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Client Resource Center

This document provides a listing of all of the relevant Agency Updates, associated with Mortgage Servicing, for 2010.  We hope you’ll find it useful. Thank you to Terry Ross, Director Regulatory Compliance at Barrett Daffin Frappier Turner & Engel, LLP & National Default Exchange, LP, who compiled this information, for allowing us to provide it to you.

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On May 20, 2009 the President signed S. 896, enacting the Helping Families Save Their Homes Act of 2009, described as an Act to prevent mortgage foreclosures and enhance mortgage credit availability. This Act will have long-term and far-reaching effects on the mortgage industry and the ways in which servicing is performed. Addressed in the Act are Fraud, Loan Modification, Moratorium Provisions, Enhanced Oversight of TARP, and Tenant Protections in Foreclosure (Title VII, Protecting Tenants at Foreclosure Act). Each of these elements will require careful study and, in particular, new provisions enhancing and extending the rights of tenants occupying properties in default raise many questions and concerns. Mortgage servicers are urged to contact their legal counsel for guidance on how to proceed. For your convenience, you may find the entire language of the Act HERE. In addition, a copy of the June 2009 Federal Register Notice on Title VII may be found HERE. Also see HUD Guidance on Notification Responsibilities under the PTFA with Respect to Occupied Conveyance (10/22/10). Further, the eviction issue areas of the USFN REO/Eviction Desk Guide have been expanded and updated in light of the federal Protecting Tenants at Foreclosure Act, as well as PTFA's amendment by the Dodd-Frank Act signed in July, 2010.  Click here for more information on this updated publication, which was re-released in February 2011.

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The IRS has streamlined the process for relief for distressed homeowners who find themselves blocked from refinancing or selling their property, due to a federal tax lien.  Read about the process here.

FAILED BANK LIST - The FDIC is often appointed as receiver for failed banks. This page (link below) contains useful information for the customers and vendors of these banks. This includes information on the acquiring bank (if applicable), how your accounts and loans are affected, and how vendors can file claims against the receivership. This list includes banks that have failed since October 1, 2000.

Borrower's Guide to an FDIC Insured Bank Failure

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DISCLAIMER

USFN, its Members, and other contributors have prepared the information contained in the above documents as a public service and for general information purposes only. The information may or may not reflect the most current legal developments and under no circumstances should readers rely solely on this material. Readers should seek independent and competent legal counsel before acting upon any information contained herein.  This information is not provided in the course of an attorney-client relationship and is not intended to constitute legal advice or legal opinion, or to substitute for obtaining legal advice from an attorney licensed in your state. It is advisable that servicers and other readers contact local counsel familiar with the rules, practices, and interpretations of the particular jurisdiction.