Monthly Regulatory Compliance Change Management Summary

Please find our monthly Regulatory Compliance Change Management Summary as of November 30, 2018 here.

This month’s Regulatory Compliance Change Management conference call will take place on Wednesday, January 23 at 3pm EST. To register for the monthly call, please email compliancechgmngt@cenlar.com. For your convenience, the call will be recorded and made available to clients who are unable to attend. If you have already registered for a previous call there is no need to request registration again.

Any questions related to the monthly summary, overview process, or specific regulatory change items can be sent directly to compliancechgmngt@cenlar.com and the Compliance Department will respond within 2 business days of receipt (excluding weekends and holidays).

Noteworthy Items:            

• Queue 5137 – Virgin Islands Division of Banking, Insurance and Financial Regulation – Bulletin 2018-5 – Following Hurricanes Irma and Maria in 2017, the USVI experienced increased claims for property damage and the Division publicly cited an increased number of consumer complaints related to hurricane losses and emphasized under-insurance as a prevalent issue identified by consumers. In response, the Division developed a brochure intended to promote homeowner awareness around maintaining proper insurance coverage, including avoiding underinsurance and explaining the concept of lender placed insurance (referred to by the Division as “force-placed insurance”). The Division is now requiring that the brochure (titled, “What U.S. Virgin Islands Consumers Need to Know About Force-Placed Insurance”) be distributed to all mortgagors and accompany all LPI notices required under RESPA.  CENLAR, through our vendor, will be distributing the LPI brochure with all LPI correspondence, however, please be advised that our client-partners will need to take steps to implement distribution of the brochure at loan closing.