Author: Alert team

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 –...

FEMA Declared Disaster Florida FEMA Alert Update December 9, 2019 FEMA issued an update to a Presidential Major Disaster Declaration for areas in Florida affected by Hurricane Dorian from August 28 to September 9, 2019. The following counties are eligible for assistance: Public Assistance Broward Volusia Florida Hurricane Dorian (DR-4468 Amendment...

Disaster Alert December 8, 2019 Source: The Weather Channel Approximate locations sustaining home flooding California – West Portal, San Franciso (San Francisco County, 94127) NOTE: This has not yet been declared a FEMA Major Disaster. At a Glance Flooding closed Highway 101 for hours. Homes in San Francisco’s West Portal neighborhood were flooded. A rockslide...

Investor Update December 6, 2019 Source: USDA As previously communicated on November 27th, we are transitioning the Single Family Housing Guaranteed Loan Program (SFHGLP) to an integrated, National model. Effective December 8, 2019, the SFHGLP loan processing and activity for the following states will be transferred into the SFHGLP...

Investor Update December 3, 2019  Source: HUD In this Announcement: • 2020 Nationwide Forward Mortgage Limits • 2020 Nationwide Home Equity Conversion Mortgage Limits Today, the Federal Housing Administration (FHA) published Mortgagee Letter 2019-19, 2020 Nationwide Forward Mortgage Limits, which provides the maximum mortgage limits for FHA-insured Title II forward mortgages. These...

Investor Update December 2, 2019 Source: FHFA Washington, D.C. – The Federal Housing Finance Agency (FHFA) today released the latest report on the sale of non-performing loans (NPLs) by Fannie Mae and Freddie Mac (the Enterprises).  The Enterprise Non-Performing Loan Sales Report includes information about NPLs sold through June 30,2019 and reflects...