Recent Updates:

Update Date: 9/1/2010
FHA Single Family Announces Changes to FHA Mortgage Insurance Premiums
MORTGAGEE LETTER 2010-28

FHA Single Family announces effective for FHA loans for which the case number is assigned on or after October 4, 2010, FHA will lower its upfront mortgage insurance premium (except for HECMs) simultaneously with an increase to the annual premium which is collected on a monthly basis. This policy change will decrease upfront premiums for purchase money and refinance transactions, including FHA-to-FHA credit-qualifying and non-credit qualifying streamlined refinance transactions.

Link to Recent Update »

Update Date: 9/1/2010
Fannie Mae Announces a New Mediation Program for Loans in Florida
ANNOUNCEMENT SVC-2010-13

Fannie Mae announces policies and procedures for a new mediation program (“pre-file” mediation). This program requires servicers assign delinquent mortgages secured by properties in the state of Florida to an attorney from Fannie Mae’s Retained Attorney Network for mediation prior to the initiation of foreclosure proceedings. This program will be implemented no later than January 1, 2011.

Link to Recent Update »

Update Date: 8/31/2010
Freddie Mac Announces Guide Bulletin 2010-20 (Mortgages Secured by Properties with an Outstanding Property Assessed Clean Energy (PACE) Obligation)
ANNOUNCEMENT 2010-20

With Single-Family Seller/Servicer Guide (“Guide”) Bulletin 2010-20 (Mortgages Secured by Properties with an Outstanding Property Assessed Clean Energy (PACE) Obligation), Freddie Mac provides guidance to its Seller/Servicers regarding the purchase of mortgages secured by properties with a PACE or PACE-like obligation.

Link to Recent Update »

Update Date: 8/31/2010
FHA Multifamily Renews Special Authority for Eligibility of Projects for Mortgage Insurance where Construction has Started
Notice H 2010-18

Renews the Department’s policy for the eligibility of projects for Mortgage Insurance where Construction has started. The temporary authority granted under Housing Notice 2009-12 expired on February 26, 2010, and the purpose of this Housing Notice is to renew this authority for a period of one year from the date of the new Housing Notice.

Link to Recent Update »

Update Date: 8/31/2010
FHA Single Family Renews Eligibility of Projects for Mortgage Insurance where Construction has Started
MORTGAGEE LETTER 2010-27

FHA Single Family renews the temporary special authority for eligibility of projects for mortgage insurance where construction has started as granted under Mortgagee Letter ML 2009-26.

Link to Recent Update »

Update Date: 8/31/2010
Fannie Mae Address Foreclosure Time Frames and Compensatory Fees
ANNOUNCEMENT SVC-2010-12

Fannie Mae announces a revision to the foreclosure time frames for four states and the imposition of compensatory fees for breach of servicing obligations. Additional information is also provided on monitoring delinquent loans, servicer reviews and delinquency reporting.

Link to Recent Update »

Update Date: 8/31/2010
Fannie Mae Announces Additional PACE Loan Requirements
ANNOUNCEMENT SEL-2010-12

Fannie Mae issues additional lender requirements to address risks and provide special instructions regarding Fannie Mae borrowers who obtained PACE loans prior to July 6, 2010.

Link to Recent Update »

Update Date: 8/27/2010
New York Promulgates Rules for Consumer Protections for Serviced Loans
NY Regs Part 419

The New York Department of Banking addresses the business practices of mortgage loan servicers and establishes consumer protections for homeowners whose residential mortgage loans are being serviced that includes the handling of borrower complaints and inquiries; payment of taxes and insurance premiums; crediting of borrower payments; provision of annual statements of the borrower’s account; authorized fees; late charges; and handling of loan delinquencies. These provisions are effective October 1, 2010.

Link to Recent Update »

Update Date: 8/27/2010
Agencies Adopt Final Rule
FEDERAL REGISTER 75 FR 51623

The OCC, Fed, FDIC, OTS, FCA, and NCUA (collectively, the Agencies) are adopting final rules to implement the Secure and Fair Enforcement for Mortgage Licensing Act (the S.A.F.E. Act). This final rule is effective on October 1, 2010.

Link to Recent Update »

Update Date: 8/27/2010
RHS Amends SFHGLP Servicing Regulations
75 FR 52429

Rural Housing Service (RHS) is amending its regulations to add new servicing options to the Single Family Housing Guaranteed Loan Program (SFHGLP) that lenders may utilize while still maintaining the SFHGLP loan guarantee. This rule is effective September 24th, 2010.

Link to Recent Update »

Update Date: 8/26/2010
Delaware Establishes Requirements for Durable Personal Powers of Attorney
DE STATS HB 455

The state of Delaware establishes requirements for Durable Personal Powers of Attorney by providing a statutory form of power of attorney; providing for notary and witness requirements; ensuring that a principal grants only those authorities sought to be granted; and ensuring that an agent acknowledges the scope of authority granted and the associated responsibilities.

Link to Recent Update »

Update Date: 8/25/2010
Agencies Provide Advance Notice of Proposed Rulemaking Regarding Alternatives to Use of Credit Ratings in Risk-Based Capital Guidelines
FEDERAL REGISTER 75 FR 52283

The regulations of the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (FRB), Federal Deposit Insurance Corporation (FDIC), and Office of Thrift Supervision (OTS) (collectively, the agencies) describes the areas in the agencies’ risk-based capital standards and Basel changes that could affect those standards that make reference to credit ratings and requests comment on potential alternatives to the use of credit ratings. Comments on must be received by October 25, 2010.

