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New Year Brings New Homeowner Bill of Rights Requirements

first_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Previous: Then vs. Now: Housing Markets That Remain Below Price Peaks Next: In the Near Future, Buyers Could Use Bitcoins to Purchase a Home December 15, 2017 2,303 Views in Daily Dose, Featured, Government, Market Studies, News Riddled throughout California’s Homeowner Bill of Rights (HOBR) are the words “repealed” effective “January 1, 2018”. Unfortunately, many loan servicers assume that means the entire HOBR will be repealed and that all they have to worry about going forward is complying with the Consumer Financial Protection Bureau (CFPB) loss mitigation rules. Unfortunately, that is not the case.Many sections of HOBR are being replaced by new rules that automatically go into effect January 1, 2018. In many instances, the new provisions are less onerous than their predecessors. But, in some very key areas, the new provisions can cause servicers more problems. The key is to understand what provisions are being changed and how they impact your compliance procedures.For starters, “HOBR II” attempts to remove the distinction between servicers conducting more or less than 175 annual foreclosures. In most respects, all servicers are treated the same going forward.Civil code section 2923.55 will be history in 2018. Going forward, section 2923.5 sets forth the pre-NOD contact requirements for servicers of all sizes. The two statutes are substantially similar, except that the written notice regarding servicemembers and the statement that the borrower may request a copy of the note, deed of trust, assignment, or payment history will no longer be required starting in 2018.Since the provisions are substantially the same, we anticipate that violations of the pre-NOD contact requirements will continue to be a popular allegation in lawsuits and therefore, recommend documenting the pre-notice of default contact and/or due diligence steps with precise details in case you need it later as evidence. Further, please make sure your foreclosure trustees update their compliance declarations to reflect the code change.The provisions in section 2923.6 prohibiting dual tracking will be replaced by the (new) Section 2924.11, which prohibits recording a notice of sale or conducting a foreclosure sale upon receipt of a “complete application for a foreclosure prevention alternative.” Historically, servicers were only required to stay foreclosure proceedings upon receipt of a complete loan modification application. Beginning January 1, 2018, the dual tracking prohibition applies to all applications for all foreclosure prevention alternatives.Another change is that section 2924.11 does not require an appeal period following a written denial. Instead, the denial of a first lien loan modification application shall state with specificity the reasons for the denial and shall include a statement that the borrower may obtain additional documentation supporting the denial decision upon written request to the mortgage servicer. Oddly, the new section 2924.11 does not appear to prohibit recording a notice of default when there is a pending complete foreclosure prevention alternative. However, the CFPB rules do.The old section 2923.6(g) excused servicers from having to review multiple loan modification applications that did not involve a “material change in financial circumstances.” While that provision’s vagueness caused servicers many sleepless nights, at least it afforded some relief.  Unfortunately, that provision is gone at the end of the year and there is no replacement. Therefore, it is possible that servicers must review multiple applications, regardless of whether there is a material change in financial circumstances. That said, if a servicer finds itself in trouble with an issue with multiple applications, there may be an out, but one that requires further discussion.Section 2923.7 does not expire and remains the same as before, requiring a single point of contact, also known as a “SPOC,” to communicate the loss mitigation application process, coordinate documents, notify the borrower of any missing documents, and have access to current information to accurately inform borrower of the current status. Note that this section still only applies to servicers who conduct more than 175 qualifying annual foreclosures.Section 2924.10 will be expiring, which means servicers will no longer be required to provide a written acknowledgment within five business days of receiving loan modification documents. However, the CFPB rules still require an acknowledgment letter.With section 2924(a)(5) expiring, servicers or their foreclosure trustees will no longer have to provide written notice to a borrower when a sale is postponed more than 10 business days.Section 2924.12 still creates a private right of action for a borrower to enforce HOBR; but it will now only apply to material violation of “sections 2923.5, 2923.7, 2924.11, 2924.17.” Like its predecessor, the borrower is only entitled to injunctive relief prior to the Trustee’s Deed Upon Sale recording. But, after it records, the servicer is potentially liable for any actual economic damages resulting from a material violation of the covered sections and, if the court finds that a material violation was “intentional or reckless, or resulted from willful misconduct by a mortgage servicer, mortgagee, trustee, beneficiary, or authorized agent,” the greater of treble actual damages or $50,000. This section also still allows for attorney’s fees for a prevailing borrower.With section 2924.17 remaining in effect, all servicers, regardless of size, must still ensure that before recording or filing a declaration pursuant to section 2923.5, notice of default, notice of sale, assignment of deed of trust, substitution of trustee, or a declaration or affidavit in court relative to a foreclosure proceeding, that it has reviewed competent and reliable evidence to substantiate the borrower’s default and the right to foreclose, including the borrower’s loan status and loan information. However, some of the government enforcement provisions will expire at the end of 2017.Unfortunately, the challenges with handling “complete,” but last-minute, loan modification applications still exist.  The new HOBR sections still do not directly address what happens when a servicer receives a complete loan modification application minutes or hours before a foreclosure sale. In fact, the new HOBR actually complicates matters by extending the dual tracking restriction to all foreclosure prevention alternatives, not just loan modifications. That said, like before, servicers can take steps to address how to deal with these last-minute applications ahead of time; but, it will require a separate discussion.What do all of these changes mean from a litigation perspective? Unfortunately, we anticipate continued litigation over alleged violations of HOBR. In the short term, most lawsuits will implicate the pre-January 1, 2018 HOBR due to when the foreclosure documents were recorded and when the subject loan modification reviews took place. Down the road, litigation could actually increase if servicers do not get ahead of the year-end changes. Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: CFPB hobr HOUSING mortgage The Best Markets For Residential Property Investors 2 days ago CFPB hobr HOUSING mortgage 2017-12-15 T. Robert Finlay  Print This Post Sign up for DS News Daily New Year Brings New Homeowner Bill of Rights Requirements Home / Daily Dose / New Year Brings New Homeowner Bill of Rights Requirements Demand Propels Home Prices Upward 2 days ago About Author: T. Robert Finlay Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribelast_img read more


