We posted this blog early last year but think it's worthy of a re-post.
How can property reports help with compliance to recent regulatory requirements? The $25B Settlement between 50 state Attorneys, Department of Justice and five of the largest banks created new regulatory requirements and has become a standard for loan servicing. In this video, industry expert and Chief Legal Officer at Nationwide Title Clearing, Myron Finley, explains how property reports can help you comply with the most recent regulations. Click here to watch this National Mortgage News Ask the Experts video.
The $25B Settlement has become a standard for loan servicing. The Settlement requires:
- Servicers must ensure they have reviewed competent and reliable evidence.
- Affiants must confirm they have reviewed competent and reliable evidence.
- Servicers must send statements to defaulted borrowers showing the servicer’s right to foreclose and evidence that they have a “documented enforceable interest in the promissory note and mortgage under applicable state law.”
- In filing a Proof of Claim in a bankruptcy, a servicer must include copies of any assignments showing right to foreclose
- Ordering property reports are the most reliable way to handle these requirements