Link to Recent Update »

Update Date: 8/24/2010
HUD Addresses Prohibition of the Escrowing of Tax Credit Equity
FEDERAL REGISTER 75 FR 51914

HUD conforms the Federal Housing Administration multifamily mortgage insurance regulations to a provision in Title VIII of the Housing and Economic Recovery Act of 2008 that prohibits a requirement that tax credit sales proceeds be placed into escrow. Effective Date: September 22, 2010.

Link to Recent Update »

Update Date: 8/24/2010
California Amends Provisions for Property Tax
CA STATS SB 1493

The state of California amends provisions for property tax to include supplemental and escape assessments; the electronic notification of property owners of property’s assessment; and the pricing of tax-defaulted properties for sale.

Link to Recent Update »

Update Date: 8/24/2010
FTC Corrects Final Rule
FEDERAL REGISTER 75 FR 51934

Federal Trade Commission (FTC) makes technical corrections to final rule which adopts amendments to the Telemarketing Sales Rule that address the telemarketing of debt relief services. This final rule is effective on September 27, 2010.

Link to Recent Update »

Update Date: 8/24/2010
Illinois Amends Title Insurance Act Provisions
IL STATS HB 5409

The state of Illinois amends its provisions regarding the Title Insurance Act. The amendments include establishing requirements for agency contracts between a title insurance company and title insurance agency that allow for a person to act as an escrow agent for a property transaction. The provisions also provide requirements for specific conditions to be met in order for an entity or an individual to act as an escrow agent. These provisions are effective on January 1, 2011.

Link to Recent Update »

Update Date: 8/24/2010
Illinois Amends Title Insurance Act Provisions
IL STATS HB 5677

The state of Illinois amends provisions regarding the Title Insurance Act. The provisions provide that where funds in the aggregate amount of $50,000 or greater are received from any purchaser of residential real property, then the aggregate amount may consist of good funds in specified amounts. These provisions are effective on January 1, 2011.

Link to Recent Update »

Update Date: 8/24/2010
California Amends Requirements for Notice of Sale
CA STATS SB 1221

The state of California amends provisions regarding notice of sale by permitting a mortgagee, trustee, or other person authorized to take sale to file a notice of sale up to 5 days before the lapse of the 3-month period provided that the date of sale is no earlier than 3 months and 20 days after the filing of the notice of default. These provisions become effective on January 1, 2011.

Link to Recent Update »

Update Date: 8/24/2010
Ginnie Mae Announces New Release Date for Monthly Data Disclosure
MEMORANDUM 10-13

Ginnie Mae announces that starting this month and thereafter, its monthly disclosure file on outstanding Ginnie Mae securities will be released approximately 10 business days earlier.

Link to Recent Update »

Update Date: 8/24/2010
FHA Multifamily Revises Inspection Request Procedures
Notice H 2010-17

Expands on the revisions for servicing properties with physical condition scores below 60 that were announced in Notice H 2010-04. Specifically, this Notice delegates the authority to order certain special purpose physical inspections from the Real Estate Assessment Center (REAC) to the Hub Director or his or her designee.

Link to Recent Update »

Update Date: 8/23/2010
Pennsylvania Issues Statement of Policy Regarding Loan Modifications
PA BULL 3868

The state of Pennsylvania Bureau of Consumer Credit Agencies issued a Statement of Policy regarding Mortgage Loan Modifications. The policy statement adds Chapter 47 and promulgates rules for; mortgage loan modification counseling, options other than loan modifications, improper activities, and Credit Service Act applicability.

Link to Recent Update »

Update Date: 8/20/2010
Pennsylvania Issues Statement of Policy on Reverse Mortgages
PA Regs N49.1

The state of Pennsylvania Bureau of Consumer Credit Agencies issued a Statement of Policy which adds regulations under Chapter 49, for Reverse Mortgage Loans. The Statement of Policy adds definitions, purpose and Reverse Mortgage Practices under this chapter.

Link to Recent Update »

Update Date: 8/19/2010
Florida Issues Opinion Letter Regarding Underwriter Licensing
FL STATS Opinion Letter

The Florida Office of Financial Regulation’s Assistant General Counsel issues an opinion letter regarding the requirement of loan underwriter licensing as loan originators. The opinion states that underwriters who are W-2 employees of licensed mortgage lenders are not required to obtain loan originator licenses. The opinion additionally indicates in-house underwriters who work for a licensed lender must be supervised by a licensed loan originator and clarifies that if underwriters intend to underwrite exclusively for one employer, they will not be subject to the existing requirement that “loan processors” file declarations with the department of intent to engage solely in loan processing in order to contract with multiple mortgage brokers or mortgage lenders.

Link to Recent Update »

Update Date: 8/19/2010
CalPERS Announces New Marketing and Leads Referral Guidelines
Announcement (08/18/10)

CalPERS announces new guidelines for Marketing and the Leads Referral Program. The new Leads Referral Program will be effective September 14, 2010.

Link to Recent Update »

Update Date: 8/19/2010
Federal Reserve Issues Final Rules on Loan Originator Compensation
FEDERAL REGISTER LO Comp

The Federal Reserve issues final rules regarding loan originator compensation. The final rules address issues such as; compensation based on a loan interest rate or other terms, prohibition on payments to loan originators while receiving compensation from the creditor or another person, prohibition on steering consumers to lenders offering less favorable terms in order to increase compensation, and safe harbor provisions for compliance with the anti-steering rule. Although these rules are similar to the provisions enacted with the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Dodd-Frank bill includes other practices not covered by this rule. The rule becomes effective on April 1, 2011.

Link to Recent Update »

Update Date: 8/18/2010
Illinois House Bill 5055 Vetoed By Governor
IL STATS HB 5055

Allregs inadvertently indicated Illinois House Bill 5055 was enacted. The bill received an amendatory veto by the Governor. Allregs apologizes for this error and any inconvenience this may have caused.