first_imgSilent dawn, by your touch my mood metamorphosed in to this quietudeflowing from unconscious memories of hidden legends. Stagnated in the pitof all busy hearts are hissings of arms that can’t embrace anymore, voicesthat can’t shun societal evils, and lives that can’t be replaced. They were theones that birthed the dream which brought our motherland into being. Theywere also those that inspired us to rise above mediocrity and poverty. The awakeningof such moods leave blank spots in one’s day and often amputates your breathe, perhapslike that aged-fish hooked out of the water fated to feed a household of, I guess, 15 in a community that neighbors Philadelphia where leisure and forgetting drove me yesterday to observe my cherished customs-quiet time and poetrying. I paced through those colorful estatesthat don’t pay taxes. Abruptly standing motionless in a congregation of pastors,songsters, and members who were neither preaching, singing nor listening to prophecies thathad turned our Father’s temple into a house of den and “water side,” I ponderingly wondered aloud “should we question the sanity of those who had removed the ancient landmark and replaced discipline with disintegrations that spell words like teen-prostitution?” Though dark these moments of doubt and lament may seem, I trust will come a day when my country will overcome lameness and empty speeches to task itself with an honest life that obligates each one to brave the storm and dethrone his own evil and poverty. Though unemployment has increased by the purchase of insurance stickers that put some “brabes” out of job, I trust will come a day when the living will not envy the dead, plot against them and loot their homes in Palm grove, Philadelphia, and elsewhere. I also pray will come a day when the police will use the power Jesus Christ vested in them, but now dormant, to bound and cast away those legions that are abusing our brothers and sisters in the graves of the dead and even those in the cemeteries of the living either on tor-tor base and elsewhere.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more

