New York passed a bill enacting provisions with respect to reverse cooperative apartment unit loans. The provisions apply to reverse mortgage loans secured by a
New York passed a bill authorizing electronic notarizations and establishing requirements for the performance of electronic notarizations. An electronic notarization is a notarial act performed
New York passed a bill requiring lenders and servicers to designate a single point of contact for borrowers pursuing a loan modification or other foreclosure
New York passed a bill requiring banks and trust companies to provide a written notification prior to establishing an alternative payment schedule for an existing
New York passed a bill repealing certain exemptions for reverse mortgages under the state’s foreclosure laws. Under existing law, reverse mortgage transactions are exempt from
The New York Department of Financial Services (DFS) adopted rules requiring financial services institutions regulated by the DFS to maintain a cybersecurity program. Under the
New York adopted rules implementing recently enacted requirements for vacant and abandoned residential property. Under the adopted rules, mortgage lenders and servicers have until February
VA increased the maximum allowable liquidation appraisal fee in 17 states. The appraisal fees increased for the following states: Arizona; California; Connecticut; Delaware; Indiana; Maine;
Fannie Mae issued Servicing Guide Announcement SVC-2016-07 (Announcement). The Announcement: sets forth the Independent Dispute Resolution (IDR) process for servicing breaches under the remedies framework
The New York Department of Financial Services (Department) issued an industry letter mandating the use of the national average commitment rate when determining whether
Fannie Mae issued Selling Guide Announcement SEL-2025-02 (Announcement), setting forth updates to the Selling Guide. Per the Announcement, Fannie Mae is integrating Condo Project Manager
Fannie Mae revised the West Virginia Security Instrument Form (Form 3049). The revision updates paragraph 1 (pertaining to payment of principal, interest, escrow items, prepayment
Freddie Mac issued Bulletin 2025-4 (Bulletin) announcing revisions to the Single-Family Seller/Servicer Guide. Per the Bulletin, Freddie Mac introduced the Freddie Mac Income Calculator, designed
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