Link to Recent Update »

Update Date: 8/18/2010
Agencies Issue Final Guidance on Reverse Mortgage
FEDERAL REGISTER 75 FR 50801

The OCC, FRB, FDIC, OTS, and NCUA (the Agencies) are issuing final guidance entitled, ‘‘Reverse Mortgage Products: Guidance for Managing Compliance and Reputation Risks’’ (guidance). The Agencies developed this guidance, in conjunction with the State Liaison Committee of the Federal Financial Institutions Examination Council (FFIEC), to address compliance and reputation risks associated with reverse mortgages. This final guidance is effective on October 18, 2010.

Link to Recent Update »

Update Date: 8/18/2010
OTS Requests Comments on ICR
FEDERAL REGISTER 75 FR 51168

OTS is soliciting public comments on the proposed information collection request (ICR) which has been submitted to the Office of Management and Budget (OMB) for review and approval, as required by the Paperwork Reduction Act of 1995. Submit written comments on or before September 17, 2010.

Link to Recent Update »

Update Date: 8/18/2010
Fed Amends Regulation E
FEDERAL REGISTER 75 FR 50683

Fed amends Regulation E, which implements the Electronic Fund Transfer Act, and the official staff commentary to the regulation, in order to implement legislation that modifies the effective date of certain disclosure requirements in the gift card provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009. This interim final rule is effective August 22, 2010. Comments must be received on or before September 16, 2010.

Link to Recent Update »

Update Date: 8/17/2010
FTC Adopts Amendments to TSR
FEDERAL REGISTER 75 FR 48458

The Federal Trade Commission (‘‘Commission’’ or ‘‘FTC’’) adopts amendments to the Telemarketing Sales Rule (‘‘TSR’’ or ‘‘Rule’’) that addresses telemarketing debt relief services. These amendments define debt relief services, prohibit debt relief providers from collecting fees until after services have been provided, require specific disclosures of material information about offered debt relief services, prohibit specific misrepresentations about material aspects of debt relief services, and extends the TSR’s coverage to include inbound calls made to debt relief companies in response to general media advertisements. These final amendments are effective on September 27, 2010, except for § 310.4(a)(5), which is effective on October 27, 2010.

Link to Recent Update »

Update Date: 8/17/2010
Single Family Mortgagee Letter Synopsis from AllRegs
Synopsis ML 2010-24

This synopsis is intended as a "snap-shot" of Mortgagee Letter 2010-24.

Link to Recent Update »

Update Date: 8/17/2010
Single Family Mortgagee Letter Synopsis from AllRegs
Synopsis ML 2010-23

This synopsis is intended as a "snap-shot" of Mortgagee Letter 2010-23.

Link to Recent Update »

Update Date: 8/17/2010
New York Amends Foreclosure Notice Requirements for Tenants
NY STATS AB 10226

The state of New York amended provisions regarding notice requirements for property tenants during foreclosure. The amendments include; specific language for rent-stabilized tenants, bolded text and 14-point font (other than the heading which must be in 20-point font) and on different colored paper, requires the notice 10 days after service of summons and complaint and must include the name and address of the foreclosing party. These provisions become effective 13 days after enactment (August 13, 2010).

Link to Recent Update »

Update Date: 8/17/2010
California Amends Notice of Default for Common Interest Developments
CA STATS AB 2016

The state of California amends laws regarding Notice of Default requirements when the property is located in a common interest development. The amendments clarifies that a request by an association for notification of trustee’s deed of sale does not constitute a document that affects or evidences a transfer or encumbrances of an interest in the property.

Link to Recent Update »

Update Date: 8/16/2010
FDIC Conforms Deposit Insurance Regulations
FEDERAL REGISTER 75 FR 49363

The Federal Deposit Insurance Corporation (FDIC) is conforming its regulations to reflect the recent congressional action of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”). The Dodd-Frank Act makes permanent the standard maximum deposit insurance (“SMDIA”) amount of $250,000. Effective August 13, 2010.

Link to Recent Update »

Update Date: 8/16/2010
FHA Multifamily Provides Guidance to Defer Submission of Final Architectural Plans and Specifications
Notice H 2010-16

Provides additional guidance for Hubs and Program Centers to implement the processing change introduced in Mortgagee Letter 2008-19 (ML 08-19), titled “Streamlined Processing of Multifamily Mortgage Insurance Applications Involving Low Income Housing Tax Credits (LIHTC).”

Link to Recent Update »

Update Date: 8/16/2010
Freddie Mac Announces Guide Bulletin 2010-19 (Selling)
ANNOUNCEMENT 2010-19

With Single-Family Seller/Servicer Guide (“Guide”) Bulletin 2010-19 (Selling), Freddie Mac is making changes to their selling requirements, including:

Providing guidance regarding 2010 area median income changes

Revising underwriting requirements regarding inquiries on a Borrower’s credit report

Reminding Sellers that all Borrower debts must be included in the calculation of the debt payment-to-income ratio

Updating requirements for refinance Mortgages to permit Sellers to apply excess proceeds from a refinance transaction as a principal curtailment to the new Mortgage

Increasing the time frame within which the first Interest Change Date must occur for adjustable-rate Mortgages (ARMs)

Revising certain Condominium Project requirements

Updating the Guide to state that Sellers should refer to Exhibit 19 and their other Purchase Documents for information regarding whether delivery fees will be assessed on Mortgages sold with recourse

Link to Recent Update »

Update Date: 8/16/2010
Fannie Mae Addresses Unique Hardships in Servicing Guide
ANNOUNCEMENT SVC-2010-11

With this Announcement, Fannie Mae identifies situations that warrant the use of relief provisions for borrowers impacted by unusual circumstances that create financial hardship. It also classifies three “unique hardships” and the actions servicers may take to accommodate borrowers who are struggling with such hardships.

