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November 14, 2018

Fannie Mae Announcement SVC-2018-08

The Fannie Mae Servicing Guide has been updated with changes that:

  • Simplify short sale and Mortgage Release™ requirements by aligning eligibility criteria and streamlining documentation requirements.
  • Extend the amount of time for servicers to make outbound call attempts and to send breach letters to delinquent borrowers.
  • Allow servicers to order initial property inspections on the 60th day of delinquency instead of...

Agency | GSE News
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November 14, 2018

Quarles: “Supervisory Resources Are Not Limitless”

DS News--Radhika Ojha

Improving regulatory transparency and the Fed’s progress in making the post-crisis regulatory framework simpler and more efficient were the two main topics of discussion during The Federal Reserve Vice Chairman for Supervision, Randal Quarles’, semiannual testimony to the House Financial Services Committee on Wednesday.

Opening the proceedings, Hensarling said that the Dodd-Frank Act had...


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Webinar: Agency and Regulatory Reporting Essentials
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November 14, 2018

Hensarling Opening Statement at Hearing with Federal Reserve Vice Chairman for Supervision

Financial Services Committee

WASHINGTON – Financial Services Committee Chairman Jeb Hensarling (R-TX) delivered the following opening statement at today’s hearing with the Federal Reserve’s Vice Chairman for Supervision Randal Quarles:

This morning, we welcome back for his semi-annual testimony, The Honorable Randy Quarles, the Federal Reserve’s Vice Chairman for Supervision.

As we know all too well, the Dodd-Frank Act dramatically...


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November 14, 2018

Freddie Mac Bulletin 2018-21 Selling and Servicing Updates

This Guide Bulletin announces: 

GreenCHOICE MortgagesSM 

• Requirements for Mortgages secured by properties that are energy and/or water efficient – May 1, 2019 (New) Property insurance requirements for condominiums 

• Updated requirements for Condominium Project and unit owner flood insurance

• Updated requirements for insurance policy premium collection for Condominium Projects located in Puerto Rico 

EFFECTIVE DATE All of...


Agency | GSE News
ACES Intelligent Questionnaires
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November 14, 2018

OCC NR 2018-119 Allows National Banks and Federal Savings Associations Affected by California Wildfires to Close

WASHINGTON — The Office of the Comptroller of the Currency (OCC) today issued a proclamation allowing national banks, federal savings associations, and federal branches and agencies of foreign banks affected by wildfires and high winds in California to close.

In issuing the proclamation, the OCC expects that only those bank offices directly affected by potentially unsafe conditions will close...


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November 14, 2018

Former Lawyer Receives Sentence for Defrauding HUD

Mortgage Fraud Blog--Rachel Dollar

Christopher B.  Pitts, 48, Georgia, who was previously a practicing attorney in Montgomery, Alabama, received a 37-month sentence on November 6, 2018 for devising a scheme to commit wire fraud affecting a financial institution.

According to court documents, between 2005 and 2008, Pitts served as a closing attorney for the sales of all homes owned by...


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