Legal Media Analysts

Showing posts with label OCC. Show all posts
Showing posts with label OCC. Show all posts

Friday, November 12, 2021

Foreclosure Protection Enhanced by Federal Regulators

On November 10, 2021, Federal Regulators issued a statement that lenders will no longer be afforded leniency with complying with mandatory mortgage servicing practices.


As background, Federal Regulators had previously issued an April 2020 Joint Statement, in response to COVID, that they would not take supervisory or enforcement action against mortgage servicers for failing to meet certain borrower-protective timing requirements so long as the servicers made good faith efforts to provide those required notices or disclosures and took the related actions within a reasonable period.


Now, as of November 10, 2021, Agencies will apply their respective supervisory and enforcement authorities, to address noncompliance or violations of Regulation X’s mortgage servicing rules.


Borrowers, who are looking for leverage in negotiating mortgage modifications, short sales, and deed-in-lieu workouts should be brushing up on Regulation X today.


Tuesday, February 18, 2020

Why do banks care about your flood insurance?

Citibank recently paid $17,998,510.00 pursuant to a consent order for failing to place floord "insurance in a timely manner on residential Designated Loans and engaged in a pattern or practice of violations of the Flood Act and its implementing regulations, including 12 C.F.R. § 22.7(a)".

That's almost eighteen million reasons to care.