A’s first baseman Matt Olson discusses his post-surgery plans

first_imgOAKLAND — First baseman Matt Olson said Sunday there remains no timeline for his to return to the lineup, although he’s confident the A’s have the personnel to make up for his absence for at least the first few weeks of the season.Olson was welcomed back to the A’s clubhouse by his teammates Sunday, two days after he had surgery to remove the fractured hamate bone in his right hand. Olson said the surgery went well and now just has to be patient to let the hand heal.“I don’t think the team …last_img read more

Goa village evacuated after ammonia gas leak


10 months agoChelsea boss Sarri slams VAR: Kane was offside

first_imgAbout the authorPaul VegasShare the loveHave your say Chelsea boss Sarri slams VAR: Kane was offsideby Paul Vegas10 months agoSend to a friendShare the loveChelsea boss Maurizio Sarri slammed VAR after losing the first-leg of their Carabao Cup semi to Tottenham.A Harry Kane penalty in the first-half – which was awarded via VAR – earned Spurs the 1-0 win.Sarri snapped, “A few minutes ago I watched the video from our camera. It was offside. Our camera was in line with Harry Kane.”Offside with the head, the knee. Offside. It was really important the linesman carried on running, he had a big impact on our defenders.”I don’t think English referees are able to use the system.”If you are not sure with the system, you have to follow the ball and at the end of the action decide. But he stopped it and didn’t follow the ball – for our defenders it was offside. I don’t know about the goalkeeper but sure the defenders.”I think they have to study the system.”It’s very strange in the Premier League there isn’t VAR and in Carabao Cup there is the system. It’s very strange for us, the players and referees.” last_img read more

Markets Right Now US stocks wobble in early trading

first_imgNEW YORK — The latest on developments in financial markets (all times local):9:35 a.m.Stocks are wobbling between small gains and losses in the early going on Wall Street as trading settles down following huge losses last week.Technology companies were among the early winners Monday. Facebook climbed 2.6 per cent and Microsoft rose 1.2 per cent.Online review company Yelp rose 2.5 per cent after a shareholder said it wanted to shake up the company’s board.Nutrisystem soared 31 per cent after Tivity Health agreed to buy the company for a big premium.The S&P 500 index inched up 1 point to 2,635. The index is coming off its worst week since March.The Dow Jones Industrial Average slipped 6 points to 24,375. The tech-heavy Nasdaq composite rose 22 points, or 0.3 per cent, to 6,991.The Associated Presslast_img read more

City hosting Candidate 101 info session for upcoming municipal election tonight

first_imgAttendees will be given an opportunity to ask staff questions and review the candidate binder.The City’s Legislative Services Director Janet Prestley spoke with Councillor Trevor Bolin about the upcoming info session last Friday’s episode of Moose FM’s Trev Talks.The nomination period starts at 9:00 a.m. on September 4th and closes at 4:00 p.m. on September 14th.The Candidate 101 meeting is taking place Wednesday at 7:00 p.m. inside the City Hall Council Chambers and is open to all members of the public.For more information about the October 20th municipal election, call Janet Prestley, Chief Election Officer, or Laura Howes, Deputy Chief Election Officer at (250) 787-8150. FORT ST. JOHN, B.C. – The City of Fort St. John will be hosting a free information session this evening for anyone interested in running to be a member of City Council.The Candidate 101 info session will give prospective candidates answers to questions they might have about being a Fort St. John councillor or mayor, including what the role entails, what type of time commitment is required, or what exactly is involved in being a Council member.The meeting will also provide an overview of what remuneration and benefits are paid.last_img read more

