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THE INFORMER Compliance and Regulatory News

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March 2014


THE INFORMER NEWS TO HELP INDUSTRY EXPERTS CREATE A STRATEGIC METHOD TO ACCOMMODATE NEW REGULATORY COMPLIANCE REQUIREMENTS

IN THIS ISSUE 4

Terry Savage discusses the Economy

INDUSTRY NEWS 5

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Effective Date Change for Fannie Mae Standard Modification and Streamlined Modification Updates Discontinuance of the Federal Reserve Board CD Index Flood Insurance Costs Rising?

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FHLMC Servicing Updates and Revisions

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CFBP Launches a New Reporting Tool

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Tidbits窶年ews you may have missed!

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10 Unleased Pet Rescue and Adoption SPONSORS 3 Elm Services, LLC 6 Anchor Risk Management 9 Martin, Leigh, Laws & Fritzlen, PPC 13 Polisnelli A publication of ELM Services, LLC. Follow us on:

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Our Company ELM Services, LLC (ELMS) was formed by a group of accomplished, well-respected leaders in the mortgage industry to provide a broad range of solutions to meet your needs. The principals and consultants of ELMS have an average of 20 years of experience in their chosen fields derived from executive positions in several private and public companies including: Goldman Sachs, Fannie Mae, FDIC, GE, First American Corporation, Bank of America, WAMU, Ocwen, and others. ELMS is dedicated to the needs of the mortgage industry, and we pride ourselves on our ability to provide world-class subject matter expertise in the areas of Foreclosure Claims Management, Credit Risk Solutions, Due Diligence and Technology Solutions. By combining a rare blend of experience, competencies and unparalleled service, ELMS has the capability to fully understand your business and the skill set to craft the best results for your firm.

Our Mission At ELMS, our mission is to provide state of the art Single Source Risk Management solutions which in turn allow our clients to maximize profits while minimizing risks.

Our Core Values At ELMS, these are the words we live by: Integrity. Quality. Leadership.

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Terry Savage discussing the Economy: CNN January 1, 2014

Click to Watch: http://youtu.be/-WHhrQCliYg

INDUSTRY UPDATE FHLMC Foreclosure Sale Bidding Instructions Reference Guide For more info:

http://www.freddiemac.com/learn/pdfs/service/fcl_bidding.pdf 4


INDUSTRY NEWS FNMA Selling/Servicing Notice Effective Date Change for Fannie Mae Standard Modification and Streamlined Modification Updates (01/29/2014) This Announcement describes the policy updates regarding effective date changes for FNMA Standard Modification and Streamlined Modification Updates

ADVERTISE WITH THE INFORMER A Publication of ELM Services, LLC. Professional Ad Creation! Click Here to Inquire

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 Configurable Workflow allows for customization of

your workflow to match your internal process flows and to easily make updates for regulatory changes  Role Based Dashboard Configuration lets you decide

what functions and maintenance utilities are available for each user  Role-based Security allows tiered access to all steps

within each customized workflow  Edit Checks and Customizable Business Rules to

provide high data accuracy rates  Compliance Notifications and Messaging allowing

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processors to receive immediate internal messages and stay up to date on regulatory requirements


FNMA Selling/Servicing Notice Discontinuance of the Federal Reserve Board CD Index (03/12/2014) This Announcement describes the policy updates regarding effective date changes for FNMA Standard Modification and Streamlined Modification Updates

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Flood Insurance Costs Rising? Subsidized Insurance for older homes and businesses in flood zones

On March 24, 2012,

President Obama signed legislature that will rollback scheduled increased in federal mandated flood insurance. An example of the type of increases that NJ Flood policyholders may face is below: “Lifelong Jersey Shore residents Lurie and Michael Portanova bought up a row of quaint, 19th-century brick shops along the West Branch Susquehanna River and have been lovingly restoring them. They found out a few months ago that the annual flood insurance premium on two buildings they bought in 2012 had soared from less than $3,000 to a minimum of $26,868.” (http://www.chron.com/news/us/article/AP-IMPACT-Flood-insurance-hikes-still-a-peril-5343148.php)

The new law caps annual rate increases and repeals provisions eliminating flood insurance subsidies on existing properties for home buyers at the time of sale. Full Details: http://www.nj.com/news/index.ssf/2014/03/president_signs_bill_approving_flood_insurance_rollbacks.html

“If you listen to your fears, you will die never knowing

what a great person you might have been.” Robert Schuller

SUBSCRIBE TO THE INFORMER A Publication of ELM Services, LLC. Professional Ad Creation! Click Here to Inquire

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Martin, Leigh, Laws & Fritzlen P.C. Banking and Creditors’ Rights Litigation Corporate and Business Law Real Estate Transactions

Kansas City

Overland Park

St. Louis

1044 Main Street, Suite 900 Kansas City, MO 64105 Tele: 816.221.1430 Fax: 816.221.1044

16305 Swingley Ridge Road, Suite 350 Chesterfield, MO 63017 Tele: 636.534.7600 Fax: 636.534.5520

6800 West 64th Street Overland Park, KS 66202 Tele: 913.671.3464 Fax: 816.221.1044

http://www.mllfpc.com/ In 1934, the U.S. Supreme Court first heard the case of Arizona v. California, and they didn't issue their final decree until 1964. What scarce commodity in the western states was at the core of the case? 9


FHLMC Servicing Updates and Revisions Announced in Guide Bulletin 2014-3

This bulletin updates the following existing requirements:  

Certification of compliance with the Lender-Placed Insurance requirements Revised alternatives to foreclosure requirements, including:  Upcoming changes to Freddie Mac Standard and Streamlined Modification for mortgages with mark-to-market loan-tovalue (MTMLTV) ratios <80 percent,  Eliminating duplicative borrower communications  Enhancing reporting on property valuations  Providing additional guidance related to our paystub requirements for income documentation  Updated transfer tax requirements to support you

Additional Guide updates: In addition to the changes listed above, we're making further updates, including:  Providing more guidance related to bankruptcy cramdowns and foreclosure sale bidding, to help you stay in compliance.  Updating Electronic Default Reporting requirements from Guide Bulletin 2014-1 [PDF] and property preservation requirements.  Requiring Servicers to screen mortgages for Office of Foreign Assets Control compliance and notify Freddie Mac if they identify a match.

