booklet: "So, You Live Behind a Levee! What you should know to protect your home and loved ones from floods."

    ***

    zone ao

    The area highlighted on the above Flood Insurance Rate Map, is a Flood Zone AO in Old Orchard Beach, Maine.

    Flood Terminology

    Flood Zone AO:

    Areas subject to inundation by 1-percent-annual-chance shallow flooding (usually sheet flow on sloping terrain) where average depths are between one and three feet. Average flood depths derived from detailed hydraulic analyses are shown in this zone. Mandatory flood insurance purchase requirements and floodplain management standards apply.

    Zone AO has sometimes been designated in areas with high flood velocities such as alluvial fans and washes. Communities are encouraged to adopt more restrictive requirements for these areas.

    ***

    In the News

    In an effort to reduce federal spending, President Trump has signed an executive order which revokes Obama's EO 13690 and Federal Floodplain Management Standard, enacted on January 30, 2015. EO 13690 was intended to mitigate damage from natural disasters by creating a higher standard which would make federally-funded development more resilient, and reduce the burden on taxpayers to cover the costs of rebuilding.

    Trump Pulls the Plug on Flood Risk Management Standard

    By Gloria Gonzalez, Business Insurance, August 16, 2017
    The 2015 executive order built on an interagency effort to create a new flood risk reduction standard for federally funded projects, with the framework designed to increase resilience against flooding and help preserve the natural values of floodplains.

    Read more.

    Association of State Floodplain Managers' Reaction to Rollback of EO 13690 & FFRMS

    ASFPM, August 15, 2017
    EO 13690 gave agencies flexibility to use an approach that best suited the available information and use flood protection levels that many communities have already adopted. Now federally funded infrastructure will be able to be built at a lower standard than is required in many communities since federally-funded projects are often exempt from local flood protection standards.

    Read more.

    ***

    2017-08-08 12.36.17

    History Corner

    A project we are currently working on brought us to a very cool historical find: high water markers on the old Hathaway Mill in Waterville, Maine. The buildings on site date back to 1876, when it was operated as a cotton manufacturing mill. This building, now Hathaway Center, was constructed in 1881. C.F. Hathaway & Co. made shirts at the building until 2003, when it closed.

    2017-08-08 12.35.55

    The markers we found were a U.S. Geological Survey flood marker dated March 20, 1936 and a high water mark dated December 16, 1901. We learned that back then, water levels were generally higher due to the greater number of dams present. Now that some of them have been removed, water levels are much lower.

    Download a PDF of the USGS publication "Identifying and Preserving High Water Mark Data" to learn more

    2017-08-08 12.35.45

    Click here to learn more about the Great New England Flood of 1936 from the New England Historical Society.

    "The rain started pouring in New England on March 11, 1936 and didn’t stop for 14 days, unleashing a flood that covered half of the Eastern United States."

    ***

    September Surveying Funny

    surveying funny

    Image by Wendell T. Harness

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    Nadeau Land Surveys provides information in this newsletter and during learning events for general guidance purposes only, and does not constitute the provision of legal advice or professional consulting services. The information provided should not be used as a substitute for the engagement of professional services with the appropriate professional consultant(s) and/or any required municipal, state, or federal approvals. The intention of our educational delivery is to provide useful content and general guidance but is provided "as is" with no guarantee of completeness or accuracy, and is without warranty of any kind, expressed or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.

    ©2017 Nadeau Land Surveys | 918 Brighton Avenue | Portland ME | 04102 | (207) 878-7870

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  • August 24, 2017 12:50 PM | Anonymous

    https://higherlogicdownload.s3.amazonaws.com/MBA/MessageImages/32cbc896e1d04486af619fedbb02cc7d.jpg

     

    FOR IMMEDIATE RELEASE:

    August 24, 2017

                                                                                                                       

    CONSUMER FINANCIAL PROTECTION BUREAU TEMPORARILY CHANGES MORTGAGE DATA RULE REPORTING THRESHOLD FOR COMMUNITY BANKS AND CREDIT UNIONS

    Final Rule Also Clarifies Certain Requirements to Help Companies Comply

     

    Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued a rule amending the 2015 updates to the Home Mortgage Disclosure Act (HMDA) rule. The Bureau has temporarily changed reporting requirements for banks and credit unions that issue home-equity lines of credit, and clarified the information that financial institutions are required to collect and report about their mortgage lending.

     

    "The Home Mortgage Disclosure Act is a vital source of information on the health and fairness of the mortgage market," said CFPB Director Richard Cordray. "Today's amendments show that the Consumer Bureau is committed to ensuring that financial institutions are able to comply with the rule, and to promoting transparency across the largest consumer financial market in the world."

    The Home Mortgage Disclosure Act-originally enacted in 1975-requires most lenders to report information about the home loans that they originate or purchase, as well as applications received. Banking regulators and the public can use this data to monitor whether financial institutions are serving the housing needs of their communities, to assist in distributing public-sector investment in order to attract private investment to areas where it is needed, and to identify possible discriminatory lending patterns.