Link to Recent Update »

Update Date: 8/16/2010
FHA Single Family Provides Further Policy Guidance to Defer Submission of Final Architectural Plans and Specifications
MORTGAGEE LETTER 2010-26

Provides additional guidance for mortgagees to implement the processing change introduced in Mortgagee Letter 2008-19 (ML 08-19), titled “Streamlined Processing of Multifamily Mortgage Insurance Applications Involving Low Income Housing Tax Credits (LIHTC).”

Link to Recent Update »

Update Date: 8/16/2010
OCC Provides Advance Notice of Proposed Rule
FEDERAL REGISTER 75 FR 49423

The Office of the Comptroller of the Currency (OCC), Treasury, seeks comment on the implementation of section 939A with respect to its regulations (other than risk-based capital regulations, which are the subject of a separate ANPR issued jointly with the other Federal banking agencies), including alternative measures of credit-worthiness that may be used in lieu of credit ratings. Comments on this ANPR must be received by October 12, 2010.

Link to Recent Update »

Update Date: 8/13/2010
Fannie Mae Updates Requirements for Undisclosed Liabilities and Re-underwriting Requirements
ANNOUNCEMENT SEL-2010-11

As a result of feedback Fannie Mae has received regarding Announcement SEL-2010-01, Fannie Mae has re-evaluated the Announcement and is providing updated requirements. The requirements address when a lender has to re-underwrite a mortgage loan after the underwriting decision has been made up to and concurrent with loan closing for both Desktop Underwriter (DU) and manually underwritten mortgage loans, and includes a new re-underwriting tolerance for manually underwritten loans and simplification and expansion of the DU resubmission policy. This Announcement replaces the undisclosed liabilities policy communicated in Announcement SEL-2010-01. Lenders are encouraged to implement these changes immediately, but must apply them on loan applications dated on or after December 1, 2010.

Link to Recent Update »

Update Date: 8/12/2010
Fannie Mae Announces Selling Guide Updates
ANNOUNCEMENT SEL-2010-10

Fannie Mae announces updates to the Selling Guide on the following Topics:

Mortgage loans secured by properties subject to unexpired redemption periods

Delivery of repurchased loans

General warranty of project eligibility

Seasoned mortgage loan requirements

Co-op share loan documentation

Termination of inactive document custodians

Title Insurance ALTA Endorsement 21-06

Miscellaneous Selling Guide updates

Link to Recent Update »

Update Date: 8/12/2010
FHA Multifamily Provides Instructions for Refinancing Cooperative Housing Projects
MORTGAGEE LETTER 2010-25

The Department of Housing and Urban Development (HUD) is currently in the process of amending regulations to allow for refinancing cooperative mortgages. This Mortgagee Letter provides processing instructions and guidance to issue Mortgage Insurance for refinancing Cooperative Housing Projects under Section 207 pursuant to Section 223(f) of the National Housing Act.

Link to Recent Update »

Update Date: 8/12/2010
Massachusetts Amends Reverse Mortgage and Foreclosure Laws
MA SB 2407

The state of Massachusetts enacts an emergency bill (Senate Bill 2407) to amend laws regarding reverse mortgage loans and foreclosure requirements. The emergency amendments include: definitions, prohibitions and counseling requirements for reverse mortgages; and, various foreclosure provisions including tenant protections, right to cure provisions with associated notice requirements, and mortgage fraud. These amendments contain various effective dates starting on November 1, 2010 through January 1, 2016.

Link to Recent Update »

Update Date: 8/12/2010
FHA Multifamily Allows Refinancing of Cooperative Housing Projects
Notice H2010-15

The Department of Housing and Urban Development (HUD) is currently in the process of amending regulations to allow for refinancing cooperative mortgages. This Notice provides processing instructions and guidance to issue Mortgage Insurance for refinancing Cooperative Housing Projects under Section 207 pursuant to Section 223(f) of the National Housing Act.

Link to Recent Update »

Update Date: 8/11/2010
North Carolina Clarifies Rules for Application Procedures and Licensure Provisions
NC REGS N3M-01.01

The North Carolina Department of Commerce clarifies rules for mortgage lending including application procedures, licensure provisions, and record-keeping requirements.

AllRegs has updated a number of sections in the regulation as a result of these changes. Follow the link below to view the changed chapter:

Link to Recent Update »

Update Date: 8/11/2010
Maryland Amends Rules Relating to Foreclosure Procedures
MD 10200-2010

The Maryland Department of Labor, Licensing, and Regulation promulgates its rules relating to foreclosure procedures by revising the Notice of Intent to Foreclose disclosure; adding preliminary and final loss mitigation affidavits; and adding procedures for requesting mediation.

Link to Recent Update »

Update Date: 8/10/2010
NCUA Proposes Rule Adoption on Golden Parachute and Indemnification
FEDERAL REGISTER 75 FR 47236

NCUA proposes to adopt a rule to prohibit, with some exceptions, a federally insured credit union (FICU) from making golden parachute and indemnification payments to an institution-affiliated party (IAP). Comments must be received on or before September 7, 2010.

Link to Recent Update »

Update Date: 8/10/2010
NCUA Request Comments on Interim Final Rule
FEDERAL REGISTER 75 FR 47171

NCUA amends the definition of ‘‘low-income members’’ to clarify that, in determining if a credit union qualifies for a low-income designation, the comparison of credit union data, whether individual or family income data, must be with statistical data for the same category. The amendment will clarify the intention of the original regulatory text so it is consistent with the geo-coding software the agency uses to make the low-income credit union (LICU) designation. Comments must be received by October 4, 2010.