Full News Release:

http://www.freddiemac.com/singlefamily/guide/bulletins/pdf/bll1403.pdf

CFBP Launches a New Reporting Tool

According to a statement on CFPB.com, “You can use the tool to explore information about loans,

lenders, properties, and borrower demographics.” Currently this is a data comparison tool showing mortgage statistics for counties and cities across the country. The HMDA tool will be enhanced with further requirements from CFPB. Full News Release:

The CFPB HMDA tool is available online.

http://www.consumerfinance.gov/blog/new-tools-to-explore-mortgage-data/

The "Water Wars" in the western U.S. started with the 1907 Supreme Court ruling in the case of Kansas v. Colorado, in which the Supreme Court decreed that states had an equality of rights to water flowing through their states. The states with entitlements to the Colorado River continued to battle over their shares until the case of Arizona v. California confirmed Arizona's entitlement and let to the establishment of the Central Arizona Project, a 336-mile long canal bringing Colorado River water to Phoenix and Tucson. http://www.ajelp.com/articles/a-smashing-victory-glennon/

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Unleased Pet Rescue and Adoption

“Bridget” An incredible story of love!

This is one of the many stories of animal rescues

from Unleashed Pet Rescue and Adoptions. Hats off for saving these animals and finding loving families to care for them! Bridget was rescued by Unleashed Pet Rescue and Adoption part of a litter they saved off of Craigslist. They were on an ad that a friend of the owner posted, saying they were being abused and needed rescue. Unleashed instantly agreed to rescue them. When they arrived, two of the puppies checked out ok, but little Bridget was rushed to the emergency vet. She had sustained chemical burns to her entire face and head. The burns travel down her esophagus and into her internal organs. The vets think it was bleach. There was also metal shavings in her stomach that were removed during surgery.

Thanks to the fast acting volunteers at Unleashed and the support of the world (we have received donations for Bridgie from almost every country), she has a chance at a wonderful life! Thanks to the help of local TV stations, donations came in from everywhere! Fireball, the other dog in the pic is another Unleashed Rescue that was found nearly starved to death.

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http://fox4kc.com/2014/02/17/bridget-somehow-survives-abusive -chemical-burns/ http://www.kmbc.com/news/group-works-to-rescue-puppy-afterburns-from-bleach/24530542 http://www.huffingtonpost.com/2014/02/19/bridget-puppybleach_n_4816789.html

Her mouth was full of sores, her lips and cheeks were swollen, and her whole muzzle was scabby and burned on the inside and out. but currently, everything is healing well. “Bridgie” is very sweet and cuddly, but she does duck down and shy away when you go to pet her because she is scared that someone is going to hit her. She is tolerating her meds that she has to take as well as her face cleanings. Her eyes are healing and she is able to open them a little more now. Little Bridgie doesn't like to be left alone at all and is sleeping with her foster mommy in bed. Bridget is getting better and better every day. She will be in foster care for a few months during her follow up treatments. The vets think that she may have some permanent damage to her eyelids from scar tissue and the top of her nose from the bleach burns.

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Bridget with her new family!

Connect with Unleashed Pet Rescue and save a life today! http://www.unleashedrescue.com/# https://www.facebook.com/UnleashedPetRescue


Tidbits!

News you May have Missed! 

MountainView Acquires McGuire Performance Solutions

Reminder HAMP homeowners: Your Mortgage Rate Will Increase

232,000 GMAC Borrowers Begin receiving settlement money

Shellpoint Partners LLC acquires Resurgent Mortgage Servicing

Federal Government tightening guidelines on Reverse Mortgages

http://www.nationalmortgagenews.com/dailybriefing/First-American-to-Acquire-Interthinx-from-Verisk-Analytics1041032-1.html?site=default_msn

http://www.housingwire.com/articles/29280-reminder-hamp-homeowners-your-mortgage-rate-will-increase http://www.federalreserve.gov/consumerinfo/independent-foreclosure review.htm

http://finance.yahoo.com/news/shellpoint-partners-completes-resurgent-mortgage-224000331.html http://online.wsj.com/news/articles/SB10001424052702304756104579449803195213332?mg=reno64wsj&url=http%3A%2F%2Fonline.wsj.com%2Farticle% 2FSB10001424052702304756104579449803195213332.html

NCAA Tournament 2014 Snubs (http://xfinity.comcast.net/slideshow/sportsNCAASnubs2014/1/)

THE INFORMER A Publication of ELM Services, LLC. Corporate Offices: 10801 Mastin Boulevard, Suite 600 Overland Park, KS 66210 1-877-303-ELMS www.elmservices.com

Join ELMS Services, LLC on Linked in: http://www.linkedin.com/company/elm-services-llc 12


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The Informer March 2014  
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