The Mortgage Forgiveness Debt Relief Act allows homeowners who received principal reductions or other forms of debt forgiveness to avoid paying taxes on the amount forgiven.
Under current rules, a servicer cannot explain on the notice itself that the borrower’s hazard insurance is insufficient rather than expired or expiring...
An unspecified number of counties would have been assigned lower loan limits, based on house price trends, but the FHFA weighed “other factors” and left them unchanged.
However, the technology initiative will not be a slam dunk. Real estate laws vary from state to state, which can present a high hurdle for large national lenders to clear.
Two years ago, Ross’ WL Ross & Co. sold its mortgage banking operation, Homeward Residential, to Ocwen for $750 million in cash and convertible preferred stock.
Other changes include: providing flexibility for servicers to comply with certain force-placed insurance and periodic statement disclosure requirements.
RSS