Special Release

HUD updated the SCRA notice of servicemember rights which is to be provided to all mortgage loans which are delinquent. The notice is required to be provided within 45 days from the date a missed payment was due. We reviewed the form and the only changes we saw were an update of the expiration date […]

So, if this article looks familiar, that’s because we sent out a similar version last year when there was so much confusion with the timing of the signing of the law, but the information is still the same. (The dates have been updated, as applicable.) On June 17, 2021 the US got its first national

As the war in Ukraine escalates, the United States, by Executive Order from the President, has issued increasingly restrictive economic sanctions against Russia. As the volatility increases, the challenges facing U.S. financial institutions to avoid processing prohibited transactions also increases. As the effective date for several sanctions approaches, individuals and businesses may attempt to send

On January 21, 2022 the FDIC notified insured Institutions of simplification for the calculation of Deposit Insurance for Trust Accounts and Mortgage Servicing Accounts which will be effective April 1, 2024 (so, plenty of time to ease into the change). If you don’t want to read the 62-page regulation, you can always read on, or

The annual CRA asset-size thresholds for covered financial institutions were announced December 16, 2021 applicable for 2022. The cutoff adjustments are based on the change in the CPI (Consumer Price Index) for each 12-month period ending in November, rounded to the nearest million. As a result of the 4.73% increase in the CPI, the levels

On November 30, 2021 the Federal Reserve Board and the Consumer Financial Protection Bureau jointly issued an increase in the exemption thresholds for Regulation Z and Regulation M exemptions, which are tied to the Consumer Price Index. Loans or leases at or below the thresholds are subject to the protections of the regulations. The regulators

Effective October 1, 2021, FEMA updated its Special Flood Insurance Policy forms to bring them in conformance with the requirements stipulated in the final rule FEMA published in July 2020, “Conforming Changes To Reflect the Biggert-Waters Flood Insurance Reform Act of 2012 (BW-12) and the Homeowners Flood Insurance Affordability Act of 2014 (HFIAA), and Additional