    As directed by the Dodd-Frank Wall Street Reform and Consumer Protection Act, the CFPB updated the HMDA regulation in 2015 to improve the quality and type of data reported by financial institutions. Most of the updated requirements take effect in January 2018, and the industry is working to bring operations into compliance.

    Reporting Threshold
    Under rules that are scheduled to take effect in January 2018, financial institutions would have been required under the Home Mortgage Disclosure Act to report home-equity lines of credit if they made 100 such loans in each of the last two years. Today's final rule has increased that threshold to 500 loans through calendar years 2018 and 2019 so that the Bureau can consider whether to make a permanent adjustment. This change was initially proposed in July 2017.

    This temporary increase in the threshold will provide time for the Bureau to consider whether to initiate another rulemaking to address the appropriate level for the threshold for data collected beginning January 1, 2020.

    Clarifications and Technical Corrections
    Today's final rule contains a number of clarifications, technical corrections, and minor changes to the HMDA regulation. These include clarifying certain key terms, such as "temporary financing" and "automated underwriting system." The changes finalized today will also, for example, establish transition rules for reporting certain loans purchased by financial institutions. Another change will facilitate reporting the census tract of a property, using a geocoding tool that will be provided on the Bureau's website. These changes were initially proposed in April 2017.

    The CFPB is committed to well-tailored and effective regulations and has sought to carefully calibrate its efforts to ensure consistency with respect to consumer financial protections across the financial services marketplace.

    The final rule is available at: http://files.consumerfinance.gov/f/documents/201708_cfpb_final-rule_home-mortgage-disclosure_regulation-c.pdf

    The CFPB is also releasing today an executive summary of the final rule, updates to technical filing instructions, and other implementation materials. The CFPB hopes that these materials will help financial institutions understand and implement the changes adopted in the final rule.

    The regulatory implementation materials are available here: https://www.consumerfinance.gov/policy-compliance/guidance/implementation-guidance/hmda-implementation/

    The technical instructions are available here: https://www.consumerfinance.gov/data-research/hmda/for-filers

    ###

     

    The Consumer Financial Protection Bureau is a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives. For more information, visit consumerfinance.gov.

  • August 17, 2017 11:25 AM | Anonymous
         
     

    Dear MAA Member:

    As you may be aware, the National Flood Insurance Program (NFIP) is set to expire on September 30, 2017. MBA has been a key player in the Financial Services Committee and House Leadership negotiations surrounding legislation to reauthorize the NFIP and to provide key reforms to the program. After August Recess, we expect the House to consider a package of bills which will reauthorize and reform the program, and we need your help to ensure that these three MBA priorities are included in the final legislation passed by the full House:

    1. Long-term reauthorization: A long-term extension of the NFIP is vital to provide certainty to homeowners and small businesses that depend on the program for flood damage protection, to protect our residential and commercial real estate markets and to provide stability for the companies and agents that sell and administer NFIP policies to millions of consumers across the country.

      The current House proposal would reauthorize the NFIP for 5 years.
    1. Exemption for commercial and multifamily properties: Imposing the NFIP structure which was designed for "one borrower, one home, one policy" on commercial and multifamily transactions is difficult for borrowers and lenders. The current limit of $500,000 for commercial and multifamily properties is insufficient based on the value of many of the properties in question.

       The current House proposal eliminates the NFIP’s mandatory purchase requirement for all commercial properties, as well as certain residential properties not related to single family loan programs. Importantly, NFIP remains an option for anyone who wishes to still use the program for commercial/multifamily buildings.
    1. Development of the private flood insurance market: In order to ensure a stable, affordable and sustainable flood insurance market, a private market for flood insurance must be allowed and encouraged to develop. Increasing private sector involvement also could benefit consumers by expanding available insurance coverage options, lowering costs and increasing the number of at-risk properties that are insured.

      ✔  The current House proposal addresses two of the primary impediments to the development of a private flood insurance market: lack of clarity as to what constitutes acceptable private flood insurance and uncertainty about the effect of private insurance on the continuous coverage requirement

    Click below to take action and tell your representative to support legislation that provides long-term reauthorization of the NFIP, an exemption for commercial and multifamily properties, and that helps the development of the private flood insurance market. It is critical that the House act on this issue as soon as they return from August Recess.

    If you encounter any issues, please contact Peter Shapiro at 202-557-2933 or pshapiro@mba.org. If you did not receive this Call to Action from maa@mba.org you may not have an active MAA membership. Please click here to sign up for MAA. 

     

     By responding to a Call to Action alert from MAA, opening an email from MAA, registering for an MBA conference or contributing to MBA’s political action committee (MORPAC), you are agreeing to renew your membership in MAA for one year (365 days) from the date of your action. Please note that you may terminate your membership at any time by emailing maa@mba.org. There are no membership dues.

