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Lenders Will Get a Look at HUD's 'Treble Damage' Proposed Regulation.(Brief Article)
The Department of Housing and Urban Development plans in the next 60 to 90 days to release its proposed rule regarding treble damages for failure to engage in loss mitigation.
"We will give you (servicers) a lot of opportunity to give us comments," said Leslie Bromer of HUD's office of single-family asset management who made the announcement at the Western States Loan Servicing Conference here in August.
"Bottom line, we are looking to get that moving and so we can identify the very worst of the worst (servicers), those servicers who should not be participating in FHA servicing and the loan process as a whole," she added.
HUD is seeking comments regarding the best regulatory procedures and structures for implementing the congressional mandate.
In 1998, Congress amended the National Housing Act to add a triple penalty to the existing Civil Money Penalty system for a mortgagee's failure to engage in loss mitigation.
HUD released its advanced notice of the proposed rule last December. This notice announced HUD's intention to issue a proposed rule to amend the CMP regulations to provide for damages of three times the amount of any mortgage insurance benefit claimed by the mortgagee for any mortgage in which the mortgagee failed to engage in loss mitigation actions.
Current regulations provide that HUD may initiate a CMP action against mortgagees and lenders for certain prohibited conduct, including failure to service FHA-insured mortgages in accordance with FHA regulations.
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Source: HighBeam Research, Lenders Will Get a Look at HUD's 'Treble Damage' Proposed...