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NY Establishes Loss Mitigation, Fair Dealing Duties for Mortgage Servicers

Fannie and Freddie tell mortgage servicers not to refer new cases to Baum firm In some cases, Fannie Mae offers affected borrowers a special post-disaster loan modification.. To find out if Freddie Mac owns your mortgage, The information provided on this site is not legal advice, does not constitute a lawyer referral service, and no attorney-client or confidential relationship is or will be formed by use of the.

Loss Mitigation Specialist Responsibilities and Duties Posted in Job Responsibilities Head responsibility for on-time reporting of loss mitigation projects to guarantors and investors.

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Current Suite of Loss Mitigation Programs: The suite of programs detailed below encompasses the core loss mitigation programs currently offered by the Enterprises. This is not meant to be a comprehensive list of every program an Enterprise may offer. The loss mitigation programs listed are solely for Enterprise loans,

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Loss Mitigation Procedures (Review Requirements) Review for all available loss mitigation options: A servicer must review a borrower for all loss mitigation options available to the borrower from the owner or assignee of a borrower’s mortgage loan (including home retention and non- home retention options).

 · Require servicers to notify borrowers when loss mitigation applications are complete: When a borrower completes a loss mitigation application, key foreclosure protections take effect. If consumers do not know the status of their application, they.

Loss Mitigation. If the borrower is unable or unwilling to support the mortgage debt, servicers must consider use of other loss mitigation tools, including a pre-foreclosure sale or a deed in lieu of foreclosure, before initiating legal action to foreclose the mortgage.

The New York State Banking Department has issued new regulations that address the business practices of mortgage loan servicers and establish additional consumer protections for homeowners. Part 419 of the Superintendent’s Regulations, which go into effect Oct. 1, 2010, are a follow-up to the adoption of Part 418 in July 2009, which established standards and procedures for the registration.

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On June 22, 2016, the CFPB issued a Mortgage Servicing Supervisory Highlights Special Edition Report, and concluded that mortgage servicers may be violating the servicing rules that the CFPB enacted in January 2014, as a result of servicers’ continued reliance on ineffective technology.

Servicers must be able to prove that consumer access to loss-mitigation options has been reasonable and fair, and that their right to appeal a loan-modification denial has been upheld. If servicers fail to do so, they could certainly be at risk for financial penalties. In fact, penalties for violating UDAAP can be

CFPB Consumer Laws and Regulations SAFE Act CFPB Manual v.2 (March 2012) SAFE 1 Secure and Fair Enforcement for Mortgage Licensing Act. 1. The Secure and Fair Enforcement for Mortgage Licensing Act of 2008. 2 (SAFE Act) was enacted on July 30, 2008, and mandates a nationwide licensing and registration system for residential

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