     
     


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  • August 08, 2017 8:29 AM | Anonymous
         
     

    Good Morning:

    Thank you for participating in our Call to Action in support of H.R. 2948, the SAFE Transitional License Act, which would amend the SAFE Mortgage Licensing Act of 2008 to provide a temporary license for loan originators transitioning between federally-insured depositories and non-depositories, as well as across state lines. Your efforts have helped secure 15 additional sponsors from both parties since the bill's introduction. 

    Last Thursday, Senators Dean Heller (R-NV) and Bob Menendez (D-NJ) announced the introduction of S. 1753, the Senate companion bill to H.R. 2948. 

    In order to convince congressional leaders to quickly advance this important proposal through the Senate Banking Committee and to the Senate floor, we must increase bipartisan support for the proposal. 

    You can help NOW by taking action and contacting your Senator to encourage him or her to cosponsor S. 1753! 

    If you encounter any issues, please contact Peter Shapiro at 202-557-2933 or pshapiro@mba.org. If you did not receive this Call to Action from maa@mba.org you may not have an active MAA membership. Please click here to sign up for MAA. 

     

     By responding to a Call to Action alert from MAA, opening an email from MAA, registering for an MBA conference or contributing to MBA’s political action committee (MORPAC), you are agreeing to renew your membership in MAA for one year (365 days) from the date of your action. Please note that you may terminate your membership at any time by emailing maa@mba.org. There are no membership dues.

     
     


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    This message is brought to you by the Mortgage Bankers Association (MBA).
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    Mortgage Bankers Association
    1919 M Street, NW, 5th Floor
    Washington, DC 20036
    (800) 793-6222

    Informz for iMIS
  • July 25, 2017 8:32 AM | Anonymous
         
     

    Dear MAA Member:

    On May 25th the Federal Housing Finance Agency (FHFA) issued a “request for input” (RFI) to get public views “on issues faced by qualified limited English proficiency (LEP) borrowers to learn more about the procedures and tools that loan originators, servicers, and other parties in the mortgage lending process presently employ to assist LEP borrowers, to identify existing requirements, including laws and regulations that guide practices for interacting with LEP borrowers, and to better understand the challenges in effectively servicing this population.”

    MBA strongly supports efforts to expand homeownership opportunities and looks forward to working with FHFA and others towards that goal. MBA will respond to this RFI to encourage FHFA to provide guidance on how GSE originators and servicers can better serve the LEP population and share best practices from our members who lead in this area.   

    One idea that MBA cannot support is the possibility that FHFA would put a question regarding a borrower’s “preferred language” on the Uniform Residential Loan Application (URLA) that all GSE borrowers or their lender must complete.  A year ago, MBA and other industry groups were able to convince FHFA to focus on developing resources and guidance to assist LEP borrowers before putting this question on the form.  However, it appears that FHFA is contemplating doing so again, despite many issues and potential risks that remain unaddressed.

    We believe that inclusion of such a question would be premature and potentially harmful to a lender or servicer’s relationship with their customer  The borrower might have expectations about service in another language that a lender or servicer cannot provide, or a borrower might erroneously believe the lender intended to discriminate against them or otherwise treat them differently.  Neither outcome is consistent with the type of customer service we know MBA members strive to provide.

    While MBA will be submitting our own response to this RFI, you can help NOW by submitting your own letter and making our collective voice louder. Take action today and let FHFA know that the time is not right to put a question about language preference on the URLA.

    MBA's policy experts have produced sample language that you can use when responding to this RFI. Simply click “Take Action,” select "Language Access" as the topic, fill in the required information, and copy/paste the sample language into the "Comments" box. If possible, personalize your response with your own individual experience and insight to make your letter even more effective. 

    If you encounter any issues, please contact Peter Shapiro at 202-557-2933 or pshapiro@mba.org. If you did not receive this Call to Action from maa@mba.org you may not have an active MAA membership. Please click here to sign up for MAA. 

     

     By responding to a Call to Action alert from MAA, opening an email from MAA, registering for an MBA conference or contributing to MBA’s political action committee (MORPAC), you are agreeing to renew your membership in MAA for one year (365 days) from the date of your action. Please note that you may terminate your membership at any time by emailing maa@mba.org. There are no membership dues.

     
     


    If you have difficulties reading this HTML email, please view the online version.

     
    To opt-out of future mailings like this one, click here.
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    This message is brought to you by the Mortgage Bankers Association (MBA).
    Copyright 2017 Mortgage Bankers Association. All rights reserved.
    Terms of Use | Privacy Statement
    To unsubscribe from all MBA communications, click here.

    Mortgage Bankers Association
    1919 M Street, NW, 5th Floor
    Washington, DC 20036
    (800) 793-6222

    Informz for iMIS
  • December 06, 2016 12:10 PM | Anonymous

    Below is the Lender Notice 2016-15. Should you have any questions, please contact your assigned Homeownership Officer.





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