Monthly Regulatory Compliance Change Management Summary
As part of our ongoing effort to keep you informed, each month we send to you a summary of the work we’re doing to ensure compliance with the ever-changing regulatory landscape. Below you’ll find our Regulatory Compliance Change Management summary as of November 30, 2022. To provide you more information, as well as an opportunity to ask questions, we also host a monthly conference call. The next call will take place on Thursday, January 26, 2023 at 3 p.m. ET. To register or send a question to be addressed on the call, please email compliancechgmngt@cenlar.com. If you have registered for a previous call, you do not need to request registration again. This call will be recorded and posted to CenAccess as well, so that you may listen at your convenience. Any questions not for the call but related to the monthly summary, overview process or specific regulatory change items also can be sent to compliancechgmngt@cenlar.com. Our compliance department will respond to you within two business days of receipt (excluding weekends and holidays). All items in November are in compliance with our regulatory change management program. Noteworthy Items Q8617.3 – Washington State House Bill 1108: A bill was enacted detailing the funding and assistance available for homeowners navigating the foreclosure process. This bill shifts the remittance requirement and remittance payment amount to be based on notices of default rather than notices of trustee sales. It also modifies remittance payment from $325 for a notice of trustee sale to $250 for a notice of default (NOD). In addition, the bill expands applicability of the Foreclosure Fairness Act (FFA) to non-owner occupied residential real property up to four units and directs beneficiaries to report quarterly to the Department of Commerce on NODs issued with exceptions. The bill went into effect 7/25/2021 and detailed notice of default requirements, expanded the definition of Residential Real Property in the Foreclosure Fairness Act, and exemptions from the Foreclosure Mediation Program. This reminder is in regards to the Exemption from the Foreclosure Mediation Program beginning January 1, 2023.
Cenlar is aware of the updated Washington State guidance and potential impact on Washington State loans. Clients should be aware of this change as it relates to the notification of exemption option for NOD remittance and applicable reporting requirements. |