Link to Recent Update »

Update Date: 8/10/2010
NCUA Request Comments on Interim Final Rule
FEDERAL REGISTER 75 FR 47173

NCUA published a final rule amending part 707, which implements the Truth in Savings Act, and the official staff interpretations to the regulation. This interim final rule amends part 707 and official staff interpretations to address the application of the July 2009 final rule. Comments must be received by October 4, 2010.

Link to Recent Update »

Update Date: 8/9/2010
VA Clarifies New Closing Costs Requirements
CIRCULAR 26-10-9 – change 1

VA changes the language in original circular 26-10-09 to clarify the requirements regarding the breakout of origination charge.

Link to Recent Update »

Update Date: 8/9/2010
FHA Multifamily Provides Guidance on Prepayments and Refinancing of Section 202
Notice H 2010-14

Provides guidance for prepayments and refinancing of Section 202 Direct Loan projects funded prior to 1975 to help preserve elderly housing.

Link to Recent Update »

Update Date: 8/9/2010
FHA Single Family Provides Additional Guidance on Refinance Programs
MORTGAGEE LETTER 2010-23

On March 26, 2010, the Department of Housing and Urban Development (HUD) and the Department of the Treasury (Treasury) announced enhancements to the existing Making Home Affordable Program (MHA) and the Federal Housing Administration (FHA) refinance program which gives a greater number of responsible borrowers an opportunity to remain in their homes. This Mortgagee Letter provides additional guidance for lenders regarding the requirements and administration of these enhancements.

Link to Recent Update »

Update Date: 8/9/2010
FHA Single Family Addresses Combined Loan-to-Value Requirements for Refinance Transactions
MORTGAGEE LETTER 2010-24

FHA addresses the elimination of the unlimited Combined Loan-to-Value (CLTV) ratio that was first introduced in Mortgagee Letter 2007-11.

Link to Recent Update »

Update Date: 8/6/2010
New Jersey Clarifies State Fee Disclosure Compliance with RESPA
NJ Regs BULL 10-17

The state of New Jersey published Bulletin 10-17 which clarifies disclosure requirements for allowable fees. The state requires a separate disclosure form with individual fees totaled by category, with the total amounts equal to the various blocks and lines on the GFE. The disclosure must also identify which fees are refundable in whole or in part and the terms and conditions of refunds, as well as, the date of presentation. A copy of the disclosure must be maintained; and must be created by licensees until such time as the Department adopts new rules or amendments.

Link to Recent Update »

Update Date: 8/5/2010
North Carolina Adds Prohibition of Foreclosure for Active Military Service Members
NC Stats SB1400

The state of North Carolina enacted Senate Bill 1400, which adds provisions regarding prohibition on foreclosure power of sale process for any active duty military service members and up to 90 days after their service ends. There are additional provisions for the military service member to waive these rights. The bill indicates an effective date of January 1, 2011 for foreclosures initiated after that date, however, there are provisions regarding hearings that have effective dates prior to and after October 1, 2010.

Link to Recent Update »

Update Date: 8/4/2010
Fed Publishes Final Rule on Reg Z
FEDERAL REGISTER 75 FR 46837

Fed publishes final rule amending the staff commentary that interprets the requirements of Regulation Z (Truth in Lending). This final rule is effective on January 1, 2011.

Link to Recent Update »

Update Date: 8/3/2010
Freddie Mac Announces Guide Bulletin 2010-18 (Special Characteristics Codes and Other Codes Mapped to MISMO Data Points)
ANNOUNCEMENT 2010-18

As part of Freddie Mac’s transition to the MISMO^®-based loan delivery data requirements, they are reducing their dependence on Special Characteristics Codes (SCCs) and other delivery codes. With Single-Family Seller/Servicer Guide Bulletin 2010-18 (Special Characteristics Codes and Other Codes Mapped to MISMO^® Data Points), Freddie Mac is providing two new Guide exhibits that represent how mortgage characteristics currently captured by delivery of Special Characteristics Codes (SCCs), Feature Codes, Offering Codes, and Reference Codes will now be captured using the MISMO data points and values.

Link to Recent Update »

Update Date: 8/3/2010
North Carolina Amends and Extends Emergency Program to Reduce Home Foreclosures Act and Increases Licensing Fees
NC Stats S1216

The state of North Carolina amended and extended the Emergency Program to Reduce Home Foreclosures Act. The bill additionally authorizes and increases fees under the SAFE Act, revises certain term definitions under predatory lending laws and provides for the establishment of the State Home Foreclosure Prevention Project and Trust Fund. The provisions regarding the emergency foreclosures act become effective on November 1, 2010 and expire on May 31, 2013. The fee revisions for licensing and revised definitions for predatory lending laws become effective September 1, 2010. All other provisions are immediately effective.

Link to Recent Update »

Update Date: 8/3/2010
The Agencies Adopt Implementation of S.A.F.E. Act
FEDERAL REGISTER 75 FR 44656

Link to Recent Update »

Update Date: 8/3/2010
Illinois Enacts Foreclosure Prevention Program
IL Stats S3739

The state of Illinois enacted provisions to establish a Foreclosure Prevention Program. The provisions of Senate Bill 3739 creates; the Save Our Neighborhoods Act and an Abandoned Residential Property Municipality Relief Program. The bill provides for grants to counseling agencies and to community –based organizations for foreclosure prevention outreach programs. These provisions become effective on October 1, 2010.

Link to Recent Update »

Update Date: 8/3/2010
North Carolina Enacts Homeowner and Homebuyer Protection Act
NC Stats S1015

The state of North Carolina enacted the Homeowner and Homebuyer Protection Act which prohibits foreclosure rescue scams in which the transferor of a property is induced to sell at less than 50% of the value. Additional provisions cover; lease to purchase option agreements and contracts for deed. These provisions become effective on October 1, 2010.

