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THE INFORMERTHE INFORMERTHE INFORMER Compliance and Regulatory News

February 2014

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IN THIS ISSUEIN THIS ISSUEIN THIS ISSUE

4 MBA Mortgage Servicing Conference 5 INDUSTRY NEWS

5 FNMA Servicer Incentive Updates

7 HUD begins accepting E-Signatures on Loan Docu ments 7 My RA Retirement Savings Plan 8 Mortgage Loan Modification Payment Change Notif ication Updates 10 Oregon Amends Provisions Regarding Foreclosure Avoidance Notice

10 CFBP Launches a New Reporting Tool 12 Tidbits—News you may have missed!

11 Unleased Pet Rescue and Adoption

SPONSORS 3 Elm Services, LLC 6 Anchor Risk Management

9 Martin, Leigh, Laws & Fritzlen, PPC

THE INFORMERTHE INFORMERTHE INFORMER NEWS TO HELP INDUSTRY EXPERTS CREATE A STRATEGIC METHOD TO

ACCOMMODATE NEW REGULATORY COMPLIANCE REQUIREMENTS

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 in-

dustry 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 Ameri-

ca, 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, compe-

tencies 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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Meet us at the MBA Servicing

Conference in Orlando, FL!

INDUSTRY UPDATE

Have you heard about “Know before you Owe” forms?

For more info: http://files.consumerfinance.gov/

f/201311_cfpb_factsheet_kbyo_mortgage-disclosures.pdf

Stop by Booth 512 and meet with our team of Experts to discuss your Mortgage Servicing Needs!

Feb 18—21, 2014

(L) August Larson, Sales/Marketing & (R) Greg Bergman, Sr. Vice President, Technology

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FNMA SVC-2014-03: FNMA Servicer Incentive Updates

(01/29/2014)

This Announcement describes the policy updates regarding servicer incentives for repayment plans, short

sales and Mortgage releases.

INDUSTRY NEWS

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Merging Technology and Risk Management

Our Company Anchor Risk Management is a cornerstone for the success of your entire risk management function. We ensure business resilience with secure and compliant business processes, applications, information, and infrastructure. Our goal is to minimize your risk and maximize your potential.

Our System Our Cloud-based system is an industry focused product that offers the functionality and performance needed to provide a fast and accurate process. Anchor Risk Management was designed to ensure governance, minimize risk, and provide compliance. We will help you improve your bottom line.

Our Dedication At Anchor Risk Management we are dedicated to your success and working with you to provide real solutions.

WWW.ANCHORRISKMANAGEMENT.COM 877-303-3567

Identify Risk with a Flexible and Reliable Tool

Cloud-based Default Claims Processing System

manages your claim timelines with integration to HUD

and other Agency systems and eliminates the need for

software and hardware purchase or internal

implementation

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

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

INNOVATIVE RELIABLE ROBUST

Major Features

Contact us for

More Information

Request

a Demo

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HUD begins accepting E-Signatures on Loan Documents (ML14-03)

On January 30, 2014, Hud Announced ther plan

to being accepting E-Signatures on the fol-lowing documents:

Mortgage Insurance Endorsement Docu-

ments: Electronic signatures will be accepted on all documents requiring signatures includ-ed in the case binder for mortgage insurance except the Note. As of December 31, 2014, FHA will accept electronic signatures on the Note for forward mortgages only. FHA will not accept electronic signatures on HECM notes.

Servicing and Loss Mitigation Documen-

tation: Electronic signatures will be accepted on any documents associated with servicing or loss mitigation services for FHA-insured mortgages.

FHA Insurance Claim Documentation: Electronic signatures will be accepted on any documents associated with the filing of a claim for FHA insurance benefits, including the Form HUD-27011, “Single Family Applica-tion for Insurance Benefits.”

HUD Real Estate Owned Documents: Elec-

tronic signatures will be accepted on the HUD REO Sales Contract and related addenda.

FHA commissioner Carol Galante noted that this

change will “bring our requirements into alignment with common industry practices” and “make it easier

for lenders to work with the FHA.” [1]

Please read the full ML Letter for further

pertinent details: ML Letter 14-03

[1] http://www.inc.com/dave-kerpen/7-tips-for-

entrepreneurs-ready-to-launch-a-business.html

My RA Retirement Savings Plan or Traditional IRA?

You Decide!

My RAPlan

http://www.cbsnews.com/news/obama-pitches-myra-retirement-savings-plan

What if your employer doesn’t have a retirement plan? Open a MyRA Plan with as little as $25 and you can contribute as little as $5 through payroll deductions. The plan goes with the employer even when they change jobs. And, if you’re in

a bind, need some cash, you can withdrawal from your My RAPlan without penalty.

Will this, “help shift the odds back in favor of working and middle-class Americans.” as President Obama indicated? Well,

certainly more Americans will have a chance to save for their retirement through this program, but Only time will tell!

OR

Traditional IRA Investment Account

http://www.rothira.com/

If you have earned income from any employer and you’re less than 70 1/2, you can open a Traditional IRA Account. There

are income eligibility restrictions and IRS tax breaks when you make contributions.