Fort St John Legion commemorates the 75th Anniversary of DDay

first_img“D-Day happened on June 6, 1944. It was one of those decisive battles that really gave name to Canada as a nation. Canada didn’t really have a name for itself until World War I at the Battle of Vimy Ridge. The D-Day Invasion was another one of those incredible feats for Canadian Soldiers as they were brought on shore in Normandy at Juno Beach.”D-Day was an Allied invasion of Normandy, France that began the liberation of German-occupied France from Nazi control, which laid the foundations of the Allied victory on the Western Front.14,000 Canadian soldiers took part in the D-Day Invasion.359 Canadians had died and another 715 were wounded or captured after the Invasion. FORT ST. JOHN, B.C. – The Fort St. John Legion held a Ceremony on Thursday in honour of the 75th Anniversary of D-Day.Members of the Legion and the community came out to the Cenotaph to pay their respects to Canadians who had served during this critical moment in World War II.According to MLA Dan Davies, D-Day is one of the decisive battles that gave name to Canada as a nation and was an incredible feat in Canadian history.last_img read more

Day after India China reveals auto sales slide worsened in Feb

first_imgBeijing: The downturn in China’s auto market worsened in January and February as an economic slowdown and a tariff fight with the US chilled demand in the industry’s biggest global market. Sales of SUVs, minivans and sedans plunged 17.5 per cent from a year earlier to 3.2 million SUVs, minivans and sedans in the first two months of 2019, according to an industry group, the China Association of Auto Manufacturers. Total vehicle sales, including trucks and buses, fell 15 per cent to 3.8 million units. The drop in sales of passenger cars in January was 15 per cent. Economists and industrial analysts often combine the first two months of the year when looking at consumer activity to screen out the effect of the Lunar New Year holiday, when factories close for up to two weeks and commercial activity falls. Chinese consumers are putting off big purchases amid an economic downturn that saw growth last year fall to a three-decade low of 6.6 per cent. Trade tension with Washington is fuelling consumer jitters. The auto slump is squeezing revenue for global and Chinese automakers that are spending heavily to meet government targets to develop electric vehicles. Last year’s auto sales suffered their first decline in nearly three decades, calling 4.1 per cent from 2017 year to 23.7 million. The downturn has prompted suggestions Beijing will cut sales taxes or offer other incentives. Sales by Chinese brands fell 23 per cent to 1.3 million units in January and February, according to CAAM. Market share for Chinese brands shrank by 3 per cent compared with the same time last year to 41.8 per cent. Growth in sales of pure-electric and hybrid vehicles, which Beijing is promoting with subsidies, rose 98.9 per cent over a year ago to 148,000 units. Sales of SUVs, usually a bright spot for the industry, contracted 18.6 per cent to 141,000.last_img read more

Farooq terms NDA govts attack on Pak and Ram Mandir issue as

first_imgKadapa (Andhra Pradesh): Former Jammu and Kashmir chief minister and NC leader Farooq Abdullah said the country should maintain good relations with its neighbouring country (Pakistan). With this approach both the countries will prosper.The National Conference leader said it was not fair on the central government to attack on neighbouring country and assuring construction of Ram Mandir keeping in view the coming elections. Addressing an election campaign here on Tuesday along with Telugu Desam Party supremo N Chandrababu Naidu, the J&K MP said India is a place of ‘unity in diversity’, and added that the present India was not the India, which he witnessed during Gandhi regime. People were living with fear complex. Also Read – Uddhav bats for ‘Sena CM’Referring to YSR Congress president YS Jaganmohan Reddy, Farooq Abdullah said Jagan met him in the past and ready to offer Rs 1500 crore to Congress high command if he was made Chief Minister of combined Andhra Pradesh. He said he wondered from where he got so much amount of money. The money belonged to people. He said if people elected such a person the state would witness drastic conditions. Addressing a road show Chief Minister N Chandrababu Naidu said there was no protection for Muslims during Modi regime. He said voting for Jaganmohan Reddy meant voting for Narendra Modi. He expressed surprise how Jagan was supporting KCR, who was opposing Polavaram project and releasing water to Rayalaseema region. He said he would make efforts to supply water to Rayalaseema region. The TDP supremo assured to implement minority sub plan for the benefit of Muslims. He said all the national parties excluding BJP supporting Telugu Desam party. He said that Sonia Gandhi also assured to accord special category status to AP.last_img read more