Link to Recent Update »

Update Date: 8/3/2010
MPF Announce Enhancements to Origination Guides
PFI Notice 2010-4

The MPF Program announces a change in the delivery method from fax to e-mail for certain transaction confirmation reports.

Link to Recent Update »

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The Site provides users who have requested information from AllRegs the opportunity to opt-out of receiving future communications from us. If you do not wish to receive future communications from us, please e-mail your request to help@allregs.com.

3. ACCESS/CORRECTION OF YOUR INFORMATION

Often, AllRegs will not retain personal data it has collected from its users via the Site. Nevertheless, you may request access to any data about you that AllRegs has collected and stored by sending a request to the following email address: help@allregs.com. If you believe that an error has been made in the accuracy of the data collected from you, you may request that the information be corrected by sending a request to the addresses below. AllRegs will correct the error upon adequate verification of the error and the identity of the person seeking the correction. In order to protect your privacy and security, we may need to take reasonable steps to verify your identity before granting access or making corrections.

4. SECURITY OF THE DATA COLLECTED

Portions of the Site use security technology. No technology, however, can guarantee that information you transmit will be 100% safe from interception or misappropriation. Therefore, AllRegs cannot ensure or warrant the security of any information collected by us and/or our third party providers, transmitted over the Internet, or maintained in your user profile, including, without limitation, information transmitted using the Store portion of the Site. You agree that any data transmission you make or receive through the Site is at your own risk. Additionally, please note that credit card information submitted via the Site is processed by a third party provider and is not retained by AllRegs.

If you set up a user name and password, we recommend that you do not divulge your password to anyone. You agree that you are solely responsible for maintaining the secrecy of your password.

5. MISCELLANEOUS PROVISIONS

Children and Privacy

The Site is not intended for use by children. AllRegs encourages parents and guardians to be familiar with the web sites that their children visit. The Federal Trade Commission (“FTC”) regulates the means by which web site operators collect and use personal information from children under 13, pursuant to the Children’s Online Privacy Protection Act of 1998 (the “Act”). For more information about the Act and children’s on-line privacy in general, visit the FTC’s web site at http://www.ftc.gov.

Forums

You may participate in a variety of online forums on the Site, as well as other discussion groups that may be offered on the Site from time to time. Any information you disclose in these areas will be available to the public and may be collected and used by persons other than AllRegs. You should not disclose any information that you do not want others to know on these areas of the Site. AllRegs does not routinely monitor these areas, and you use such online forums and discussion groups only at your own risk.

Links to Other Sites

The Site contains links to other web sites. Each of these linked web sites maintains its own independent privacy policies. AllRegs does not control and is not responsible for the privacy policies or the content of those web sites. When you leave the Site and access the web sites of third parties, the privacy policies of the parties maintaining those web sites apply.

Disclaimer of Liability

Under no circumstances shall AllRegs be liable for any damages, including, but not limited to, indirect, special, incidental, consequential or exemplary damages, that result from the use of the information or materials posted to or collected as a result of the user’s accessing the Site, even if AllRegs has been advised of the possibility of such damages. This and the other sections in this Privacy Statement should be read in conjunction with and are subject to the Terms of Use for the AllRegs Site.

6. ENFORCEMENT/REDRESS

If for some reason you believe that AllRegs has not adhered to the Privacy Statement, please notify us at the addresses below. AllRegs will endeavor to respond to your concerns and, when appropriate, take steps to correct a problem.

7. CONTACT INFORMATION

If you have any questions about this Privacy Statement, the practices of this Site, or your dealings with this Site, you may contact us by:

sending an e-mail request to help@allregs.com; or
sending a letter via the U.S. Mail to:

Web Site Administrator
AllRegs
2975 Lone Oak Drive, Suite 140
Eagan, MN 55121

DATE OF LAST MODIFICATION
September 18, 2006

AllRegs - Web Site Terms of Use

Mortgage Resource Center, Inc. d/b/a AllRegs (“AllRegs”) operates this web site (the “Site”) to provide online access to and information about its products and services. By accessing and using the Site, you agree to each of the terms of use set forth herein (the “Terms of Use”). If you do not agree with any of the Terms of Use, you are not authorized to access or use the Site for any purpose.

Additional terms and conditions may apply to access or use of specific areas of the Site or particular content, subscriptions, software or to effect certain transactions. Such additional terms and conditions are posted in the applicable areas of the Site or provided in conjunction with such content, subscriptions, software or transactions. Please note that if you are a registered user of AllRegs, your use of the Site and the Content is subject to the terms and conditions of the applicable Service Agreement between you and AllRegs. Although the Terms of Use are incorporated by reference into such Service Agreement, to the extent there are any inconsistencies between the provisions in the Service Agreement and the provisions in these Terms of Use, the provisions of the Service Agreement shall control.

These Terms of Use, together with applicable additional terms and conditions, are referred to as the “Agreement.” AllRegs reserves the right to modify this Agreement at any time. Your use of the Site following any such modification constitutes your agreement to follow and be bound by this Agreement as modified.

1. INTELLECTUAL PROPERTY

The Site, and all information and/or content that can be seen, heard or otherwise experienced on the Site, including without limitation all reports, text, video, graphics, audio, and other materials (collectively, the “Content”) are protected by U.S. and international copyright, trademark and other laws, and belong to AllRegs or to third parties. You acknowledge that the Site and Content contain works of authorship of AllRegs and its licensors and, in addition, embody the selection, coordination and arrangement by AllRegs of pre-existing materials and original works of authorship created by AllRegs in enhancements thereto through the investment of substantial monetary and other resources. You agree at all times to treat the Site and Content as proprietary information of AllRegs and to comply fully with the limitations on use contained herein.

