April 06, 2009
DFI Licensees may be Affected by Law Changes
On February 20, 2009, the Governor signed into law two mortgage-related bills that may affect your operations. The bills extend the time involved in completing a foreclosure unless the mortgage lender or servicer has an approved plan in place that allows borrowers the chance to apply for loan modifications. It is required that the mortgage lender or servicer licensed by the DFI request that the Commissioner approve a modification plan that meets the criteria of regulations that the Commissioner must adopt June 1. A draft of those regulations will be available this month for comment. Once the regulations are enacted, applications for approval of the loan modification plans will be accepted for processing. An announcement will follow when the regulations are available for comment. For more information, please contact Kenneth Sayre-Peterson at (916) 322-1570 or by email at firstname.lastname@example.org with any questions you may have.