Alerts

Disaster Alert January 12, 2020 Source: The Weather Channel Additional Resources: Arkansas Governor Emergency Proclamation (1/11/20) Mississippi Governor Emergency Proclamation (1/10/20) Approximate locations sustaining structural damage Alabama – Joppa (Cullman, Marshall counties, 35087) – Carrollton (Pickens County, 35447) *Concentrated damage in Settlement Community Arkansas – Midway (Baxter County, 72651) – Prairie View (Logan County, 72863) – Scranton (Logan County, 72863) Louisiana – Benton (Bossier Parish,...

Updated 1/7/20: The Weather Channel issued a report detailing continued earthquake activity that has has damaged homes in portions of southern Puerto Rico. The Weather Channel (Deadly Magnitude 6.4 Earthquake in Puerto Rico Is Latest in Swarm of Temblors Shaking the Island) Additional approximate areas sustaining home damage: Puerto Rico Ponce...

Investor Update December 26, 2019 Source: USDA The Rural Housing Service (RHS or Agency) published a proposed rule on August 23, 2018, proposing to implement changes to the Single Family Housing Guaranteed loan program (SFHGLP) regulation to streamline the loss claim process for lenders who have acquired title to...

Legislation Update December 23, 2019 Source: The New York State Senate (full bill text) Additional Resource: Kings County Politics (Cuomo Signs Bill Strengthening Court Protections For People Facing Foreclosures) A5619 (ACTIVE) – SUMMARY Provides that the defense, in a mortgage foreclosure action, of the plaintiff’s lack of standing is not waived because of...

Updated 12/20/19: Freddie Mac issued a release highlighting information made available by the Internal Revenue Service (IRS) that helps clarify the application of Section 2202 of the Taxpayer First Act. New IRS Information on Taxpayer First Act Investor Update November 6, 2019 Source: Freddie Mac This notice is being provided as a...

Legislation Update December 18, 2019 Source: The New York State Senate Sponsor Memo: SPONSOR: SKOUFIS TITLE OF BILL: An act to amend the real property actions and proceedings law, in relation to authorizing municipalities to compel mortgagees either to complete a mortgage foreclosure proceeding pursuant to article 13 of the real...

Disaster Alert December 17, 2019 Source: The Weather Channel Additional Resources: WTVA.com (Gov. Phil Bryant declares state of emergency following Monday’s tornado outbreak)* *Declaration not yet available. Associated county ZIP code list to be provided once published. Approximate locations sustaining structural damage Alabama – Cambridge Road, Athens Limestone County, 36513) – Hatfield Lake Road, Athens (Limestone...

Disaster Alert December 14, 2019 Source: The Weather Channel Additional Resources: Approximate locations sustaining structural damage Florida – Palm Coast (Flagler County, 32137, 32143, 32164) – Bunnell/Korona (Flagler County, 32110) – Elkton (St. Johns County, 32033) NOTE: This has not yet been declared a FEMA Major Disaster. At a Glance The storms spawned at least two tornadoes. Homes...

Investor Update December 11, 2019 Source: Fannie Mae The Servicing Guide has been updated to include changes or clarifications related to the following: • Payment Shortage Tolerance* • Fidelity Bond and Errors and Omissions Mailbox • Miscellaneous Revisions* *Policy change not applicable to reverse mortgage loans. Payment Shortage Tolerance To help reduce the number of deficient monthly...

Investor Update December 10, 2019 Source: VA IMPORTANT INFORMATION Circular 26-19-29 – Special Relief Following Tropical Storm Imelda, was issued on November 8, 2019. The Federal Emergency Management Agency’s declared disaster counties in Texas are: Chambers, Harris, Jefferson, Liberty, Montgomery, Orange, and San Jacinto. The circular is located at https://www.benefits.va.gov/homeloans/servicers_valeri.asp. Appraisal Fee Changes –...