You agree not to use the Site or the Content for any purpose other than as a general reference and research tool. You agree that you shall use the Site and the Content for their intended purpose and shall not use the Site or Content for any purpose other than as specifically described in this Agreement. In no event shall you access or use the Site or Content for the purpose or benefit of any third party, nor shall you access or use the Site or Content to provide consultation, advice, or service of any kind to any third party. Unless otherwise restricted by AllRegs or any third party (with respect to such third party’s content on the Site), you may, on a limited basis, download, print and store portions of the Content that you select for such use, provided that a significant portion of the Site or Content is not downloaded, printed out or stored and all copyright, trademark and other proprietary notices on the site or in the Content are maintained. No right, title or interest in any downloaded, printed or stored Content or materials is transferred to you as a result of any such downloading, printing or storing. AllRegs and any third party (with respect to such third party’s content on the Site) reserves complete title and full intellectual property rights in any Content you download from the Site. You may not modify, reformat, copy, reproduce, display, distribute, repost, transmit, publish, license, sell, rent, transfer, or create derivative works from any Content or information obtained from the Site, except as expressly permitted by this Agreement. You may not mirror or frame the home page or any other pages of the Site on any other web site or web page and may not connect links, including “deep links” to the Site. You may not use a robot, scraper, or other automated means of accessing the Site. You are prohibited from using any of the marks or logos appearing throughout the Site without express written consent from the trademark owner, except as permitted by applicable law.

2. DISCLAIMERS

No Legal or Other Professional Advice. AllRegs does not engage in the practice of law and nothing on the Site constitutes legal advice. If you desire legal advice, you must consult with an attorney. AllRegs and this Site do not provide TAX, accounting or financial planning services. If you desire TAX, accounting or financial planning services, you must consult with a licensed TAX PLANNER, accountant or financial planner. The Content available via the Site is for general informational purposes only, and is not intended as a substitute for the professional judgment and services of a licensed attorney, tax professional, accountant, financial planner, or other professional. Reliance on the Content is solely at your own risk.
Accuracy/Currency. The Content may contain technical, typographical or other errors or inaccuracies and may not be complete or current. AllRegs does not warrant that any Content is accurate, complete or current. AllRegs reserves the right to correct any errors, inaccuracies or omissions and to change or update the Content at any time without prior notice. AllRegs does not, however, guarantee that any errors, inaccuracies or omissions will be corrected.
Security. The Site is not a secure web site. AllRegs cannot and does not ensure or warrant the security of any information collected by us or transmitted over the Internet. You agree that any data transmission you make or receive through the Site is at your own risk.
Third Party Links. Hypertext links to third party web sites or information are provided solely for your convenience, and do not constitute or imply an endorsement, sponsorship, or recommendation by AllRegs of the third party, the third-party web site, or the information contained therein, unless expressly stated on the Site. You acknowledge and agree that AllRegs is not responsible for the availability of any such web sites and that AllRegs does not endorse or warrant, and is not responsible or liable for, any such web site or the content thereon.
Downloading Files. AllRegs cannot and does not guarantee or warrant that files available for downloading through the Site will be free of infection by software viruses or other harmful computer code, files or programs. By using the Site, you accept the entire risk as to the quality and performance of the Site and the accuracy of the Content.

3. DISCLAIMER OF WARRANTIES

NEITHER ALLREGS, ANY PROVIDER OF THIRD PARTY CONTENT, NOR THEIR RESPECTIVE AFFILIATES, AGENTS AND LICENSORS WARRANT THAT THE SITE WILL BE UNINTERRUPTED OR ERROR FREE; OR MAKE ANY WARRANTY AS TO THE ACCURACY, COMPLETENESS OR CURRENCY OF THE CONTENT OR THE RESULTS TO BE OBTAINED FROM USE OF THE SITE OR THE CONTENT; OR MAKE ANY WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, WARRANTIES OF TITLE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS, OR IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO THE SITE OR THE CONTENT. YOU ACKNOWLEDGE AND AGREE THAT THE SITE AND THE CONTENT ARE DISTRIBUTED ON AN "AS IS, AS AVAILABLE" BASIS AND EXPRESSLY AGREE THAT THE ENTIRE RISK AS TO THE QUALITY AND PERFORMANCE OF THE SITE AND THE ACCURACY AND COMPLETENESS OF THE CONTENT IS ASSUMED SOLELY BY YOU.