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Fannie Mae SVC-2014-01 Mortgage Loan Modification Payment Change Notification

Updates (01/24/14) (2014-008)

Fannie Mae is updating its requirements for borrower notification of the interest rate adjustment for

a mortgage loan that has been modified and is subject to step interest rate adjustments, including Fannie Mae HAMP Modifications. Servicers are encouraged to implement the requirements in this Announcement immediately; howev-er, servicers are required to implement these payment change notification requirements by April 1, 2014. See attached document for full details:

If your ship doesn’t come in, swim out to

meet it!” Jonathan Winters

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Martin, Leigh, Laws & Fritzlen P.C.

Banking and

Creditors’ Rights

Litigation

Corporate and

Business Law

Real Estate

Transactions

Kansas City

1044 Main Street, Suite 900

Kansas City, MO 64105

Tele: 816.221.1430

Fax: 816.221.1044

St. Louis 16305 Swingley Ridge Road, Suite 350

Chesterfield, MO 63017

Tele: 636.534.7600

Fax: 636.534.5520

Overland Park

6800 West 64th Street Overland Park, KS 66202

Tele: 913.671.3464

Fax: 816.221.1044

http://www.mllfpc.com/

Name two justices that were classmates at Stanford Law School?

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Oregon Amends Provisions Regarding Foreclosure Avoidance Notice

(2014-014)

Effective January 31, 2014, The Oregon Department of Justice amended its rules pertaining to the

foreclosure avoidance measure notice provisions. The Form provided in the Appendix to these Division 120 rules is available as "Form 20" at http://

www.doj.state.or.us/consumer/pdf/form_20.pdf. This form is to be used when:

When the beneficiary determines that grantor is not eligible for any foreclosure avoidance measure OR

That the grantor has not complied with the terms of a foreclosure avoidance measure to which the grantor has agreed.

A copy of the completed notice should be submitted to the address provided in the notice:

Attorney General of Oregon at 1162 Court St. NE, Salem, OR 97301-4096 or foreclosureavoidance@doj.state.or.us.

Full News Release: http://www.doj.state.or.us/consumer/pdf/oar_137-120.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.

The CFPB HMDA tool is available online.

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

William Rehnquist and Sandra O'Connor

http://law2.umkc.edu/faculty/projects/ftrials/conlaw/LIN_Q35A.HTM

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“Flea” An incredible story of love!“Flea” An incredible story of love!“Flea” An incredible story of love!

Unleased Pet Rescue and AdoptionUnleased Pet Rescue and AdoptionUnleased Pet Rescue and Adoption

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 homes for them! Unleashed Pet was at one of their normal visits to the Kansas City, Kansas Animal Control when a man walked in to relinquish a dog. When the officers asked him where the dog was, he said he left it out-side because it wasn’t feeling well. He told them that he found the dog in the woods behind his house. As told by Danielle Reno, Founder of Unleashed Pet Rescue, “We walked outside to find a puppy, proba-bly not over 6 months old laying in the grass, almost completely bald and unable to move. If he would have been taken in by animal control, he most likely would have been euthanized immediately so we took him to our facility. “

Immediately, they began to wash him down with a

special shampoo, give him fluids, wrap him in warm blankets and cuddle him in hopes to make him real-ize that he was with people that cared about him so he would fight. “ We continued round-the-clock care at our facility for 24 hours and he started respond-ing!” Flea was sent to a very experienced foster home who brings him back a few times a week . His foster mom has been able to work with him and he is be-ginning to grow hair back and actually play with toys. He has been improving in leaps and bounds. We are so proud of our Flea and we are so thankful that we were at animal control when he came in because his fate would not have been the same.

Flea and his foster mom, Jodi !

Connect with Unleashed Pet Rescue and save a life today!

http://www.unleashedrescue.com/# https://www.facebook.com/UnleashedPetRescue

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First American to Acquire Interthinx from Verisk Analytics

http://www.nationalmortgagenews.com/dailybriefing/First-American-to-Acquire-Interthinx-from-Verisk-Analytics-1041032-1.html?site=default_msn

Twelve communities will receive Administration support for revitalization. Declared

Strong cities, Strong Communities initiative http://portal.hud.gov/hudportal/HUD?src=/press/press_releases_media_advisories/2014/HUDNo.14-006

Arch Capital Completes Acquisition of CMG Mortgage Insurance http://www.housingwire.com/articles/28830-arch-capital-completes-acquisition-of-cmg-mortgage-insurance

Consumer Finance Protection Bureau Servicing Rules went into effect on January 10,

2014 http://www.nationalmortgagenews.com/blogs/compliance/A-Brave-New-World-for-Mortgage-Servicers-1040446-1.html?zkPrintable=true

Subprime Called Safer Makes Comeback as ‘Nonprime’ http://www.bloomberg.com/news/2014-01-29/subprime-called-safer-makes-comeback-as-nonprime-mortgages.html

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

SuperBowl Champions XLVIII

Seattle SeahawksSeattle SeahawksSeattle Seahawks

Tidbits! News you May have Missed!

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