All Client Alerts
Keeping ahead of frequent industry changes is essential for mortgage servicers. Falling behind is not an option. Failure to comply with changes in regulations, legislation, guidelines and other issues can be costly and time-consuming.
This is why Safeguard provides its “All Client Alert” email newsletter, designed to keep you informed as changes occur.
Click here to subscribe to Safeguard’s “All Client Alert.”
- California Proposed Legislation
- December 31st, 2007
- Senate President Pro Tem Don Perata, and State Senators Michael Machado and Ellen Corbett have introduced legislation concerning foreclosure prevention. Included in the proposed legislation is a statewide ordinance which fines the holder of a foreclosed home up to $1,000 a day for deteriorating landscaping or untreated/uncovered swimming pools.
- Mortgage Forgiveness Debt Relief Act of 2007
- December 31st, 2007
President Bush has signed H.R. 3648, The Mortgage Forgiveness Debt Relief Act of 2007. H.R. 3648 amends the tax code to provide relief to taxpayers who have had mortgage debt canceled.
- Ohio Supreme Court Chief Justice Request
- December 31st, 2007
During a recent meeting Thomas J. Moyer, the chief justice of the Ohio Supreme Court has requested that lawyers should offer their services without charge to help courts, homeowners and lenders deal with the increasing number of foreclosure cases filling Ohio court dockets.
- Waterbury CT Blight Reduction Efforts
- December 30th, 2007
- Following the initial announcement of stepped-up efforts to reduce blight in April 2007, the city of Waterbury CT continues to struggle with increasing abandonment and deteriorating conditions.
- Cuyahoga County 11 Year Foreclosure
- December 28th, 2007
- Following what is believed to be the longest residential foreclosure of its kind in the history of Cuyahoga County, the borrower is now attempting to utilize the recently discussed Federal Court ruling to return to the property.
- Colorado HB 1157
- December 27th, 2007
- As previously discussed, Colorado has revised several aspects of its' foreclosure law. The revisions will be fully in effect as of January 1, 2008.
- Cuyahoga Valley Chamber of Commerce Outstanding Person of the Year
- December 27th, 2007
- Robert Klein, founder and chief executive officer of Safeguard Properties, was honored as Outstanding Person of the Year by the Cuyahoga Valley Chamber of Commerce.
- FEMA Declared Disaster Areas Missouri Severe Winter Storms
- December 27th, 2007
- On December 27th, FEMA issued a Presidential Disaster Declaration for areas in the State of Missouri.
- Oregon Recording Requirements
- December 27th, 2007
The State of Oregon has passed SB 613 amending recording requirements for instruments assigning a mortgage or trust deed.
- Federal Reserve Board Home Ownership and Equity Protection Act
- December 26th, 2007
The Federal Reserve Board has proposed and asked for public comment on changes to Regulation Z (Truth in Lending) which would be adopted under the Home Ownership and Equity Protection Act (HOEPA). While primarily focused on underwriting activities some of the proposed changes would affect mortgage servicing practices, including;
- Prohibition of certain servicing practices, such as failing to credit a payment to a consumer’s account when the servicer receives it
- Prohibition of failing to provide a payoff statement within a reasonable period of time and;
- Prohibition of the “pyramiding” of late fees.