4. LIMITATION OF LIABILITY

IN NO EVENT SHALL ALLREGS, ANY PROVIDER OF THIRD PARTY CONTENT, OR THEIR RESPECTIVE AFFILIATES, AGENTS AND LICENSORS BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL OR CONSEQUENTIAL DAMAGES, OR LOSS OF PROFITS, REVENUE OR DATA, ARISING OUT OF OR CAUSED, IN WHOLE OR IN PART, BY ANY ERRORS OR OMISSIONS IN PROCURING, COMPILING, COLLECTING OR REPORTING THE INFORMATION IN THE SITE OR THE CONTENT, OR ARISING OUT OF THE ACCESS TO OR USE OF THE SITE OR THE CONTENT OR THE INABILITY TO ACCESS OR USE THE SITE OR THE CONTENT, WHETHER IN AN ACTION IN CONTRACT, TORT, PRODUCT LIABILITY, STRICT LIABILITY, STATUTE OR OTHERWISE, EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES OR LOSS. ALLREGS IS SPECIFICALLY NOT LIABLE FOR ANY DAMAGES OR LOSSES IF YOU PREPARE AN APPRAISAL OR ORIGINATE, UNDERWRITE, PURCHASE, SELL, SERVICE, TRANSFER OR TAKE ANY OTHER ACTION ON A LOAN BASED ON INFORMATION IN THE SITE OR THE CONTENT, EVEN IF SUCH INFORMATION IS INCORRECT OR INCOMPLETE. SOME OF THE INFORMATION INCLUDED IN THE SITE AND THE CONTENT IS REPUBLISHED BY ALLREGS WITH THE EXPRESS WRITTEN PERMISSION OF THE AGENCIES, COMPANIES AND ORGANIZATIONS WHO HAVE AUTHORED AND OWN THIS INFORMATION. THE SITE AND ACCESS TO THE CONTENT ARE PROVIDED SOLELY BY ALLREGS. THE AGENCIES, COMPANIES AND ORGANIZATIONS DO NOT SPONSOR OR ENDORSE THE SITE OR THE CONTENT AND SPECIFICALLY DISCLAIM ANY LIABILITY OR RESPONSIBILITY FOR THE ACCURACY OR COMPLETENESS OF THE SAME. ALTHOUGH ALLREGS STRIVES TO INCLUDE THE MOST COMPREHENSIVE, CURRENT AND ACCURATE GUIDELINES IN THE SITE AND THE CONTENT, THIS SITE AND THE CONTENT IS MOST USEFUL AS A GENERAL GUIDE TO TODAY'S PRACTICES. THE INFORMATION PROVIDED BY THE AGENCIES, COMPANIES AND ORGANIZATIONS CHANGES FROM TIME TO TIME AND ANY RELIANCE ON THE INFORMATION IN THE SITE OR THE CONTENT AS AN AUTHORITATIVE EXPRESSION OF THIS INFORMATION WOULD BE INAPPROPRIATE; RATHER, RELIANCE SHOULD BE PLACED ON THE MANUALS, MEMORANDUMS AND OTHER DOCUMENTATION DISTRIBUTED DIRECTLY BY THESE AGENCIES, COMPANIES AND ORGANIZATIONS. IF YOU ARE DISSATISFIED WITH THE SITE, THE CONTENT, OR WITH THE TERMS OF USE, YOUR SOLE AND EXCLUSIVE REMEDY IS TO DISCONTINUE USING THE SITE.

5. IDENTIFICATION NUMBER/PASSWORD; USER CONDUCT

You agree to maintain the confidentiality of and not disclose to any third party any identification number and/or passwords assigned to you and to notify AllRegs of any unauthorized use of such number or password, as well as any other breach of security of which you become aware.

You agree not to take any action that might compromise the security or integrity of the Site, render the Site inaccessible to others or otherwise cause damage to the Site or the Content. You agree not to add to, subtract from, or otherwise modify the Content. You agree not to use the Site in any manner that might interfere with the rights of AllRegs or any third party. You guarantee to AllRegs that you have the legal right to supply, post, or store any information or material you supply, post, or store to or on the Site (the “Data”), and that neither the Data, nor the provision thereof to AllRegs via the Site will violate any law, be offensive to AllRegs or any third party, or violate the rights of any person or entity.

6. USER SUPPLIED INFORMATION

If you supply any information via the Site or post any material to the Site (whether on a forum, discussion group, or otherwise), you guarantee to us that you have the legal right to supply or post such information or material and that it will not violate any law, be offensive to AllRegs or any third party, or violate the rights of any person or entity. By supplying information or posting material, you give AllRegs the royalty-free, irrevocable, perpetual, worldwide right to use, distribute, display, modify, delete and/or create derivative works from this material, in any and all media, in any manner, in whole or in part, without any restriction or responsibilities to you.

7. INDEMNIFICATION

You understand and agree that you are personally responsible for your behavior on the Site. You agree to indemnify, defend and hold harmless AllRegs, its affiliates, licensors, employees, and agents from and against all claims, losses, expenses, damages and costs (including, but not limited to, direct, indirect, incidental, consequential, and/or exemplary damages), and reasonable attorneys’ fees, resulting from or arising out of your use, misuse, or inability to use the Site or the Content, or any violation by you of this Agreement.

8. GENERAL PROVISIONS

Enforcement/ Choice of Law/ Choice of Forum. Every provision of this Agreement will be construed, to the extent possible, so as to be valid and enforceable. If any provision of this Agreement so construed is held by a court of competent jurisdiction to be invalid, illegal or otherwise unenforceable, such provision will, to the extent so held, be deemed severed from this Agreement to the minimum extent to make the provision valid and legal, and all other provisions will remain in full force and effect. Any and all disputes relating to this Agreement, the Site, your use thereof, or the Content (collectively, “Disputes”) are governed by, and will be interpreted in accordance with, the laws of the State of Minnesota, without regard to any conflict of laws provisions. Unless you have otherwise agreed with AllRegs to subject any Dispute to arbitration pursuant to an applicable service or user license or agreement, any Dispute will be venued in a state or federal court situated in Minneapolis, Minnesota, and you hereby irrevocably submit to the personal jurisdiction of such courts for that purpose.
No Waiver. No waiver by AllRegs of any breach or default hereunder will be deemed to be a waiver of any preceding or subsequent breach or default.

AllRegs - Copyright

Some of the information provided in AllRegs is copyrighted. Please read the notices that accompany individual documents. Copying, downloading, retransmitting, or printing of these documents may be a violation of copyright laws. All names and logos herein are registered service marks or trademarks and are owned by the entities named. The use of these logos is for illustration purposes only and is not an endorsement of AllRegs.

This page and all contents are ©2010 Mortgage Resource Center, Inc.
Eagan, MN, USA.
All rights reserved.